Apple (AAPL) Surged After Solid Earnings Report – Yahoo Finance
Apple Inc. (AAPL) had a strong showing after its recent earnings report. In the third quarter of 2024, Columbia Threadneedle Investments highlighted Apple in its investor letter. Apple, a well-known American multinational company, saw a one-month return of -1.51% and shares that gained 21.12% over the past 52 weeks. As of November 22, 2024, Apple stock closed at $229.87 per share, with a market capitalization of $3.475 trillion.
According to Columbia Threadneedle’s investor letter, Apple’s shares increased during the quarter following the company’s August quarterly results that either met or exceeded expectations. Apple also held an investor event in September, introducing the latest version of their products. The iPhone 16, with updated hardware and an enhanced operating system integrating AI, was a highlight. This new iteration, exclusive to newer iPhone models, could prompt a refresh cycle. The gradual integration of AI into Apple’s product ecosystem aligns with the company’s historical approach and represents a new aspect of their investment thesis.
Evercore ISI maintained an “Outperform” rating on Apple, foreseeing AI benefits as a driver for future growth. Apple ranks 9th on the list of 31 Most Popular Stocks Among Hedge Funds, with 158 hedge fund portfolios holding Apple at the end of the third quarter. In the September quarter, Apple delivered $94.9 billion in revenues, marking a 6% increase from the previous year.
While Apple shows promise as an investment, the belief in AI stocks offering greater returns within a shorter timeframe is strong. For investors seeking an AI stock similar to NVIDIA but at a lower valuation, exploring the cheapest AI stock report could be valuable.
In Q3 of 2024, Polen Focus Growth Strategy initiated a position in Apple. For more insights into hedge funds and leading investor letters from the third quarter of 2024, visit the hedge fund investor letters Q3 2024 page.
