#2 - Apple (NASDAQ:AAPL)
Apple (NASDAQ:AAPL) is becoming a company that investors love to hate. In fact, Bank of America (NYSE:BAC) recently warned that the manufacturer of the iconic iPhone may not outperform the market. And investors are also mulling over the decision of several analysts to lower their price targets for the company.
Time will tell if those predictions are correct. But this article is about cash rich companies. Therefore, Apple has to be included on that list. In fact, one criticism of the tech giant is that it may have too much cash on its balance sheet. Case in point, in 2021 Apple posted over $92 billion of free cash flow.
But with the cost of capital on the rise, now is the time for a company to have cash in reserve. So even though Apple has a P/E ratio of over 23, it still looks like an attractive stock for investors to hold regardless of the current market conditions.
About Apple
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.
Read More - Current Price
- $254.49
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 24 Buy Ratings, 11 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $236.78 (7.0% Downside)
