Apple Inc. (AAPL) designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. It has the highest market value of any listed company.
While the company reported stronger-than-anticipated second-quarter results on stronger customer demand and business performance, hedge fund sentiment has weakened as managers reduced their positions in Apple to record low levels. Standard & Poor’s analysts said hedge funds dumped Apple shares to lock in profits for their investors.
At the time of writing, according to TipRanks, the price target stands at $126.39, marking a 16.6% upside from current levels. Out of all the analysts who have rated the stock in the past 3 months, TipRanks shows that 87% are bullish on the shares and 10% are neutral. Only one of the analysts recommends selling the stock.
The following are notable hedge funds that increased their Apple holdings:
Bill Manning (Manning & Napier Advisors LLC)
Bill Manning serves as Director of Investment Process and Director of Manning & Napier Advisors, an independent investment management he co-founded in 1970 with Bill Napier.
The $16.5 billion fund generated a 2.04% gain for investors in the second quarter, and a 10.5% gain in the last year. Manning focuses mostly on technology stocks, with a secondary interest in Services and Healthcare.
In the second-quarter, Manning initiated positions in Apple and now owns 3.8 million shares valued at $360.4 million, accounting for about 2.2% of the fund’s portfolio.
Lee Ainslie (Maverick Capital Ltd)
Lee Ainslie serves as the CEO of Maverick Capital, a fund he founded in 1993. The firm holds both long and short equities positions based on fundamental analysis.
Last quarter, the $7.4 billion fund generated a 1.92% gain for investors, and a 2.55% gain in the last year. The fund mostly invests in the Technology sector, followed by Healthcare and Services.
The fund increased its AAPL holdings by 18.9% to more than 6,000 shares valued at $576,400. Ainslie is ranked #54 out of 207 hedge fund managers followed by TipRanks.
Joel Greenblatt (Gotham Asset Management LLC)
Joel Greenblatt is the founder and managing partner of Gotham Asset Management. The firm provides client-focused global equity portfolios, primarily in value stocks.
The $8.4 billion fund generated a 6.2% gain for investors the last year. Gotham invests mostly in the Services sector, followed by Technology, Healthcare and Consumer Goods.
The fund increased its holdings in AAPL by 7.4% now owning more than 779,000 shares at an estimated value of $74.5 million. Greenblatt is ranked #55 out of 207 hedge fund investors on TipRanks.
The following are notable hedge funds that decreased their Apple holdings:
Chase Coleman (Tiger Global Management LLC)
Chase Coleman serves as managing partner and portfolio manager at Tiger Global Management, a firm he co-founded in 2001.
Last year, the $5.1 billion fund generated a 13.7% gain for investors. Coleman invests mostly in the Services sector, followed by Technology and Financial.
The fund cut its holding by 75.6% to 1.4 million shares valued at an estimated $131.9 million, or 2.6% of Tiger Global’s portfolio.
Theofanis Kolokotrones (PRIMECAP Management Co)
Theofanis Kolokotrones co-founded PRIMECAP Management, an independent investment management company, in 1983 and serves as chairman, director, principal, and portfolio manager.
The $93.9 billion fund generated a 12.6% gain for investors in the last year and has outperformed the average portfolio as well as the S&P 500. PRIMECAP invests in a variety of sectors including Technology, Healthcare, Services, and Financial.
The fund trimmed its AAPL holdings by 0.43%. It now owns 1.03 million shares valued at more than $99 million. Kolokotrones is ranked #27 out of 207 hedge funds tracked on TipRanks.
Mark Diker (Diker Management LLC)
Mark Diker is the founder of the employee-owned hedge fund sponsor Diker Management. The firm invests in equity and fixed income markets around the world, with a focus on the United States.
Last year, the $256.8 million fund generated a 9.5 % gain for investors. Diker invests mostly in Healthcare, followed by Consumer Goods.
The fund reduced its AAPL holding by less than 0.1%. It now owns 637,000 shares valued at $60.3 million. Diker is ranked #40 out of 207 hedge funds on TipRanks.
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