Largest Apple (AAPL) Holder Cuts Stake 12%; Still Likes Cash Generation
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Price: $314.45 -0.56%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
EPS Growth %: +20.4%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
EPS Growth %: +20.4%
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Apple (Nasdaq: AAPL) shares are lower on the session amid a large investor heeding some caution.
Will Danoff, manager of the $92 billion Fidelity Contrafund, said he cut his stake in Apple by 12 percent through the quarter. Danoff cited "heightened concern" on the move.
Decreasing profit margin and increasing competition are two of the main investor concerns, Danoff noted. Though he began trimming his stake late last year, he remains upbeat about Apple's ability to generate cash.
Latest data has the Contrafund holding about 10.1 million Apple shares as of the end of March, from 11.56 million at the end of 2012.
Reuters pointed out today that, while notable, Danoff isn't the only one getting cautious on Apple. Market data has about 870 institutional investors lowering their Apple exposure in the latest quarter, with about 419 selling out. On the flip side, about 254 investors began new Apple positions, while 1,185 bolstered currently holdings.
Shares of Apple are down about 0.9 percent.
Will Danoff, manager of the $92 billion Fidelity Contrafund, said he cut his stake in Apple by 12 percent through the quarter. Danoff cited "heightened concern" on the move.
Decreasing profit margin and increasing competition are two of the main investor concerns, Danoff noted. Though he began trimming his stake late last year, he remains upbeat about Apple's ability to generate cash.
Latest data has the Contrafund holding about 10.1 million Apple shares as of the end of March, from 11.56 million at the end of 2012.
Reuters pointed out today that, while notable, Danoff isn't the only one getting cautious on Apple. Market data has about 870 institutional investors lowering their Apple exposure in the latest quarter, with about 419 selling out. On the flip side, about 254 investors began new Apple positions, while 1,185 bolstered currently holdings.
Shares of Apple are down about 0.9 percent.
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