Apple Stock Attracts Institutional Investors Despite Valuation Concerns
Nicholas Investment Partners LP bought 15,512 shares of Apple Inc.'s stock worth approximately $4,489,000 in its most recent 13F filing with the Securities & Exchange Commission. This represents a new position for the fund.
The purchase is part of a larger trend of institutional investors buying into Apple's stock. Hedge funds and other institutional investors own 67.73% of the company's stock.
Other large investors, such as Sterling Wealth Management Inc., Evansbrook LLC, and Advocate Investing Services LLC, have also increased their holdings in Apple during the second quarter. Sterling Wealth Management Inc.'s stake in Apple grew by 0.3%, with the firm now owning 11,579 shares worth $3,351,000.
Apple's services business includes the App Store, Apple Music, Apple TV, Apple Arcade, Apple Fitness+, Apple News+, Apple Pay, and iCloud. The company also develops operating systems and applications that support its hardware products.