Manitou Investment Management Cuts Apple Stake by 85%

Manitou Investment Management Ltd., an investor in Apple Inc., reduced its stake in the iPhone maker by 85% during the second quarter, according to a recent filing with the Securities and Exchange Commission. The fund owned 7,322 shares of Apple's stock after selling 41,490 shares during the quarter. This makes Apple account for only 0.4% of Manitou Investment Management Ltd.'s investment portfolio, making it its 16th biggest holding. The company's holdings in Apple were worth $2,119,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of Apple stock during the second quarter. For instance, 55 North Private Wealth LLC lifted its holdings in shares of Apple by 21.9% during this period. Clark Asset Management LLC increased its stake in Apple by 6.0%, while Sarasin & Partners LLP raised its position in Apple by 0.4%. Evanson Financial LLC acquired a new stake in shares of Apple worth $78,097,000.

Hedge funds and other institutional investors own approximately 67.73% of Apple's stock. The company had revenue of $109.42 billion during the second quarter, compared to the consensus estimate of $109.04 billion. Apple reported earnings per share of $2.02 for the quarter, beating the consensus estimate of $1.89.