NEOS Boosts Apple Stake by 8.3% in Second Quarter

NEOS Investment Management LLC has increased its stake in Apple Inc. (NASDAQ: AAPL) by 8.3% during the second quarter, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 5,529,231 shares of the iPhone maker's stock after purchasing an additional 424,836 shares. Apple represents 5.9% of NEOS Investment Management LLC's holdings, making it the firm's second-largest holding. The value of NEOS's Apple holdings stands at $1.6 billion as of the most recent SEC filing.

Several other institutional investors and hedge funds have also adjusted their positions in Apple during the quarter. Berkshire Hathaway Inc. acquired a new stake worth approximately $66 billion, while Bank of America Corp DE and Legal & General Group Plc invested around $37 billion and $30.4 billion, respectively. Nuveen LLC increased its holdings by 3.8% in the fourth quarter, now owning 75 million shares worth $20.4 billion. Amundi grew its holdings by 23.2% in the first quarter, now owning 73.1 million shares worth $18.5 billion.

Hedge funds and other institutional investors collectively own 67.73% of Apple's stock. The company's stock opened at $332.89 on Tuesday, with a market capitalization of $4.86 trillion. Apple reported earnings of $2.02 per share for the quarter ending July 30, beating analysts' estimates of $1.89. The company's revenue for the quarter was $109.42 billion, up 16.4% year-over-year.

Analysts have set various price targets for Apple, with Royal Bank of Canada at $365, Argus at $375, Citic Securities at $349, Bank of America at $370, and Wells Fargo at $350. The consensus rating among analysts is a "Moderate Buy" with a consensus price target of $340.02.