Hedge Funds Stock Up On Apple

Aug 26 2014 | 8:40am ET

Hedge funds gobbled up nearly $1 billion in Apple Inc. shares in the second quarter as the company’s stock soared and split.

Hedge funds built $855 million worth of new positions in the electronics giant, the second-highest level of new buyer among Standard & Poor’s 500 constituents, according to S&P Capital IQ. And few were sellers in the second quarter, with Apple failing to make the top 10 most-sold stock among hedge funds.

In the first quarter, Apple was the second-most sold stock among hedge funds.

Those funds hording the company’s shares were handsomely rewarded in the second quarter: Apple completed a seven-for-one stock split in June, and its shares rose 22% on the quarter.

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