Billionaire investors are buying Apple stock ‘hand over fist’

Billionaire investors are buying Apple stock ‘hand over fist’

During the second quarter, a number of highly successful billionaire investors gobbled up Apple stock and shares of Nvidia and Microsoft, two other widely owned “Magnificent Seven” (Apple, Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, and Tesla) stocks.

Sean Williams for The Motley Fool:

Over the trailing decade, these seven stocks have run circles around the benchmark S&P 500.

The third magnificent seven stock that billionaires have been buying hand over fist just happens to be the largest publicly traded company, Apple. A grand total of six highly successful billionaire fund managers bought shares of Apple during the second quarter (number of shares purchased in Q2 in parenthesis):

• Jim Simons at Renaissance Technologies (4,912,234 shares)
• David Siegel and John Overdeck at Two Sigma Investments (1,003,490 shares)
• Israel Englander at Millennium Management (559,040 shares)
• David Tepper at Appaloosa Management (480,000 shares)
• Ken Fisher at Fisher Asset Management (417,648 shares)

Billionaire investors (ahem, Warren Buffett) are likely enamored with Apple’s capital-return program, too. Since commencing its aggressive share-repurchase program in 2013, Apple has bought back approximately $600 billion worth of its common stock. This mammoth buyback program is meaningfully reducing its share count and helping to boost its earnings per share.

MacDailyNews Take: Follow the money.

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