AAPL is back in a big way. After breaking an all-time high of $100.53, the price of Apple shares have continued to climb upward, and according the a WSJ report, hedge funds are piling onto the stock in droves.
Over the second quarter of 2014 henge funds have purchased $855 million in new positions in Apple, giving AAPL the second highest level of new buying activity among S&P 500 stocks.
During the first three months of the year, hedge funds were buying and selling shares of AAPL at a rapid pace, ranking Apple as both the second biggest buy, and second-biggest sell among hedge funds in the first quarter. In the rankings for the second quarter of 2014 though, Apple didn’t even make the list of top 10 stocks most sold by hedge funds.
Taking the number one spot of most purchased stock was Allergan Inc which saw henge funds buy $1.42 billion in new positions, after Valeant Pharmaceuticals attempted a $53 million hostile takeover of the botox maker. Also seeing heavy buying activity last quarter Netflix, MasterCard, and Comcast, while Verizon and Time Warner were two of the most sold stocks.