World's largest investment firm goes even bigger on AAPL | Cult of Mac

World’s largest investment firm goes even bigger on AAPL

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Apple is worth more than the entire US energy sector combined
BlackRock now owns 6.1 percent of Apple's outstanding shares.
Photo: Ste Smith/Cult of Mac

BlackRock, a.k.a. the world’s largest asset manager, has just made a massive investment in Apple, according to its latest Securities and Exchange Commission filing.

The firm upped its investment in Apple to a whopping 322 million shares, meaning that now owns the equivalent of 6.1 percent of Apple’s outstanding shares — with a current monetary value of $38.4 billion.

Although BlackRock also owns more than 5 percent each of HP, Microsoft and Facebook, it enjoys a particularly close bond with Apple. That’s because BlackRock’s co-founder, former Vice Chairman and Chief Operating Officer, Susan Wagner, is actually on the Apple board — having joined in 2014.

Wagner replaced Bill Campbell, who was Apple’s longest-serving board member, having been on the board of directors for 17 years before deciding to retire.

Ups and downs of AAPL

Although it’s had its fair share of stumbles over the past year, Apple stock seems to be widely viewed as a solid buy by investors, who regularly suggest that it’s undervalued — particularly due to its massive cash reservoirs.

Last year, Warren Buffet’s Berkshire Hathaway investment company increased its stake in AAPL by a massive 55 percent. This came on the back of activist investor Carl Icahn cashing out his entire Apple stake over fears about China — despite having reportedly made over $3.4 billion investing in Apple.

Earlier this week, Apple stock hit a 14-month high.

Source: Yahoo