“Tiger Global Management apparently stocked up on new holdings in the final quarter of 2015,” Tom Huddleston, Jr. reports for Fortune. “The tech-heavy hedge fund run by Chase Coleman reported that it took a $1.1 billion stake in Apple along with a $967 million Priceline stake in the fourth quarter, according to a quarterly filing with the Securities and Exchange Commission this week.”
“The purchase of Apple stock, coming at some point during the final three months of last year,” Huddleston, Jr. reports, “would have prefaced a major drop-off in the company’s share value that has resulted in many investors backing off of the tech giant amid concerns over slowing iPhone sales.”
Huddleston, Jr. reports, “Apple’s stock is down 12.4% going back to the beginning of October, and it’s dropped more than 8% since the start of this year.”
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MacDailyNews Take: After a quarter or two of sideways trading, that investment may well pay off nicely. In the meantime, dividends on $1.1 billion worth of AAPL shares are nothing to sneeze at!