“Warren Buffett is finally in on Apple, and he’s not alone,” Lucinda Shen reports for Fortune. “Hedge funder Leon Cooperman, CEO of Omega Advisors is buying in as well.”
“Omega Advisors purchased a 227,000 stake in the tech giant worth $24.7 million as of the end of the first quarter, according to regulatory filings with the Securities and Exchange Commission on Monday.,” Shen reports. “As shares of Apple reach a near two-year low after its disappointing fiscal second quarter earnings report (Apple’s fiscal year ends in September) in late April, Cooperman seems to see more opportunity in the stock.”
Shen reports, “The news comes after two hedge funders, Carl Icahn and David Tepper revealed that they had dumped their shares of Apple.”
Read more in the full article here.
MacDailyNews Take: All aboard!
SEE ALSO:
Buffett saved $460 million by waiting to swap AT&T for Apple – May 16, 2016
Warren Buffett takes shine to Apple – May 16, 2016
Warren Buffett’s Berkshire Hathaway takes new $1 billion stake in Apple – May 16, 2016
Patience is a virtue
Patience? He;’s a hedge fund manager setting up a pump and dump.
HA! We’ve all become so cynical here. 👶💀
A rotation of hedge funds to value investors. This bodes very good well for Apple.
Really tired of this crappy writing: “its disappointing fiscal second quarter earnings report…” Look at the figures again writer.
It’s a $5B fund, so $25M was nothing but dipping a toe. It would of course be much more interesting to see what they’ve done since then.