Morgan Stanley analyst Katy Huberty writes that institutional ownership of AAPL stock was largely flat quarter-over-quarter exiting calendar Q121. Huberty’s data indicates that institutions are still underweight on Apple shares, despite an 81% stock appreciation throughout 2020.
Huberty adds that Apple’s weighting in the S&P 500 index remained “relatively stable” compared to the previous quarter at 6.7%. Because of that, the spread between Apple’s S&P 500 weighting and its institutional ownership level was flat at 125 basis points. That’s the widest margin since the third quarter of 2018.
The analyst believes that implies institutions are still underweight on AAPL shares, despite an 81% stock appreciation throughout 2020…
Huberty still believes that Apple is well-positioned to benefit from four different market trends. That includes the growth of 5G adoption for the iPhone; continued demand from remote education and work trends; the proliferation of wearable devices like the Apple Watch; and the increasing market share and monetization of services.
MacDailyNews Take: Huberty also reiterated her AAPL price target of $164. Take advantage of the dips.