π Billionaire Activist Investor Carl Icahn is bullish on Apple. Icahn recently ramped-up his stake in Apple, Inc by 2.8 million shares. This brings his total stake in $AAPL to $4.425 billion, as of Friday afternoon where the stock is trading around $590/share.
π Icahn’s position was revealed in a Securities and Exchange Commission filing on Thursday, May 15, 2014 showing Icahn owning more than 7.5 million $AAPL shares.
π The $AAPL purchase took place during the March quarter, which preceded Apple’s quarterly financial conference call in the third week of April, announcing Apple’s financial results for the 3/31/2014 quarter, and Apple’s 7-for-1 stock split, and their accelerated $AAPL share-repurchase program.
π Carl Icahn is well known for taking an active role, steering the companies he invests. Icahn has previously been a thorn in Tim Cook’s side. Last year he rallied some of Apple’s shareholders to demand a stock buyback, before eventually backing down, after influential proxy adviser ISS’s call against the proposal.
π Apple’s board having increased its buyback authorization to $90 billion from a previous $60 billion, along with the 7-for-1 stock split to take place on June 9th, 2014, Icahn’s continued purchase of Apple shares may be viewed as a form of an Icahn “stamp of approval” concerning decisions made by Apple.
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