Keybanc Lowers Apple Stock Rating Amid Growing Fund Activity
Fintel reports that on October 25, 2024, Keybanc downgraded their outlook for Apple (SNSE:AAPLCL) from Sector Weight to Underweight.
Fund Sentiment: A Snapshot
Currently, 7,110 funds or institutions hold positions in Apple, marking an increase of 201 owners (2.91%) from last quarter. The average portfolio weight dedicated to AAPLCL across all funds is 3.62%, which is up by 13.96%. Institutional ownership rose by 6.45% over the past three months, totaling 10,272,177K shares.
The Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) owns 460,208K shares, translating to 3.03% ownership of Apple. This represents a slight decrease of 0.20% from the previous filing, even though they increased their portfolio allocation in AAPLCL by 19.20% last quarter.
Berkshire Hathaway’s position shrank significantly, holding 400,000K shares (2.63% ownership), down from 789,368K shares for a staggering decrease of 97.34%. Their portfolio allocation in AAPLCL was reduced by 26.26% last quarter.
The Vanguard 500 Index Fund Investor Shares (VFINX) increased its holdings from 365,796K shares to 369,946K shares, amounting to 2.43% ownership. This demonstrates an increase of 1.12%, coupled with a portfolio allocation rise of 17.59% from the last filing.
Geode Capital Management also saw its holdings rise, increasing from 307,721K shares to 313,374K shares, indicating 2.06% ownership and a gain of 1.80%. Their portfolio allocation in AAPLCL increased by 18.67% over the last quarter.
Price T Rowe Associates holds 228,489K shares, representing 1.50% ownership. They reported an increase from 206,972K shares, equating to a 9.42% rise, with their portfolio allocation in AAPLCL jumping by 32.38% during the same period.
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This story originally appeared on Fintel.
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