5 Companies That Announced Huge Share Buybacks Recently

3. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 131     

Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. In early May, the company announced plans for a new $90 billion share buyback program. The announcement was made while the firm posted earnings for the second fiscal quarter, reporting earnings per share of $1.52, beating estimates by $0.09. The revenue over the period was more than $94 billion, beating expectations by $2 billion.

On June 2, Morgan Stanley analyst Erik Woodring maintained an Overweight rating on Apple Inc. (NASDAQ:AAPL) stock and raised the price target to $190 from $185, noting that AR/VR could become the next $20 billion-plus standalone compute platform for Apple. 

At the end of the first quarter of 2023, 131 hedge funds in the database of Insider Monkey held stakes worth $165 billion in Apple Inc. (NASDAQ:AAPL), compared to 135 in the previous quarter worth $136 billion.

In its Q2 2022 investor letter, Alger Capital, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:

“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity.”