Carl Icahn Raises His stake In Apple By Nearly 60%, Reduces Netflix – AAPL, NFLX

Apple Store Sydney

Carl Icahn’s latest 13-F filing reveals that the activist investor, who is known for taking on big fights against public companies’ financial policies, increased his Apple (AAPL) holdings to a whooping $4 billion.

Mr. Icahn raised his stake in Apple by 2.8 million shares, or 60 percent, to more than 7.5 million shares, increasing his long bet on the iPhone maker.

At the end of Thursday’s Nas session Apple shares dropped $5.05, or 0.85%, to $588.82, meaning Icahn’s stake in the company is worth over $4.4 billion.

The bullish position was recorded for the March period, which came just before Apple increased its stock buyback program to $90 billion from the $60 billion level announced last year. The company also increased its quarterly cash dividend to $3.29 per share, up from $3.05 and said it will split its stock 7-for-1 in June.

At the time, Mr. Icahn said he agreed completely with AAPL’s increased buyback program and was extremely pleased with the company’s quarterly results.

As for Netflix (NFLX), whose shares have declined around 21% over the past three months, the filing showed that Mr. Icahn continued to decrease his holdings, leaving him with 2.2 million shares at the end of March.

Netflix stock, which currently trades at 129x fiscal 2014 earnings estimates, and almost 50x fiscal 2015 forecasts, fell in pre-market trading on Friday following the news. The ticker was last down 0.27 percent to $343.25.

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