Investors are concerned the iPhone maker could be overpriced after its huge rally this year.
Apple is now the Big Tech stock owned least by institutional investors and is the most underowned it has been since 2008, according to Morgan Stanley. Over the past four years, the most underowned megacap stock in institutional portfolios was Microsoft , according to analyst Erik Woodring. However, that position was ceded to the iPhone maker coming out of the second quarter. "Apple's active institutional portfolio weighting in 2Q decreased 26 bps Q/Q to 5.51%.
mountain Apple shares YTD "This is important as 1) 2Q marked the largest one quarter increase in Apple under-ownership in the history of our data, 2) today Apple is more under-owned than at any point since 2008, and 3) Apple has now surpassed MSFT as the most under-owned large cap tech stock," Woodring said. Investors have been concerned Apple stock was overpriced after its huge rally earlier this year.
mountain Meta shares are up 145% since the start of the year. On the other hand, Meta was among the most overowned of large-cap tech stocks, and the most owned it has been in about 10 years, the analyst said. He said he remains overweight on the Facebook parent because of its focus on efficiency and improving monetization for Reels. "As a result, exiting the 2Q META was the most over-owned it's been since 2014," Woodring wrote.
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