Apple Gets Cut by T. Rowe, Fidelity Just Before Stock Rallies

(Bloomberg) -- A group of trillion-dollar money managers cut their holdings in Apple Inc. in the first quarter, just before the stock rallied.

T. Rowe Price Group Inc. sold 35.6 million shares, or roughly half its stake in Apple, according to regulatory filings. Its remaining position was d at $6.18 billion as of March 31.

Fidelity Investments sold 21 million shares. or about one-sixth of its position. Wellington Management sold 9.8 million shares, or about one-third of its position, and JPMorgan Chase & Co. dumped 8.7 million shares, or roughly one-sixth of its Apple holdings.

All four managers oversee at least $1 trillion in assets.

Apple has gained 11 percent, including reinvested dividends, since the end of March after closing the first quarter little changed. The stock got a boost after fiscal second quarter revenue and profit exceeded analysts’ estimates. The iPhone maker also announced plans to increase its stock buyback plan by $100 billion and lifted its dividend.

©2018 Bloomberg L.P.