Apple Gets Cut by T. Rowe, Fidelity Just Before Stock Rallies
- Money managers reduced holdings in first quarter, filings show
- Since then, the shares are up 11% on earnings strength
Photographer: Michael Nagle/Bloomberg
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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 valued at $6.18 billion as of March 31.