Apple stock took top hedge fund holding slot in Q2

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A new report reveals hedge fund investors turned back to Apple for investments in the last quarter, making the Cupertino company the most-held stock among those investors.

Citi analyst Tobias Levkovich noted in his most recent report that Google remains the most held stock among mutual funds, a position the search giant took from Apple in March of this year. Apple, though, beat out Google, Priceline, and Qualcomm to take first place among hedge fund holdings.

Apple previously lost the top spot to insurance giant AIG in February, according to some estimates. At the time, Apple fell to third place behind Google. Google subsequently went on to become the top holding in both hedge and mutual funds in March.

Apple shares dropped below $400 for a time earlier this year, but the stock has since recovered and now sits above $500 and trending upward. Shares peaked last year at just north of $700, but concerns over competition — as well as considerable hedge fund selloffs — lopped a good deal of value off of the company.

Investors will be watching Apple's forthcoming media event closely, as the company is expected to reveal two new versions of the iPhone: one to address the bestselling smartphone's typical base and another to draw in more users with a lower price point. Some analysts believe the low-end model's performance in China alone could boost Apple shares at least 10 percent, adding another two or three dollars per share in earnings.