Omega Advisors follows in the footsteps of Carl Icahn, takes position in Apple

Aug 15, 2013 09:06 GMT  ·  By

Lee Cooperman of hedge fund Omega Advisors is just one of the hot shot investors turning their attention back to Apple. On the heels of Carl Icahn’s widely reported $1 billion / €752.445 stake, Cooperman also took a “modest position” in Apple.

Cooperman says he agrees with Icahn in that Apple is undervalued and that this presents a great opportunity to buy shares.

Icahn took a big position in Apple this week after talking to Tim Cook and seemingly convincing the Apple CEO that a larger buyback should be done. Icahn told CNBC that a large buyback was a “no a brainer” for Apple, and that it “would enhance stock value tremendously.”

While modest, Lee Cooperman’s stake in Apple helped drive the price-per-share above the $500 / €376 mark, a position first reached by the Cupertino giant some 18 months ago.

And there’s nowhere to go but up. In October of 2012, Apple traded at $700 / €526 a share, and analysts are confident it can regain that momentum with the unveiling of several new iDevices this fall.