Why this was considered news, given that Icahn disclosed it three weeks ago, was not clear from their reports.
Their reports also failed to put those 4.7 million shares into any kind of context -- starting with what percentage of Apple's total shares they represent.
For the record, there were 899.74 million shares of Apple outstanding as of Sept. 30. That means Icahn's holdings went from
When Icahn tweeted last summer that he had taken a "large position" in Apple, he must have meant large in terms of dollars.
Because in terms of percentage of shares outstanding, his position in Apple is relatively small (assuming he hopes to use it as leverage to bend the company to his will). That usually requires something closer to a 10% stake (see attached chart).
Icahn is rich, but not that rich. He could put his entire $20 billion net worth into Apple, and still own less than 5%.
This may help explain why Tim Cook has so far declined to take Icahn's advice and put all of Apple's $150 billion cash holdings in a massive one-time stock buyback.
Sends letter to Tim Cook urging him to boost his share repurchase plan to $150 billion
FORTUNE -- Tim Cook is getting the full Carl Icahn treatment.
A phone call (and some tweets about it) in August.
A meeting (also tweeted) in September.
And on Thursday, an 860-word letter, published on his new shareholder's roundtable website.
In the corporate raider's latest missive he reiterates in public the points he presumably made to Cook in private: MOREPhilip Elmer-DeWitt - Oct 24, 2013 10:36 AM ET
A dinner, a tweet, a pop in the market.
FORTUNE -- He's done it again.
In August, corporate raider Carl Icahn announced on Twitter that he believed Apple (AAPL) at $470 was "extremely undervalued." He said that he had taken a "large position" in the company, had talked to Tim Cook about accelerating the company's record $60-billion stock buyback program, and would be meeting with Cook to discuss it further.
On the strength MOREPhilip Elmer-DeWitt - Oct 1, 2013 10:44 AM ET
Tim Cook spent a record $16 billion last quarter. Carl Icahn wants him to spend more.
FORTUNE -- In April, Apple (AAPL) announced what is apparently the largest share repurchase program in the history of capitalism: $60 billion before the end of 2015.
By the end of June the company had already bought $16 billion worth of its own stock -- more than 25% of its eleven-quarter allocation in the space of MOREPhilip Elmer-DeWitt - Sep 26, 2013 4:44 PM ET
Apple (AAPL) gave Wall Street what it had been asking for
The Street's reaction has been largely positive, and the stock closed Monday at a new all-time high: $601.10, up $15.53 (2.65%) for the day.
Jefferies' Peter Misek: Dividend and Buyback Bigger Than Expected. Apple announced a $10.60 annual dividend (1.8%) commencing in CQ3 and $10B buyback over three years (to offset dilution). We had expected a dividend announcement in H2 in the MOREPhilip Elmer-DeWitt - Mar 19, 2012 10:19 AM ET
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