By Ross Kerber

BOSTON (Reuters) – Top U.S. hedge funds added to their positions in Apple Inc (AAPL.O) during the second quarter, even as shares of the iPhone maker were flat during the period.

Filings with the U.S. Securities and Exchange Commission released on Friday showed Philippe Laffont’s Coatue Management added 860,000 Apple shares during the three months ended June 30, giving it 8.5 million shares in all.

Other so-called 13F filings showed London hedge fund manager Nevsky Capital LLP added 751,000 shares of Apple in the quarter, increasing its stake to 2.56 million shares. Tiger Eye Capital LLC added 25,000 shares of Apple to bring its total stake to 356,502 shares, filings showed.

Bridgewater Associates LP was a seller, however, cutting its Apple stake by 201,500 shares to 531,497 shares, filings show.

Apple shares gained less than 1.0 percent during the second quarter to close at $125.43 on June 30. The stock is now about 8 percent lower, trading around $115 on Friday, after the company gave a weak fourth-quarter revenue forecast and missed some iPhone sales targets.

The decline could have exposed the second-quarter hedge fund buyers to losses, though some might have exited Apple before it fell from a high of $132.07 on July 20.

At the end of the first quarter Apple was one of the most popular stocks owned by hedge funds, according to Goldman Sachs research. Their analysis of 685 hedge funds with nearly $1 trillion in equity assets found 69 of the funds had Apple among their top 10 holdings.

Still, during the first quarter of this year a number of hedge funds cut their stakes in Apple as its shares rallied, previous filings showed.

Apple remains the most valuable U.S. company, with a market capitalization $657 billion.

(Reporting by Ross Kerber; Editing by Steve Orlofsky)