NEW YORK (TheStreet) --Five years ago today Tim Cook became the CEO of Apple  (AAPL) - Get Report. During Cook's time as the head of the tech titan, it has sold a billion iPhones, and Apple stock has more than doubled, according to the New York Times.

Despite the success, O'Shares Investment chairman and CNBC's "Shark Tank" regular Kevin O'Leary appeared on Wednesday afternoon's "Fast Money Halftime Report" to explain his "wait and see" attitude on Apple stock.

"I'm going to look at it again next quarter, but the only reason to own Apple now is if you believe that as they broaden out the base of handsets, that they somehow sell more services. I want to see them make the music offering better, get more people to use Apple Pay, and get more wearables with payable apps," O'Learly explained.

O'Leary had been optimistic in the company's ability to generate an increase in value from its services, however the company's inaction has made his skepticism grow.

"The actual percentage increase in services as the rollout has occurred has remained exactly the same as units. In other words, people do not buy more services on the incremental Apple phone. I think more innovation in services would be great," O'Leary said.

O'Leary concluded by speaking to the potential Apple has centered around repatriation.

"This other concept, which I like a lot, is a repatriation of $200 billion that's not sitting in the U.S. I want to see it come home and of course, I'd like to see an increase in dividends," O'Leary noted.

Shares of Apple were lower during mid-afternoon trading on Wednesday.

(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere)

For more of O'Leary's views on a variety of different subjects watch TheStreet's video here

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AAPL

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