Last up is Apple ( AAPL), the stock that's probably the most surprising name to make an appearance on hedge funds' hate list. But yes, funds sold off shares of Apple en masse in the second quarter, dropping close to 2 million shares from their portfolios. That 2 million shares may not seem like much at first, but remember that Apple is a $700 stock as of yesterday -- those 2 million shares have a huge dollar value. >>5 Big Stock Charts You've Got to See to Believe Apple's selling is surprising because the firm looks so strong right now. In spite of that $700 price tag and a 73% rally since the first trading day of 2012, Apple's valuation metrics are hardly out of whack. Its P/E currently sits at 16.5, which means that investors are paying a much lower premium for Apple (and its $117 billion in cash and investments) than they're paying for stocks like Google ( GOOG), Texas Instruments ( TXN), or Qualcomm ( QCOM). While critics have lampooned the iPhone 5's apparent lack of new features, the new record sales it's already earned make those opinions matter a whole lot less. Apple's massive institutional ownership is probably the biggest catalyst for hedge funds' selling in the second quarter. With shares up so much, fund managers probably wanted to pare down their concentration in the Cupertino, Calif.-based company. I still like Apple right now. Investors shouldn't follow hedge funds' selling in this name. To see these stocks in action, check out the at Stocks Fund Managers Hate Q2 portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.