NEW YORK (TheStreet) -- The California Public Employees' Retirement System (CalPERS), the largest U.S. public pension, is criticizing activist investor Carl Icahn's call for a larger Apple (AAPL) buyback program.
CalPERS owns more than $270 billion in assets, including 2.4 million shares of Apple as of Sept. 30. According to Bloomberg, the agency is speaking out against Icahn's statements that he will try to win shareholder approval for a plan to ask Apple for an increase in the size of its stock buyback program.
Apple's current strategy includes a plan that will give $100 billion back to shareholders through dividends and buybacks over three years. CalPERS agrees with the current plan.
Icahn has urged Apple to increase its buyback program since this past August. In a recent filing the billionaire investor disclosed that he owns 4.7 million Apple shares, or about 0.5% of the company.
Apple has not responded to a request for comment.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."