Apple Inc (NASDAQ:AAPL) unveiled new products at its "Peek Performance" event Tuesday, but that's not the reason Hightower Advisors' Stephanie Link decided to size up her position.
"I just think this is a defensive play," Link said Tuesday on CNBC's "Fast Money Halftime Report."
She considers Apple a defensive stock because of the company's strong cash position, which gives Apple the ability to repurchase its shares at will.
"I do want to own it, more of it, into the Spring when I think they're going to announce capital allocation of something like a $70 to $90 billion buyback," Link said. "I think they can buy back ... 2% to 3% of the shares outstanding over the next three years, and that is a nice defensive play."
She noted that it's not cheap at 25 times earnings, but she expects investors to continue to reward Apple with a higher multiple because of the company's strong ecosystem of products and well-known story.
Link told CNBC that she also bought shares of Meta Platforms Inc (NASDAQ:FB), but she didn't provide any color on that purchase.
AAPL Price Action: Apple has traded as low as $116.21 and as high as $182.94 over a 52-week period.
The stock was up 0.41% at $159.98 on Tuesday.
Photo: courtesy of Apple.