Apple Inc. (NASDAQ:AAPL) has been a top pick for wealthy investors for several years. The stock has increased in price and the company has grown in value since the release of the iPhone in 2007.

Since that time, millionaire investors have held Apple Inc. (NASDAQ:AAPL) as the top stock in their portfolios. The company has remained strong through the economic downturn that took place in 2008, and hit a major boom last year on the release of the iPad Mini and iPhone 5. The hype that led up to these two product launches boosted the price of Apple Inc. (NASDAQ:AAPL) to an all-time high of more than $700 per share.

At the time it seemed Apple Inc. (NASDAQ:AAPL) had a rosy red future, with analysts like Gene Munster claiming the stock would reach more than $900 per share by the end of 2012. These claims never came to fruition however, and the company is currently trading below $520 per share. This has left a sour taste in the mouths of many investors.

Apple Inc. (NASDAQ:AAPL) Is Being Dropped From The Favs List

Margaret Collins of Bloomberg reports that millionaire investors are shedding Apple Inc. (NASDAQ:AAPL) as their top position. Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) has now become the favorite stock for these power players.

What has caused these investors to lose faith in the California based tech giant? It seems investors are discouraged with the unmet expectations following the iPhone 5 launch and coming into the 1^st quarter of 2013. Many investors feel that Apple Inc. (NASDAQ:AAPL) has lost its innovative edge following the death of Steve Jobs, and there is a general sentiment that the company may not ever recover.

Tiger 21 is an investing group of millionaire investors based in New York. They have chosen Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) as their top pick this year. This position had been held by Apple Inc. (NASDAQ:AAPL) for two years, but the group has now moved the tech stock to second place.

Does This Spell Doom For Apple Inc. (NASDAQ:AAPL)?

If Apple Inc. (NASDAQ:AAPL) is not the favorite of these power players anymore, will it hurt the company’s overall health? The truth is that Apple Inc. is still running strong, even though some investors may not feel it is strong enough to be their top pick.

Profit margins in Apple products such as the iPhone are much higher than competitors can boast. This gives Apple a strong financial base to build upon. While Tiger 21 investors may not feel Apple Inc. offers a large enough profit margin, for the average investor a bite of Apple stock should leave a sweet aftertaste in the coming quarters.

Disclosure: The author has no position in the stocks mentioned in this article, and does not intend to initiate any position in the next 48 hours.