Apple Inc. (NASDAQ: AAPL) closed at $122.06 on Friday. The stock has come down from its 52-week high of $148.92, or a full $26. The interesting thing I find about Apple comes from talking to eleven different professional portfolio managers who I worked with these past 16 years.

To the person, all eleven portfolio managers had nothing but glowing things to say about Apple. The stock has been a home run this past year as it has basically doubled from the mid $60s to the current $122. The eleven managers expect the fiscal 4th quarter ending September 30 to be excellent and forward guidance to be solid and comforting. But, these managers have recently been net sellers of the name. Collectively they have sold between one third to one half of their positions. Why?

When the markets come down in a powerful fashion as it has these past couple of weeks, the first thing a portfolio manager does is "protect profits." I heard this in seven of the eleven conversations. I have a double in this stock, they say, capture the gain now, and re-evaluate it later. Yes, iPhone, iPod, and the new Mac are doing great. Yes, the retail store system is the envy of ... well, retailers. The story is superb and the numbers are locked and loaded. Yet, these guys have been sellers.