It’s always reassuring for shareholders when a billionaire activist investor takes a large stake in a stock. However, three big-name activist investors have been selling Apple (AAPL), Canadian Pacific Railway(CP) and Legg Mason (LM) stock in recent weeks.

 Here’s a look at who has been selling and why.

Apple (AAPL)

When one of the most recognizable names on Wall Street sells his full stake in the most heavily-owned stock in the world, people take notice. Carl Icahn has been all over the news in the past week after he told CNBC that he has unloaded his massive stake in AAPL.

Icahn famously called his AAPL investment a “no-brainer” back in 2013 when it was trading at a split-adjusted $67 per share. Less than a year ago, Icahn bravely slapped a $240 price target on AAPL. What changed? China.

According to Icahn himself, uncertainly surrounding government cooperation in China scared him away from AAPL. Icahn said the Chinese government can “come in and make it difficult for Apple to sell there.”

Apple reported a 26% year-over-year revenue decline in its Greater China segment in Q1.

Icahn noted that if AAPL can demonstrate consistent growth in China and a working relationship with the Chinese government, he would consider buying AAPL stock again in the future.

Legg Mason (LM)

Billionaire activist investor and founding partner of Trian Fund Management Nelson Peltz announced…

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