Not everyone is bullish on Apple (AAPL). Ken Heebner, a well-known money manager, dropped a bunch of shares in the third quarter.

Heebner's Capital Growth Management fund held 1.15 million Apple shares at the end of June, Zero Hedge reports. But in a recent 13F filing, Heebner reveals that he sold all but 111,000 shares.

A move like that has prompted all kinds of speculation. Was Heebner simply taking in profits at a good time? Does he sense impending disaster?

He's not commenting on it, and he doesn't have to. So all we can do is guess -- and watch to see if anyone else jumps on board this train.

"Is Apple finally starting to get too rich for some of the hedge funders and other investors that have pushed it so high?" asks Clusterstock.

Apple shares are down nearly 3% in midday trading to about $308.

Heebner had the Midas touch for a good part of the last decade, Bloomberg Businessweek reports. His CGM Focus (CGMFX) fund had returns averaging 32% from 2000 through 2007. But then things went sour, largely because of his bets on commodity and financial stocks.

"Heebner is known for building big stakes in specific industries and for shifting gears quickly," writes Charles Stein. Dumping all those Apple shares certainly fits the profile.