Norway Savings Bank cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 4.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 21,260 shares of the iPhone maker’s stock after selling 920 shares during the period. Apple makes up approximately 3.0% of Norway Savings Bank’s holdings, making the stock its 5th largest position. Norway Savings Bank’s holdings in Apple were worth $3,062,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of AAPL. Stonehearth Capital Management LLC boosted its stake in Apple by 0.8% in the first quarter. Stonehearth Capital Management LLC now owns 2,378 shares of the iPhone maker’s stock valued at $342,000 after buying an additional 20 shares in the last quarter. Lenox Wealth Advisors Inc. boosted its stake in shares of Apple by 0.4% in the second quarter. Lenox Wealth Advisors Inc. now owns 4,971 shares of the iPhone maker’s stock worth $716,000 after buying an additional 20 shares during the period. Noven Financial Group Inc. boosted its stake in shares of Apple by 0.3% in the fourth quarter. Noven Financial Group Inc. now owns 7,396 shares of the iPhone maker’s stock worth $857,000 after buying an additional 22 shares during the period. Sippican Capital Advisors boosted its stake in shares of Apple by 0.5% in the first quarter. Sippican Capital Advisors now owns 4,912 shares of the iPhone maker’s stock worth $706,000 after buying an additional 26 shares during the period. Finally, Cordasco Financial Network boosted its stake in shares of Apple by 1.0% in the first quarter. Cordasco Financial Network now owns 3,184 shares of the iPhone maker’s stock worth $457,000 after buying an additional 31 shares during the period. 61.21% of the stock is currently owned by hedge funds and other institutional investors.
Apple Inc. (NASDAQ:AAPL) opened at 150.34 on Friday. The firm has a market capitalization of $783.85 billion, a price-to-earnings ratio of 17.64 and a beta of 1.31. Apple Inc. has a one year low of $96.42 and a one year high of $156.65. The firm has a 50-day moving average price of $147.46 and a 200-day moving average price of $140.51.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08. The firm had revenue of $52.90 billion for the quarter, compared to analyst estimates of $52.61 billion. Apple had a return on equity of 35.09% and a net margin of 20.74%. Analysts expect that Apple Inc. will post $8.91 EPS for the current year.
Apple announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 2nd that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
AAPL has been the topic of a number of research reports. Royal Bank Of Canada increased their target price on shares of Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a report on Monday, May 22nd. Rosenblatt Securities set a $120.00 target price on shares of Apple and gave the stock a “hold” rating in a report on Wednesday, May 3rd. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $170.00 target price (up from $164.00) on shares of Apple in a report on Friday, May 12th. Vetr raised shares of Apple from a “hold” rating to a “buy” rating and set a $146.43 target price on the stock in a report on Monday, March 27th. Finally, Cowen and Company reissued an “outperform” rating and set a $160.00 target price on shares of Apple in a report on Thursday, May 25th. Eleven investment analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the company. Apple currently has a consensus rating of “Buy” and an average target price of $160.38.
In other Apple news, insider Angela J. Ahrendts sold 75,000 shares of the business’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $147.98, for a total value of $11,098,500.00. Following the sale, the insider now directly owns 154,116 shares in the company, valued at $22,806,085.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Angela J. Ahrendts sold 25,377 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $154.24, for a total value of $3,914,148.48. Following the completion of the sale, the insider now owns 81,936 shares in the company, valued at $12,637,808.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 373,000 shares of company stock worth $56,497,046. Corporate insiders own 0.08% of the company’s stock.
About Apple
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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