BerganKDV Wealth Management LLC raised its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 5,614 shares of the iPhone maker’s stock after buying an additional 20 shares during the period. BerganKDV Wealth Management LLC’s holdings in Apple were worth $809,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. First Capital Advisors Group LLC. purchased a new position in shares of Apple during the fourth quarter valued at about $1,824,000. Riverpoint Wealth Management Holdings LLC purchased a new position in shares of Apple during the fourth quarter valued at about $489,000. Pinnacle Associates Ltd. increased its position in shares of Apple by 1.2% in the fourth quarter. Pinnacle Associates Ltd. now owns 460,618 shares of the iPhone maker’s stock valued at $53,349,000 after buying an additional 5,470 shares in the last quarter. LVW Advisors LLC increased its position in shares of Apple by 2.2% in the fourth quarter. LVW Advisors LLC now owns 50,479 shares of the iPhone maker’s stock valued at $5,846,000 after buying an additional 1,066 shares in the last quarter. Finally, WP Advisors LLC purchased a new position in shares of Apple during the fourth quarter valued at about $7,468,000. Institutional investors and hedge funds own 61.23% of the company’s stock.
Shares of Apple Inc. (AAPL) opened at 152.09 on Tuesday. The company has a market capitalization of $792.97 billion, a PE ratio of 17.84 and a beta of 1.31. Apple Inc. has a 52 week low of $96.42 and a 52 week high of $156.65. The company has a 50-day moving average price of $147.28 and a 200-day moving average price of $141.20.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.08. Apple had a net margin of 20.74% and a return on equity of 35.09%. The company had revenue of $52.90 billion for the quarter, compared to analyst estimates of $52.61 billion. Analysts predict that Apple Inc. will post $8.91 earnings per share for the current year.
Apple announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 2nd that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
Several equities analysts recently issued reports on the stock. Argus reissued an “outperform” rating and set a $160.00 price target on shares of Apple in a report on Monday, May 15th. Hilliard Lyons lifted their price target on shares of Apple from $147.00 to $170.00 and gave the company a “buy” rating in a report on Monday, May 15th. Canaccord Genuity reissued a “buy” rating and set a $180.00 price target (up from $165.00) on shares of Apple in a report on Tuesday, May 16th. BMO Capital Markets reissued an “outperform” rating and set a $170.00 price target (up from $160.00) on shares of Apple in a report on Wednesday, May 17th. Finally, Morgan Stanley reissued an “overweight” rating and set a $177.00 price target (up from $161.00) on shares of Apple in a report on Wednesday, May 17th. Eleven equities research analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $160.64.
In other news, insider Angela J. Ahrendts sold 75,000 shares of Apple stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $147.98, for a total transaction of $11,098,500.00. Following the sale, the insider now directly owns 154,116 shares in the company, valued at approximately $22,806,085.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Luca Maestri sold 4,757 shares of Apple stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $154.70, for a total transaction of $735,907.90. Following the sale, the insider now owns 3,414 shares in the company, valued at $528,145.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 373,000 shares of company stock worth $56,497,046. 0.08% of the stock is owned by company insiders.
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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