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 Form 13F filing with the Securities and Exchange Commission. The fund owned 21,260 shares of the iPhone maker’s stock after selling 920 shares during the period. Apple makes up about 3.0% of Norway Savings Bank’s portfolio, 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 large investors have also made changes to their positions in the stock. Welch Investments LLC acquired a new stake in Apple during the fourth quarter valued at $146,000. Investec Asset Management LTD raised its stake in Apple by 1.1% in the fourth quarter. Investec Asset Management LTD now owns 1,023,299 shares of the iPhone maker’s stock valued at $118,518,000 after buying an additional 11,498 shares during the period. TCW Group Inc. raised its stake in Apple by 18.2% in the fourth quarter. TCW Group Inc. now owns 496,620 shares of the iPhone maker’s stock valued at $57,518,000 after buying an additional 76,401 shares during the period. McAdam LLC purchased a new stake in shares of Apple during the fourth quarter worth approximately $370,000. Finally, Martingale Asset Management L P raised its stake in shares of Apple by 10.3% in the fourth quarter. Martingale Asset Management L P now owns 440,628 shares of the iPhone maker’s stock worth $51,034,000 after buying an additional 41,206 shares during the last quarter. 61.17% of the stock is owned by institutional investors and hedge funds.
Shares of Apple Inc. (AAPL) traded down 0.572% on Monday, hitting $148.645. 12,438,811 shares of the stock were exchanged. The firm’s 50 day moving average price is $146.92 and its 200 day moving average price is $141.83. The firm has a market cap of $775.01 billion, a price-to-earnings ratio of 17.438 and a beta of 1.31. Apple Inc. has a one year low of $102.53 and a one year high of $156.65.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 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 analysts’ expectations of $52.61 billion. Apple had a net margin of 20.74% and a return on equity of 35.09%. Equities analysts anticipate that Apple Inc. will post $8.87 earnings per share for the current year.
Apple declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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A number of brokerages have recently commented on AAPL. UBS AG reissued a “buy” rating and set a $170.00 price target on shares of Apple in a research note on Monday. Needham & Company LLC reissued a “buy” rating and set a $165.00 price target on shares of Apple in a research note on Thursday. Mizuho reaffirmed a “neutral” rating and issued a $150.00 price objective on shares of Apple in a research note on Wednesday, July 26th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $150.00 price objective on shares of Apple in a research note on Tuesday, July 25th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $170.00 price objective (up from $160.00) on shares of Apple in a research note on Tuesday, July 25th. Twelve investment analysts have rated the stock with a hold rating, forty-one have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $161.67.
In other Apple news, insider Daniel J. Riccio sold 11,949 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $155.32, for a total transaction of $1,855,918.68. Following the transaction, the insider now owns 13,049 shares of the company’s stock, valued at approximately $2,026,770.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Angela J. Ahrendts sold 75,000 shares of the firm’s 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 transaction, the insider now directly owns 154,116 shares in the company, valued at approximately $22,806,085.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 373,000 shares of company stock worth $56,497,046. 0.08% of the stock is owned by corporate 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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