Norway Savings Bank lowered its stake in Apple Inc. (NASDAQ:AAPL) by 4.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,260 shares of the iPhone maker’s stock after selling 920 shares during the period. Apple comprises 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 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Apple during the fourth quarter worth about $5,625,709,000. Asset Management One Co. Ltd. raised its position in shares of Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock worth $1,096,072,000 after buying an additional 8,571,027 shares during the last quarter. Glenview Capital Management LLC acquired a new position in shares of Apple during the fourth quarter worth about $365,191,000. Canada Pension Plan Investment Board raised its position in shares of Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock worth $1,334,527,000 after buying an additional 1,749,797 shares during the last quarter. Finally, Flinton Capital Management LLC acquired a new position in shares of Apple during the fourth quarter worth about $169,077,000. 61.50% of the stock is currently owned by hedge funds and other institutional investors.
Apple Inc. (AAPL) traded up 1.09% during mid-day trading on Tuesday, reaching $161.60. The company’s stock had a trading volume of 29,465,487 shares. The stock has a market cap of $834.70 billion, a PE ratio of 18.35 and a beta of 1.31. The company has a 50 day moving average of $150.76 and a 200-day moving average of $145.17. Apple Inc. has a 52-week low of $102.53 and a 52-week high of $162.20.
Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. During the same quarter in the prior year, the business earned $1.42 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities analysts forecast that Apple Inc. will post $9.02 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 14th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, August 10th. Apple’s payout ratio is 28.64%.
Apple announced that its Board of Directors has initiated a share buyback program on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
AAPL has been the topic of a number of recent analyst reports. Drexel Hamilton reaffirmed a “buy” rating and issued a $202.00 target price on shares of Apple in a research report on Thursday, July 6th. Instinet reaffirmed a “buy” rating and issued a $165.00 target price on shares of Apple in a research report on Wednesday, July 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $168.00 target price on shares of Apple in a research report on Tuesday, June 6th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $170.00 target price on shares of Apple in a research report on Tuesday, July 25th. Finally, Macquarie upped their target price on Apple from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, August 2nd. Thirteen research analysts have rated the stock with a hold rating, forty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $167.33.
In related news, insider Eduardo H. Cue sold 45,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $153.78, for a total transaction of $6,920,100.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP D Bruce Sewell sold 31,625 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $158.13, for a total value of $5,000,861.25. Following the sale, the senior vice president now directly owns 112,430 shares in the company, valued at approximately $17,778,555.90. The disclosure for this sale can be found here. Insiders sold 287,962 shares of company stock worth $44,702,313 in the last ninety days. 0.08% of the stock is owned by company insiders.
Apple Company Profile
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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