Bowling Portfolio Management LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 15.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 132,474 shares of the iPhone maker’s stock after selling 25,041 shares during the period. Apple comprises 3.1% of Bowling Portfolio Management LLC’s holdings, making the stock its largest position. Bowling Portfolio Management LLC’s holdings in Apple were worth $19,031,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Apple during the fourth quarter worth $5,625,709,000. Franklin Resources Inc. raised its stake in shares of Apple by 4.8% in the fourth quarter. Franklin Resources Inc. now owns 25,455,705 shares of the iPhone maker’s stock worth $2,948,422,000 after buying an additional 1,156,639 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Apple by 1.2% in the first quarter. Fisher Asset Management LLC now owns 11,638,395 shares of the iPhone maker’s stock worth $1,671,972,000 after buying an additional 140,368 shares in the last quarter. Asset Management One Co. Ltd. raised its stake 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 in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake 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 in the last quarter. Institutional investors own 61.50% of the company’s stock.
Apple Inc. (NASDAQ AAPL) opened at 159.85 on Tuesday. The company has a market capitalization of $825.66 billion, a price-to-earnings ratio of 18.15 and a beta of 1.31. The firm has a 50-day moving average of $150.31 and a 200 day moving average of $144.88. Apple Inc. has a one year low of $102.53 and a one year high of $161.83.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping 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 business had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same period last year, the company earned $1.42 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities research analysts predict that Apple Inc. will post $9.02 earnings per share for the current fiscal year.
The firm 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 dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $2.52 annualized dividend and a dividend yield of 1.58%. Apple’s dividend payout ratio (DPR) is 28.64%.
Apple announced that its board has authorized a stock repurchase plan on Tuesday, May 2nd that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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A number of research firms have commented on AAPL. Keefe, Bruyette & Woods set a $170.00 target price on shares of Apple and gave the stock a “buy” rating in a report on Monday, May 22nd. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and set a $170.00 target price on shares of Apple in a report on Wednesday, June 21st. Nomura reaffirmed a “buy” rating and set a $165.00 target price on shares of Apple in a report on Wednesday, July 5th. Barclays PLC set a $123.00 target price on shares of Apple and gave the stock a “neutral” rating in a report on Wednesday, May 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $177.00 target price (up previously from $161.00) on shares of Apple in a report on Wednesday, May 17th. Thirteen equities research analysts have rated the stock with a hold rating, forty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. Apple has an average rating of “Buy” and an average target price of $167.33.
In other news, insider Luca Maestri sold 4,757 shares of Apple stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $154.70, for a total transaction of $735,907.90. Following the completion of the sale, the insider now directly owns 3,414 shares in the company, valued at $528,145.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP D Bruce Sewell sold 31,625 shares of Apple stock in a transaction 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 owns 112,430 shares of the company’s stock, valued at $17,778,555.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 287,962 shares of company stock valued at $44,702,313. Corporate insiders own 0.08% of the company’s stock.
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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