Apple Inc. (AAPL) Position Trimmed by Meritage Portfolio Management

Meritage Portfolio Management decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 169,848 shares of the iPhone maker’s stock after selling 4,002 shares during the quarter. Apple makes up approximately 2.5% of Meritage Portfolio Management’s portfolio, making the stock its biggest position. Meritage Portfolio Management’s holdings in Apple were worth $24,462,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of AAPL. Longer Investments Inc. lifted its stake in Apple by 4.8% during the first quarter. Longer Investments Inc. now owns 23,232 shares of the iPhone maker’s stock worth $3,338,000 after purchasing an additional 1,068 shares during the last quarter. Univest Corp of Pennsylvania increased its position in Apple by 2.3% during the first quarter. Univest Corp of Pennsylvania now owns 33,344 shares of the iPhone maker’s stock worth $4,790,000 after buying an additional 739 shares during the period. P.R. Herzig & Co. Inc. increased its position in Apple by 2.7% during the first quarter. P.R. Herzig & Co. Inc. now owns 11,375 shares of the iPhone maker’s stock worth $1,634,000 after buying an additional 300 shares during the period. Pennsylvania Trust Co increased its position in Apple by 1.2% during the first quarter. Pennsylvania Trust Co now owns 233,400 shares of the iPhone maker’s stock worth $33,530,000 after buying an additional 2,684 shares during the period. Finally, Portfolio Solutions LLC acquired a new position in Apple during the first quarter worth approximately $169,000. Hedge funds and other institutional investors own 60.33% of the company’s stock.

In related news, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $157.58, for a total value of $5,515,300.00. Following the transaction, the director now owns 1,168,283 shares in the company, valued at approximately $184,098,035.14. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Timothy D. Cook sold 268,623 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $160.63, for a total transaction of $43,148,912.49. The disclosure for this sale can be found here. In the last quarter, insiders sold 541,177 shares of company stock worth $85,864,804. 0.08% of the stock is owned by corporate insiders.

Several research analysts have commented on AAPL shares. Morgan Stanley lifted their price target on Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a research report on Monday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $175.00 price target (up previously from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. They noted that the move was a valuation call. Cleveland Research raised Apple from a “neutral” rating to a “buy” rating and set a $197.00 price target on the stock in a research report on Tuesday, August 29th. Bank of America Corporation reaffirmed a “buy” rating and set a $180.00 price target (up previously from $175.00) on shares of Apple in a research report on Wednesday, August 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $180.00 price target on shares of Apple in a research report on Monday, July 10th. Seven research analysts have rated the stock with a hold rating and forty-seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $190.46.

Shares of Apple Inc. (NASDAQ AAPL) traded down 0.02% on Tuesday, hitting $159.85. The stock had a trading volume of 12,001,163 shares. The firm has a market capitalization of $825.66 billion, a P/E ratio of 18.15 and a beta of 1.27. The company has a 50 day moving average of $157.58 and a 200-day moving average of $151.69. Apple Inc. has a 12-month low of $104.08 and a 12-month high of $164.94.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. 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 company earned $1.42 EPS. Apple’s quarterly revenue was up 7.2% on a year-over-year basis. Equities analysts predict that Apple Inc. will post $9.01 EPS for the current fiscal year.

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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.

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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