Saratoga Research & Investment Management Reduces Stake in Apple Inc. (AAPL)

Saratoga Research & Investment Management trimmed its position in Apple Inc. (NASDAQ:AAPL) by 1.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 644,092 shares of the iPhone maker’s stock after selling 12,409 shares during the quarter. Apple accounts for 6.9% of Saratoga Research & Investment Management’s portfolio, making the stock its largest position. Saratoga Research & Investment Management’s holdings in Apple were worth $99,267,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Blue Sky Asset Management LLC acquired a new position in Apple during the second quarter worth $108,000. Hefty Wealth Partners raised its stake in Apple by 27.6% during the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after acquiring an additional 174 shares in the last quarter. FNY Managed Accounts LLC raised its stake in Apple by 852.4% during the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after acquiring an additional 716 shares in the last quarter. Private Vista LLC acquired a new position in Apple during the second quarter worth $122,000. Finally, Armbruster Capital Management Inc. raised its stake in Apple by 9.4% during the second quarter. Armbruster Capital Management Inc. now owns 911 shares of the iPhone maker’s stock worth $131,000 after acquiring an additional 78 shares in the last quarter. Institutional investors and hedge funds own 60.17% of the company’s stock.

A number of analysts have recently weighed in on the company. ValuEngine upgraded Apple from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Piper Jaffray Companies restated a “buy” rating and issued a $200.00 target price on shares of Apple in a research note on Tuesday, January 2nd. BMO Capital Markets restated a “buy” rating and issued a $199.00 target price on shares of Apple in a research note on Wednesday, December 20th. Rosenblatt Securities set a $180.00 target price on Apple and gave the company a “buy” rating in a research note on Tuesday, December 26th. Finally, Wells Fargo & Co restated a “market perform” rating and issued a $195.00 target price on shares of Apple in a research note on Tuesday, November 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating, forty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Apple has an average rating of “Buy” and an average price target of $198.94.

Apple Inc. (NASDAQ:AAPL) opened at $177.09 on Friday. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.73. Apple Inc. has a 1-year low of $118.22 and a 1-year high of $177.36. The stock has a market capitalization of $909,240.00, a PE ratio of 19.27, a price-to-earnings-growth ratio of 1.43 and a beta of 1.23.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.87 by $0.20. Apple had a return on equity of 36.29% and a net margin of 21.09%. The firm had revenue of $52.58 billion for the quarter, compared to analysts’ expectations of $50.71 billion. During the same quarter last year, the business earned $1.50 earnings per share. The company’s revenue was up 12.2% compared to the same quarter last year. sell-side analysts expect that Apple Inc. will post 11.18 EPS for the current year.

In other news, insider Eduardo H. Cue sold 65,361 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $171.60, for a total transaction of $11,215,947.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Daniel J. Riccio sold 15,641 shares of the firm’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $169.69, for a total value of $2,654,121.29. Following the sale, the insider now directly owns 17,341 shares in the company, valued at approximately $2,942,594.29. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 128,412 shares of company stock worth $22,115,155. Company insiders own 0.08% of the company’s stock.

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Apple 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.

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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