Bell & Brown Wealth Advisors LLC cut its stake in Apple Inc. (NASDAQ:AAPL) by 2.8% during the 1st quarter, Holdings Channel reports. The fund owned 25,116 shares of the iPhone maker’s stock after selling 720 shares during the period. Apple accounts for approximately 4.4% of Bell & Brown Wealth Advisors LLC’s portfolio, making the stock its 2nd largest position. Bell & Brown Wealth Advisors LLC’s holdings in Apple were worth $4,195,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. raised its holdings in Apple by 3.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 19,262,302 shares of the iPhone maker’s stock valued at $3,259,868,000 after buying an additional 570,279 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Apple by 2.2% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,841,037 shares of the iPhone maker’s stock valued at $2,680,779,000 after buying an additional 346,446 shares during the period. Parametric Portfolio Associates LLC raised its holdings in Apple by 4.1% in the third quarter. Parametric Portfolio Associates LLC now owns 12,109,070 shares of the iPhone maker’s stock valued at $1,866,250,000 after buying an additional 479,466 shares during the period. Fisher Asset Management LLC raised its holdings in Apple by 2.9% in the fourth quarter. Fisher Asset Management LLC now owns 11,206,974 shares of the iPhone maker’s stock valued at $1,896,556,000 after buying an additional 318,571 shares during the period. Finally, Sanders Capital LLC raised its stake in shares of Apple by 1.6% during the fourth quarter. Sanders Capital LLC now owns 8,623,285 shares of the iPhone maker’s stock valued at $1,574,905,000 after purchasing an additional 139,700 shares during the period. 58.04% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Philip W. Schiller sold 69,491 shares of the business’s stock in a transaction on Tuesday, April 3rd. The shares were sold at an average price of $166.42, for a total transaction of $11,564,692.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Angela J. Ahrendts sold 38,228 shares of the business’s stock in a transaction on Friday, May 4th. The shares were sold at an average price of $176.54, for a total transaction of $6,748,771.12. Following the transaction, the insider now directly owns 90,967 shares of the company’s stock, valued at approximately $16,059,314.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 279,074 shares of company stock valued at $49,607,454. Corporate insiders own 0.08% of the company’s stock.
A number of research firms have recently issued reports on AAPL. Nomura reiterated a “neutral” rating and set a $175.00 price objective on shares of Apple in a research note on Monday, March 19th. Maxim Group lowered shares of Apple from a “buy” rating to a “hold” rating and dropped their price objective for the company from $204.00 to $200.00 in a research note on Wednesday, May 30th. ValuEngine lowered shares of Apple from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Royal Bank of Canada lifted their price objective on shares of Apple from $203.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, June 5th. Finally, Monness Crespi & Hardt began coverage on shares of Apple in a research note on Wednesday, April 11th. They set a “buy” rating and a $235.00 price objective on the stock. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, thirty-one have assigned a buy rating and two have issued a strong buy rating to the stock. Apple currently has an average rating of “Buy” and a consensus price target of $206.89.
Shares of Apple opened at $184.92 on Friday, according to MarketBeat Ratings. Apple Inc. has a 1 year low of $142.28 and a 1 year high of $194.20. The firm has a market cap of $941.03 billion, a PE ratio of 20.08, a PEG ratio of 1.53 and a beta of 1.29. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.46 and a quick ratio of 1.37.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, May 1st. The iPhone maker reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.04. Apple had a net margin of 21.55% and a return on equity of 39.97%. The company had revenue of $61.14 billion during the quarter, compared to the consensus estimate of $60.94 billion. During the same quarter in the previous year, the company posted $2.10 earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. analysts anticipate that Apple Inc. will post 11.42 earnings per share for the current year.
Apple declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 11.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
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