Twin Capital Management Inc. trimmed its stake in Apple Inc. (NASDAQ:AAPL) by 3.9% in the first quarter, HoldingsChannel.com reports. The firm owned 367,990 shares of the iPhone maker’s stock after selling 14,940 shares during the period. Apple accounts for about 3.2% of Twin Capital Management Inc.’s investment portfolio, making the stock its largest holding. Twin Capital Management Inc.’s holdings in Apple were worth $61,741,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. grew its holdings in Apple by 5.1% during the 1st quarter. Turim 21 Investimentos Ltda. now owns 59,421 shares of the iPhone maker’s stock worth $9,970,000 after acquiring an additional 2,906 shares during the period. Shelton Capital Management grew its holdings in Apple by 2.3% during the 3rd quarter. Shelton Capital Management now owns 437,397 shares of the iPhone maker’s stock worth $67,412,000 after acquiring an additional 9,758 shares during the period. Hikari Power Ltd acquired a new stake in Apple during the 3rd quarter worth about $208,000. PFG Advisors acquired a new stake in Apple during the 4th quarter worth about $330,000. Finally, Oakmont Partners LLC grew its holdings in Apple by 10.6% during the 4th quarter. Oakmont Partners LLC now owns 13,971 shares of the iPhone maker’s stock worth $2,364,000 after acquiring an additional 1,335 shares during the period. Institutional investors and hedge funds own 58.07% of the company’s stock.
Apple stock opened at $184.43 on Wednesday. Apple Inc. has a 52 week low of $142.28 and a 52 week high of $194.20. The company has a current ratio of 1.46, a quick ratio of 1.37 and a debt-to-equity ratio of 0.80. The company has a market cap of $924.33 billion, a price-to-earnings ratio of 20.02, a PEG ratio of 1.50 and a beta of 1.29.
Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, May 1st. The iPhone maker reported $2.73 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $61.14 billion for the quarter, compared to analysts’ expectations of $60.94 billion. During the same quarter last year, the firm earned $2.10 EPS. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. sell-side analysts expect that Apple Inc. will post 11.42 earnings per share for the current fiscal year.
Apple announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 11.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Philip W. Schiller sold 69,491 shares of the firm’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jeffrey E. Williams sold 15,653 shares of the firm’s stock in a transaction that occurred on Friday, June 8th. The stock was sold at an average price of $190.94, for a total transaction of $2,988,783.82. Following the sale, the chief operating officer now owns 147,819 shares of the company’s stock, valued at approximately $28,224,559.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 279,074 shares of company stock worth $49,607,454. Insiders own 0.06% of the company’s stock.
AAPL has been the subject of a number of recent analyst reports. Atlantic Securities reiterated a “neutral” rating and set a $185.00 price target on shares of Apple in a report on Wednesday, May 2nd. UBS Group set a $210.00 price target on Apple and gave the stock a “buy” rating in a report on Wednesday, June 13th. Sanford C. Bernstein reiterated a “neutral” rating and set a $170.00 price target on shares of Apple in a report on Thursday, April 26th. Vetr upgraded Apple from a “hold” rating to a “buy” rating and set a $184.49 price target for the company in a report on Monday, March 5th. Finally, Royal Bank of Canada set a $203.00 price target on Apple and gave the stock a “buy” rating in a report on Wednesday, April 11th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, thirty-one have given a buy rating and two have given a strong buy rating to the company. Apple currently has an average rating of “Buy” and a consensus target price of $207.20.
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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