Palisade Asset Management LLC increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,475 shares of the iPhone maker’s stock after purchasing an additional 3,155 shares during the period. Apple accounts for approximately 2.4% of Palisade Asset Management LLC’s portfolio, making the stock its 6th largest position. Palisade Asset Management LLC’s holdings in Apple were worth $16,933,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AAPL. Summit Trail Advisors LLC boosted its stake in Apple by 17,669.4% in the first quarter. Summit Trail Advisors LLC now owns 20,180,694 shares of the iPhone maker’s stock valued at $20,181,000 after acquiring an additional 20,067,124 shares in the last quarter. Cornerstone Wealth Management LLC boosted its stake in Apple by 18,553.3% in the second quarter. Cornerstone Wealth Management LLC now owns 16,758,709 shares of the iPhone maker’s stock valued at $89,526,000 after acquiring an additional 16,668,866 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Apple in the first quarter valued at $830,026,000. Harvard Management Co. Inc. acquired a new position in Apple in the first quarter valued at $283,972,000. Finally, Achmea Investment Management B.V. acquired a new position in Apple in the first quarter valued at $129,206,000. Institutional investors own 58.44% of the company’s stock.
NASDAQ AAPL opened at $204.47 on Friday. The stock has a market cap of $1,031.93 billion, a P/E ratio of 17.17, a PEG ratio of 1.51 and a beta of 1.26. Apple Inc. has a 52-week low of $150.24 and a 52-week high of $233.47. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.12 and a quick ratio of 1.09.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.78 by $0.13. The firm had revenue of $62.90 billion during the quarter, compared to analysts’ expectations of $61.55 billion. Apple had a net margin of 22.41% and a return on equity of 48.68%. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.07 earnings per share. As a group, sell-side analysts predict that Apple Inc. will post 13.35 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, November 12th will be issued a dividend of $0.73 per share. The ex-dividend date is Thursday, November 8th. This represents a $2.92 annualized dividend and a yield of 1.43%. Apple’s dividend payout ratio is currently 24.52%.
In other Apple news, insider Johny Srouji sold 14,140 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $214.98, for a total transaction of $3,039,817.20. Following the transaction, the insider now directly owns 68,302 shares in the company, valued at $14,683,563.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy D. Cook sold 265,160 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $217.79, for a total transaction of $57,749,196.40. The disclosure for this sale can be found here. Insiders have sold 480,737 shares of company stock worth $107,157,170 over the last 90 days. 0.08% of the stock is currently owned by company insiders.
AAPL has been the subject of a number of research reports. Sanford C. Bernstein set a $190.00 target price on shares of Apple and gave the company a “neutral” rating in a report on Monday, July 16th. Nomura reaffirmed a “neutral” rating and issued a $175.00 target price on shares of Apple in a report on Monday, July 16th. Goldman Sachs Group set a $164.00 target price on shares of Apple and gave the company a “neutral” rating in a report on Friday, July 20th. BMO Capital Markets upped their target price on shares of Apple from $171.00 to $184.00 and gave the company a “market perform” rating in a report on Monday, July 23rd. Finally, Macquarie set a $202.00 target price on shares of Apple and gave the company a “buy” rating in a report on Monday, July 23rd. Three investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twenty-eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $224.27.
Apple Company Profile
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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