Westside Investment Management Inc. Takes $35.43 Billion Position in Apple Inc. (NASDAQ:AAPL)

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Westside Investment Management Inc. purchased a new stake in shares of Apple Inc. (NASDAQ:AAPL) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 217,810 shares of the iPhone maker’s stock, valued at approximately $35,433,000,000. Apple accounts for 78.4% of Westside Investment Management Inc.’s holdings, making the stock its largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Semmax Financial Advisors Inc. purchased a new position in shares of Apple during the fourth quarter worth about $50,000. NuWave Investment Management LLC grew its holdings in shares of Apple by 2,245.0% during the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock worth $93,000 after purchasing an additional 449 shares in the last quarter. INR Advisory Services LLC purchased a new position in shares of Apple during the fourth quarter worth about $124,000. Denali Advisors LLC grew its holdings in shares of Apple by 12.5% during the second quarter. Denali Advisors LLC now owns 900 shares of the iPhone maker’s stock worth $178,000 after purchasing an additional 100 shares in the last quarter. Finally, Garland Capital Management Inc. purchased a new position in shares of Apple during the second quarter worth about $208,000. Hedge funds and other institutional investors own 59.67% of the company’s stock.

NASDAQ:AAPL opened at $208.97 on Wednesday. The stock has a market capitalization of $908.31 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 1.69 and a beta of 1.25. Apple Inc. has a fifty-two week low of $142.00 and a fifty-two week high of $233.47. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.47 and a current ratio of 1.50. The company’s 50 day moving average is $203.54.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.08. The firm had revenue of $53.81 billion during the quarter, compared to analyst estimates of $53.39 billion. Apple had a return on equity of 52.13% and a net margin of 21.50%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.34 earnings per share. As a group, equities research analysts forecast that Apple Inc. will post 11.58 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 12th will be paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Friday, August 9th. Apple’s dividend payout ratio (DPR) is presently 25.86%.

Apple declared that its Board of Directors has approved a share repurchase plan on Tuesday, April 30th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the iPhone maker to buy up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Several research analysts have recently commented on AAPL shares. JPMorgan Chase & Co. boosted their price objective on Apple from $239.00 to $243.00 in a report on Wednesday, July 31st. Citigroup boosted their price objective on Apple from $205.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. BidaskClub raised Apple from a “hold” rating to a “buy” rating in a report on Wednesday. Cascend Securities reissued a “buy” rating and set a $240.00 price objective (up previously from $210.00) on shares of Apple in a report on Thursday, June 20th. Finally, Monness Crespi & Hardt reissued a “buy” rating and set a $265.00 price objective (up previously from $245.00) on shares of Apple in a report on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $217.12.

In other news, Director Arthur D. Levinson sold 17,500 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $214.02, for a total transaction of $3,745,350.00. Following the completion of the sale, the director now owns 1,150,783 shares of the company’s stock, valued at $246,290,577.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Chris Kondo sold 4,376 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $217.47, for a total value of $951,648.72. The disclosure for this sale can be found here. Corporate insiders own 0.05% of the company’s stock.

Apple Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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