Apple Inc. (NASDAQ:AAPL) Stake Decreased by NJ State Employees Deferred Compensation Plan

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NJ State Employees Deferred Compensation Plan reduced its stake in Apple Inc. (NASDAQ:AAPL) by 6.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 109,500 shares of the iPhone maker’s stock after selling 8,000 shares during the quarter. Apple accounts for approximately 3.9% of NJ State Employees Deferred Compensation Plan’s portfolio, making the stock its largest holding. NJ State Employees Deferred Compensation Plan’s holdings in Apple were worth $21,672,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Monument Capital Management lifted its holdings in Apple by 2.2% during the second quarter. Monument Capital Management now owns 2,438 shares of the iPhone maker’s stock valued at $491,000 after purchasing an additional 53 shares during the last quarter. Rockland Trust Co. lifted its holdings in Apple by 4.8% during the second quarter. Rockland Trust Co. now owns 20,618 shares of the iPhone maker’s stock valued at $4,081,000 after purchasing an additional 948 shares during the last quarter. Pecaut & CO. lifted its holdings in Apple by 3.0% during the first quarter. Pecaut & CO. now owns 59,894 shares of the iPhone maker’s stock valued at $11,377,000 after purchasing an additional 1,725 shares during the last quarter. Founders Capital Management LLC lifted its holdings in Apple by 164.2% during the fourth quarter. Founders Capital Management LLC now owns 15,120 shares of the iPhone maker’s stock valued at $2,385,000 after purchasing an additional 9,396 shares during the last quarter. Finally, Verity & Verity LLC increased its position in shares of Apple by 1.6% during the second quarter. Verity & Verity LLC now owns 53,515 shares of the iPhone maker’s stock valued at $10,592,000 after buying an additional 836 shares during the period. 59.67% of the stock is currently owned by institutional investors.

AAPL has been the topic of several analyst reports. Jefferies Financial Group upped their price target on Apple from $160.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, May 1st. Citigroup upped their price target on Apple from $205.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Credit Suisse Group set a $209.00 price target on Apple and gave the company a “neutral” rating in a research report on Tuesday. Cowen upped their price target on Apple from $220.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, Rosenblatt Securities reiterated a “sell” rating and set a $150.00 price target on shares of Apple in a research report on Monday, July 8th. Four research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $217.12.

Shares of 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 P/E/G ratio of 1.69 and a beta of 1.25. The stock has a 50 day moving average price of $203.54. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.47 and a current ratio of 1.50. Apple Inc. has a 1 year low of $142.00 and a 1 year high of $233.47.

Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.10 by $0.08. The business 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%. Apple’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.34 earnings per share. As a group, equities research analysts anticipate that Apple Inc. will post 11.58 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 12th will be paid a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 1.47%. The ex-dividend date is Friday, August 9th. Apple’s dividend payout ratio is currently 25.86%.

Apple announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 30th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

In other Apple news, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $214.02, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Chris Kondo sold 4,376 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was 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. 0.05% of the stock is owned by corporate insiders.

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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