Logan Capital Management Inc. reduced its stake in Apple Inc. (NASDAQ:AAPL) by 4.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 365,501 shares of the iPhone maker’s stock after selling 18,809 shares during the quarter. Apple accounts for approximately 4.3% of Logan Capital Management Inc.’s portfolio, making the stock its largest holding. Logan Capital Management Inc.’s holdings in Apple were worth $72,340,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Semmax Financial Advisors Inc. bought a new stake in Apple in the 4th quarter valued at about $50,000. NuWave Investment Management LLC raised its stake in Apple by 2,245.0% in the 2nd quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock valued at $93,000 after acquiring an additional 449 shares during the period. INR Advisory Services LLC bought a new stake in Apple in the 4th quarter valued at about $124,000. Denali Advisors LLC raised its stake in Apple by 12.5% in the 2nd quarter. Denali Advisors LLC now owns 900 shares of the iPhone maker’s stock valued at $178,000 after acquiring an additional 100 shares during the period. Finally, Garland Capital Management Inc. bought a new stake in Apple in the 2nd quarter valued at about $208,000. 59.67% of the stock is currently owned by institutional investors.
A number of brokerages recently issued reports on AAPL. UBS Group boosted their price objective on Apple from $225.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Loop Capital boosted their price objective on Apple to $200.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Cascend Securities restated a “buy” rating and issued a $240.00 price objective (up from $210.00) on shares of Apple in a research note on Thursday, June 20th. Monness Crespi & Hardt restated a “buy” rating and issued a $265.00 price objective (up from $245.00) on shares of Apple in a research note on Wednesday, July 31st. Finally, Maxim Group decreased their price target on Apple to $211.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $217.12.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.10 by $0.08. The company had revenue of $53.81 billion for the quarter, compared to analysts’ expectations of $53.39 billion. Apple had a net margin of 21.50% and a return on equity of 52.13%. Apple’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.34 earnings per share. Equities analysts anticipate that Apple Inc. will post 11.58 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 12th will be given a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Friday, August 9th. Apple’s dividend payout ratio (DPR) is 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 related news, insider Chris Kondo sold 4,376 shares of the company’s 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 transaction of $3,745,350.00. Following the completion of the transaction, the director now owns 1,150,783 shares in the company, valued at $246,290,577.66. The disclosure for this sale can be found here. 0.05% of the stock is currently owned by corporate insiders.
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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