Morse Asset Management Inc reduced its position in Apple Inc. (NASDAQ:AAPL) by 38.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,064 shares of the iPhone maker’s stock after selling 12,584 shares during the quarter. Apple accounts for approximately 1.2% of Morse Asset Management Inc’s investment portfolio, making the stock its 25th largest holding. Morse Asset Management Inc’s holdings in Apple were worth $3,971,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Fisher Asset Management LLC grew its stake in shares of Apple by 4.1% during the second quarter. Fisher Asset Management LLC now owns 13,738,592 shares of the iPhone maker’s stock worth $2,719,142,000 after acquiring an additional 546,597 shares during the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in shares of Apple by 4.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 10,155,585 shares of the iPhone maker’s stock worth $1,929,054,000 after acquiring an additional 414,856 shares during the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of Apple by 19,949.3% during the second quarter. Thoroughbred Financial Services LLC now owns 10,055,128 shares of the iPhone maker’s stock worth $1,005,513,000 after acquiring an additional 10,004,976 shares during the last quarter. Sanders Capital LLC grew its stake in shares of Apple by 3.0% during the second quarter. Sanders Capital LLC now owns 8,376,114 shares of the iPhone maker’s stock worth $1,815,725,000 after acquiring an additional 241,940 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its position in Apple by 4.0% in the first quarter. Clearbridge Investments LLC now owns 7,652,260 shares of the iPhone maker’s stock valued at $1,453,547,000 after buying an additional 295,102 shares during the last quarter. Hedge funds and other institutional investors own 59.21% of the company’s stock.
In other news, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the completion of the transaction, the director now directly owns 1,150,783 shares of the company’s stock, valued at approximately $232,101,423.27. The sale was disclosed in a filing with the SEC, which is available at 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. Over the last ninety days, insiders have sold 304,536 shares of company stock valued at $62,894,611. Corporate insiders own 0.05% of the company’s stock.
Apple (NASDAQ:AAPL) last announced its earnings results 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 business had revenue of $53.81 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.34 EPS. Analysts anticipate that Apple Inc. will post 11.63 earnings per share for the current fiscal year.
Apple declared that its board has approved a stock buyback plan on Tuesday, April 30th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend was Friday, August 9th. Apple’s payout ratio is 25.86%.
A number of brokerages recently commented on AAPL. Cowen set a $250.00 target price on Apple and gave the company a “buy” rating in a research report on Wednesday, August 21st. BidaskClub upgraded Apple from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th. Citigroup upped their target price on Apple from $205.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. set a $243.00 target price on Apple and gave the company a “buy” rating in a research report on Monday. Finally, Loop Capital upped their target price on Apple to $200.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, twenty have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Apple has a consensus rating of “Hold” and an average target price of $217.25.
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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