Westpac Banking Corp Buys 29,954 Shares of Apple Inc. (NASDAQ:AAPL)

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Westpac Banking Corp grew its stake in shares of Apple Inc. (NASDAQ:AAPL) by 4.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 760,122 shares of the iPhone maker’s stock after purchasing an additional 29,954 shares during the quarter. Apple accounts for 2.3% of Westpac Banking Corp’s investment portfolio, making the stock its 3rd biggest position. Westpac Banking Corp’s holdings in Apple were worth $150,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Charter Trust Co. lifted its stake in shares of Apple by 3.3% in the second quarter. Charter Trust Co. now owns 91,439 shares of the iPhone maker’s stock worth $18,098,000 after acquiring an additional 2,904 shares in the last quarter. Scott & Selber Inc. lifted its stake in shares of Apple by 1.9% in the second quarter. Scott & Selber Inc. now owns 36,457 shares of the iPhone maker’s stock worth $7,216,000 after acquiring an additional 669 shares in the last quarter. Wedbush Securities Inc. lifted its stake in shares of Apple by 3.0% in the second quarter. Wedbush Securities Inc. now owns 184,638 shares of the iPhone maker’s stock worth $36,544,000 after acquiring an additional 5,408 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Apple by 5.9% in the second quarter. CIBC Private Wealth Group LLC now owns 3,812,135 shares of the iPhone maker’s stock worth $754,496,000 after acquiring an additional 212,969 shares in the last quarter. Finally, Wooster Corthell Wealth Management Inc. lifted its stake in shares of Apple by 4.5% in the second quarter. Wooster Corthell Wealth Management Inc. now owns 1,447 shares of the iPhone maker’s stock worth $286,000 after acquiring an additional 62 shares in the last quarter. Institutional investors own 59.21% of the company’s stock.

In related news, CEO Timothy D. Cook sold 265,160 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $206.17, for a total value of $54,668,037.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arthur D. Levinson sold 17,500 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $201.69, for a total value 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 $232,101,423.27. The disclosure for this sale can be found here. Insiders sold a total of 304,536 shares of company stock valued at $62,894,611 over the last three months. Corporate insiders own 0.05% of the company’s stock.

Several research analysts recently commented on AAPL shares. UBS Group set a $235.00 price target on Apple and gave the stock a “buy” rating in a research note on Friday, August 16th. Bank of America upped their price objective on Apple from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Rosenblatt Securities restated a “sell” rating and set a $150.00 price objective on shares of Apple in a research note on Monday, July 8th. Raymond James upgraded Apple from a “market perform” rating to an “outperform” rating and set a $250.00 price objective on the stock in a research note on Thursday, July 18th. Finally, Citigroup upped their price objective on Apple from $205.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, twenty have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $217.25.

Shares of AAPL stock opened at $203.92 on Wednesday. Apple Inc. has a 12-month low of $142.00 and a 12-month high of $233.47. The firm has a market capitalization of $915.77 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 1.69 and a beta of 1.25. The business has a 50 day simple moving average of $205.07 and a 200 day simple moving average of $193.47. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.50 and a quick ratio of 1.47.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.08. Apple had a return on equity of 52.13% and a net margin of 21.50%. The business had revenue of $53.81 billion during the quarter, compared to analyst estimates of $53.39 billion. During the same period in the prior year, the company posted $2.34 EPS. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, equities analysts anticipate that Apple Inc. will post 11.63 EPS for the current fiscal year.

Apple declared that its Board of Directors has initiated a share repurchase program on Tuesday, April 30th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the iPhone maker to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Friday, August 9th. Apple’s dividend payout ratio (DPR) is 25.86%.

About Apple

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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