Cambridge Investment Research Advisors Inc. trimmed its holdings in Apollo Global Management Inc. (NYSE:APO - Free Report) by 22.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,561 shares of the financial services provider's stock after selling 9,960 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Apollo Global Management were worth $4,733,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also modified their holdings of the business. Amundi increased its position in Apollo Global Management by 13.2% during the fourth quarter. Amundi now owns 801,260 shares of the financial services provider's stock worth $129,788,000 after purchasing an additional 93,451 shares during the last quarter. State of Michigan Retirement System acquired a new stake in Apollo Global Management during the 4th quarter worth $20,034,000. Massachusetts Financial Services Co. MA raised its stake in Apollo Global Management by 245.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,653,160 shares of the financial services provider's stock worth $438,196,000 after acquiring an additional 1,886,146 shares in the last quarter. Coordinated Financial Services Inc. acquired a new stake in Apollo Global Management during the 4th quarter worth $473,000. Finally, Blue Whale Capital LLP acquired a new stake in Apollo Global Management during the 4th quarter worth $47,400,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Apollo Global Management
In related news, CFO Martin Kelly sold 4,000 shares of Apollo Global Management stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $132.57, for a total value of $530,280.00. Following the sale, the chief financial officer now directly owns 373,164 shares in the company, valued at $49,470,351.48. This trade represents a 1.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lb 2018 Gst Trust acquired 607,725 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average price of $111.39 per share, for a total transaction of $67,694,487.75. Following the completion of the transaction, the insider now owns 621,754 shares in the company, valued at $69,257,178.06. The trade was a 4,331.92% increase in their ownership of the stock. The disclosure for this purchase can be found here. 8.20% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Apollo Global Management from $170.00 to $131.00 and set an "equal weight" rating on the stock in a research note on Monday, April 14th. Raymond James Financial began coverage on shares of Apollo Global Management in a report on Thursday, April 10th. They issued a "strong-buy" rating and a $173.00 target price on the stock. Wells Fargo & Company lifted their target price on shares of Apollo Global Management from $158.00 to $160.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Barclays boosted their price objective on shares of Apollo Global Management from $145.00 to $156.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Finally, Citigroup decreased their price objective on shares of Apollo Global Management from $191.00 to $138.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Apollo Global Management presently has an average rating of "Moderate Buy" and a consensus target price of $159.00.
Check Out Our Latest Report on Apollo Global Management
Apollo Global Management Stock Performance
Shares of APO stock opened at $143.01 on Friday. Apollo Global Management Inc. has a one year low of $95.11 and a one year high of $189.49. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.36 and a current ratio of 1.36. The company has a 50 day moving average price of $134.54 and a 200 day moving average price of $146.10. The firm has a market capitalization of $81.73 billion, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 1.44 and a beta of 1.59.
Apollo Global Management (NYSE:APO - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The financial services provider reported $1.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.02). Apollo Global Management had a return on equity of 13.45% and a net margin of 14.59%. The business had revenue of $5.55 billion during the quarter, compared to analyst estimates of $977.14 million. During the same period in the previous year, the company earned $1.72 EPS. Apollo Global Management's revenue was down 21.2% on a year-over-year basis. Sell-side analysts anticipate that Apollo Global Management Inc. will post 8 EPS for the current year.
Apollo Global Management Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were issued a $0.51 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.04 dividend on an annualized basis and a yield of 1.43%. This is a positive change from Apollo Global Management's previous quarterly dividend of $0.46. Apollo Global Management's payout ratio is currently 35.73%.
Apollo Global Management Profile
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Free Report)
Apollo Global Management, Inc is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.
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