Apple Inc. $AAPL Stake Raised by China Universal Asset Management Co. Ltd.

Key Points

• China Universal Asset Management Co. Ltd. has increased its stake in Apple Inc. by 20.3%, now holding 323,607 shares valued at approximately $71.88 million, making it the firm's largest holding.
• Apple's recent quarterly earnings reported an EPS of $1.57, exceeding analyst expectations, with revenue of $94.04 billion, reflecting a year-over-year growth of 9.6%.
• The company has authorized a $100 billion stock buyback program, indicating confidence in its stock value, while also maintaining a quarterly dividend of $0.26.

China Universal Asset Management Co. Ltd. lifted its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 20.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 323,607 shares of the iPhone maker's stock after buying an additional 54,713 shares during the period. Apple comprises 6.7% of China Universal Asset Management Co. Ltd.'s portfolio, making the stock its largest holding. China Universal Asset Management Co. Ltd.'s holdings in Apple were worth $71,883,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AAPL. Tallon Kerry Patrick purchased a new position in shares of Apple during the fourth quarter valued at approximately $1,877,000. First National Bank of Hutchinson raised its holdings in shares of Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC raised its holdings in shares of Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Eagle Capital Management LLC raised its holdings in shares of Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after purchasing an additional 272 shares during the last quarter. Finally, Brighton Jones LLC raised its holdings in shares of Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Buying and Selling

In other news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

AAPL has been the subject of several research reports. Needham & Company LLC reissued a "hold" rating on shares of Apple in a report on Friday, July 25th. Monness Crespi & Hardt upped their target price on shares of Apple from $245.00 to $270.00 and gave the company a "buy" rating in a report on Friday, August 1st. Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $266.00 target price on shares of Apple in a report on Tuesday. Finally, BMO Capital Markets reaffirmed a "buy" rating on shares of Apple in a report on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and an average price target of $237.37.

Apple Price Performance

Shares of NASDAQ:AAPL traded down $0.42 during midday trading on Friday, reaching $232.14. 39,382,353 shares of the company were exchanged, compared to its average volume of 58,935,340. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The business's fifty day moving average is $215.79 and its two-hundred day moving average is $213.08. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The stock has a market cap of $3.45 trillion, a PE ratio of 35.23, a price-to-earnings-growth ratio of 2.43 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same quarter last year, the business earned $1.40 earnings per share. Apple's quarterly revenue was up 9.6% compared to the same quarter last year. As a group, analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a dividend of $0.26 per share. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple's dividend payout ratio (DPR) is 15.78%.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.