Apple Inc. $AAPL Stock Holdings Raised by QRG Capital Management Inc.

Key Points

• QRG Capital Management boosted its Apple stake by 15.1% in the first quarter, adding 315,830 shares to bring its total to 2.4 million shares worth about $610.7 million.
• Apple shares were trading near record territory at $327.50, with the stock up 4.0% and the company carrying a market cap of about $4.81 trillion.
• Apple’s latest earnings beat expectations, and analysts remain broadly constructive with a Moderate Buy consensus target price of $314.26, even as some firms have turned more cautious.

QRG Capital Management Inc. increased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 15.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,406,468 shares of the iPhone maker's stock after buying an additional 315,830 shares during the quarter. Apple accounts for 6.3% of QRG Capital Management Inc.'s portfolio, making the stock its 2nd largest position. QRG Capital Management Inc.'s holdings in Apple were worth $610,738,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new stake in Apple in the fourth quarter valued at approximately $52,266,468,000. Nuveen LLC bought a new stake in shares of Apple during the 1st quarter valued at about $17,472,482,000. Cardano Risk Management B.V. grew its holdings in shares of Apple by 890.7% during the 4th quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker's stock worth $11,413,990,000 after acquiring an additional 37,746,784 shares during the period. Laurel Wealth Advisors LLC grew its stake in Apple by 20,464.8% in the second quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker's stock worth $5,553,753,000 after purchasing an additional 26,937,401 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Apple by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker's stock worth $387,749,545,000 after buying an additional 26,856,752 shares during the period. 67.73% of the stock is owned by institutional investors.

Apple Trading Up 4.0%

Shares of AAPL opened at $327.50 on Thursday. The company's fifty day moving average is $301.89 and its 200 day moving average is $276.27. Apple Inc. has a fifty-two week low of $201.50 and a fifty-two week high of $328.73. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a market capitalization of $4.81 trillion, a PE ratio of 39.60, a P/E/G ratio of 2.74 and a beta of 1.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. During the same quarter last year, the firm earned $1.65 EPS. The firm's revenue for the quarter was up 16.6% compared to the same quarter last year. Sell-side analysts expect that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were paid a $0.27 dividend. This is an increase from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, May 11th. Apple's payout ratio is currently 13.06%.

Analyst Ratings Changes

A number of research analysts recently weighed in on AAPL shares. KeyCorp lowered Apple from a "sector weight" rating to an "underweight" rating and set a $250.00 price objective for the company. in a research report on Tuesday. Maxim Group restated a "buy" rating and set a $350.00 price objective (up from $310.00) on shares of Apple in a research report on Tuesday, June 9th. Monness Crespi & Hardt increased their target price on Apple from $315.00 to $335.00 and gave the company a "buy" rating in a report on Friday, May 1st. Citigroup reiterated a "buy" rating and set a $365.00 price target (up from $315.00) on shares of Apple in a research note on Monday. Finally, Oppenheimer reiterated a "market perform" rating on shares of Apple in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Apple presently has a consensus rating of "Moderate Buy" and a consensus target price of $314.26.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: China approved Apple Intelligence for iPhones, a key regulatory green light that clears the way for Apple’s AI rollout in one of its most important markets and could help support upgrades and Services growth. Reuters: Apple Intelligence AI service registered with China's cyberspace regulator
• Positive Sentiment: Reports that Apple is exploring acquisitions of AI chip startups to strengthen its server and AI hardware capabilities reinforced the idea that the company is actively investing to remain competitive in AI without a huge data-center spending spree. Reuters: Apple chasing AI chip company deals, The Information reports
• Positive Sentiment: News that Apple may spend about $30 billion through its Broadcom partnership adds confidence in supply-chain security and custom silicon development, which investors see as supportive for future product cycles and margins. Yahoo Finance/Reuters: Apple Plans to Spend $30 Billion in a Deal With Broadcom (AVGO)
• Positive Sentiment: Apple also won dismissal of a high-stakes iCloud-related lawsuit, removing an overhang and improving sentiment around legal risk. Yahoo Finance: Apple Wins Dismissal of iCloud Lawsuit
• Neutral Sentiment: Several media and analyst pieces noted Apple’s stock hitting record highs and trading near a new 52-week high, reflecting strong momentum after a sharp run-up rather than a fresh fundamental surprise. Investopedia: Apple Could Buy an AI Chip Company. Its Hot Stock Just Set a Fresh Record High
• Negative Sentiment: KeyBanc downgraded Apple to Underweight, warning that slowing hardware demand, softer Services growth, and valuation concerns could limit further upside. Yahoo Finance: KeyBanc Downgrades Apple on Growth Concerns

Insider Transactions at Apple

In other news, insider Ben Borders sold 116 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the sale, the insider directly owned 38,713 shares of the company's stock, valued at approximately $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevan Parekh sold 1,534 shares of the business's stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the completion of the sale, the chief financial officer directly owned 13,366 shares of the company's stock, valued at approximately $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,924 shares of company stock worth $825,546 over the last three months. 0.06% of the stock is currently owned by corporate insiders.

Apple Profile

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.