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Apple Inc. (NASDAQ:AAPL) Shares Sold by Fishman Jay A Ltd. MI

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Key Points

  • Fishman Jay A Ltd. MI has reduced its stake in Apple Inc. by 11.6%, now holding 939,776 shares, which constitutes approximately 22.8% of its total portfolio.
  • Apple reported a quarterly earnings per share of $1.65, exceeding expectations, along with a revenue of $95.36 billion for the period.
  • The company has initiated a $100 billion stock buyback program, indicating management's belief that Apple's shares are currently undervalued.
  • Five stocks to consider instead of Apple.

Fishman Jay A Ltd. MI cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 11.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 939,776 shares of the iPhone maker's stock after selling 123,805 shares during the period. Apple accounts for about 22.8% of Fishman Jay A Ltd. MI's investment portfolio, making the stock its largest position. Fishman Jay A Ltd. MI's holdings in Apple were worth $208,753,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new position in Apple in the fourth quarter worth $46,868,648,000. GAMMA Investing LLC grew its stake in Apple by 25,934.1% in the first quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after acquiring an additional 59,835,676 shares during the period. Vanguard Group Inc. grew its stake in Apple by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after acquiring an additional 49,168,843 shares during the period. Proficio Capital Partners LLC boosted its position in shares of Apple by 23,555.4% during the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock worth $5,272,653,000 after buying an additional 20,966,232 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Apple by 13.3% during the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after buying an additional 20,079,472 shares during the period. 67.73% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.06% of the company's stock.

Apple Stock Performance

AAPL stock traded down $5.19 on Friday, hitting $202.38. The company's stock had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. The firm has a 50 day moving average of $205.22 and a two-hundred day moving average of $213.98. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market cap of $3.02 trillion, a price-to-earnings ratio of 30.71, a price-to-earnings-growth ratio of 2.28 and a beta of 1.17. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 172.48%. The firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same period in the prior year, the company earned $1.40 EPS. The firm's revenue was up 9.6% on a year-over-year basis. Equities analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple announced that its board has authorized a share repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be issued a $0.26 dividend. The ex-dividend date is Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple's dividend payout ratio (DPR) is presently 16.20%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Raymond James Financial reissued an "outperform" rating and set a $240.00 price target (up from $230.00) on shares of Apple in a research report on Friday. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. Evercore ISI raised their target price on Apple to $250.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. boosted their price objective on Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday. Finally, UBS Group boosted their target price on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a research report on Friday. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.25.

Read Our Latest Report on Apple

About Apple

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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