Primecap Management Co. CA lifted its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,270,500 shares of the iPhone maker's stock after buying an additional 10,000 shares during the period. Primecap Management Co. CA's holdings in Apple were worth $568,579,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of AAPL. Aspen Wealth Strategies LLC grew its position in Apple by 0.6% during the 4th quarter. Aspen Wealth Strategies LLC now owns 16,073 shares of the iPhone maker's stock worth $4,025,000 after acquiring an additional 97 shares during the last quarter. Wrenne Financial Planning LLC grew its position in Apple by 26.9% during the 4th quarter. Wrenne Financial Planning LLC now owns 16,367 shares of the iPhone maker's stock worth $4,099,000 after acquiring an additional 3,470 shares during the last quarter. Flagship Wealth Advisors LLC bought a new position in Apple during the 4th quarter worth approximately $3,545,000. Arrien Investments Inc. bought a new position in Apple during the 4th quarter worth approximately $785,000. Finally, Terra Alpha Investments LLC bought a new position in Apple during the 4th quarter worth approximately $5,767,000. 67.73% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the company. Jefferies Financial Group reiterated an "underperform" rating and issued a $170.62 price objective (up previously from $167.88) on shares of Apple in a report on Friday, May 2nd. TD Cowen dropped their price objective on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Citigroup restated a "cautious" rating on shares of Apple in a research note on Monday, May 5th. Rosenblatt Securities cut Apple from a "buy" rating to a "neutral" rating and set a $217.00 target price for the company. in a research note on Friday, May 2nd. Finally, UBS Group lowered their target price on Apple from $236.00 to $210.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $235.80.
Read Our Latest Analysis on AAPL
Apple Stock Performance
Shares of AAPL traded down $0.94 during trading hours on Friday, hitting $199.01. The stock had a trading volume of 70,744,759 shares, compared to its average volume of 56,229,633. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The firm has a market capitalization of $2.97 trillion, a PE ratio of 31.59, a PEG ratio of 2.44 and a beta of 1.27. The stock has a fifty day moving average price of $203.10 and a 200 day moving average price of $225.02.
Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The company had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. During the same quarter in the previous year, the company posted $1.53 earnings per share. Apple's revenue was up 5.1% compared to the same quarter last year. Analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.52%. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is presently 16.20%.
Apple declared that its board has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board believes its shares are undervalued.
Insider Buying and Selling
In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider now directly owns 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeffrey E. Williams sold 35,493 shares of Apple stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total value of $7,950,786.93. Following the transaction, the chief operating officer now owns 390,059 shares in the company, valued at $87,377,116.59. This trade represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock valued at $42,694,080 over the last 90 days. Company insiders own 0.06% of the company's stock.
About Apple
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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.
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