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Apple Inc. (NASDAQ:AAPL) Shares Sold by Stonegate Investment Group LLC

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Key Points

  • Stonegate Investment Group LLC has reduced its stake in Apple Inc. by 0.7%, owning just under 1 million shares, which represents about 5.9% of its investment portfolio.
  • Apple Inc. recently reported quarterly earnings with an EPS of $1.65, surpassing analysts' expectations, and announced a $100 billion stock repurchase program.
  • The company has increased its quarterly dividend to $0.26, up from the previous $0.25, reflecting a dividend yield of 0.49%.
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Stonegate Investment Group LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 0.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 996,072 shares of the iPhone maker's stock after selling 6,600 shares during the period. Apple makes up 5.9% of Stonegate Investment Group LLC's investment portfolio, making the stock its largest position. Stonegate Investment Group LLC's holdings in Apple were worth $221,257,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Apple by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock worth $349,532,608,000 after purchasing an additional 49,168,843 shares in the last quarter. Geode Capital Management LLC boosted its position in Apple by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock valued at $84,999,145,000 after buying an additional 6,307,413 shares during the period. Norges Bank purchased a new position in Apple in the 4th quarter valued at approximately $46,868,648,000. Northern Trust Corp boosted its position in Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after buying an additional 20,079,472 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Apple by 14.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock valued at $26,220,566,000 after acquiring an additional 13,137,968 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Buying and Selling at Apple

In related news, insider Chris Kondo sold 4,486 shares of the 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 completion of the sale, the insider directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.06% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Raymond James Financial decreased their target price on Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $217.00 price target on shares of Apple in a research report on Tuesday. Evercore ISI increased their price target on Apple to $250.00 and gave the company a "buy" rating in a research report on Friday, June 6th. UBS Group reiterated a "hold" rating on shares of Apple in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Apple from $230.00 to $250.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $234.94.

View Our Latest Stock Analysis on AAPL

Apple Stock Performance

Shares of AAPL traded down $2.22 during mid-day trading on Wednesday, hitting $209.05. 43,674,703 shares of the company's stock were exchanged, compared to its average volume of 43,746,808. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm has a market capitalization of $3.12 trillion, a P/E ratio of 32.56, a P/E/G ratio of 2.32 and a beta of 1.20. The business's 50 day moving average is $205.10 and its two-hundred day moving average is $214.16. 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 announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter in the prior year, the firm earned $1.53 earnings per share. The business's quarterly revenue was up 5.1% compared to the same quarter last year. On average, equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

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

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.50%. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio (DPR) is presently 16.20%.

Apple Company Profile

(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.

Read More

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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