Bessemer Group Inc. Trims Stake in Apple Inc. (NASDAQ:AAPL)

Bessemer Group Inc. decreased its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 9.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,214,851 shares of the iPhone maker's stock after selling 1,187,172 shares during the period. Apple accounts for about 4.5% of Bessemer Group Inc.'s holdings, making the stock its 2nd biggest holding. Bessemer Group Inc. owned 0.07% of Apple worth $2,491,155,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of AAPL. Life Planning Partners Inc acquired a new position in Apple during the 4th quarter worth approximately $47,000. Conquis Financial LLC acquired a new position in Apple during the 4th quarter valued at about $63,000. LSV Asset Management bought a new stake in Apple during the 4th quarter worth approximately $65,000. Pillar Financial Advisors LLC purchased a new stake in shares of Apple in the fourth quarter worth approximately $82,000. Finally, Compass Planning Associates Inc bought a new position in shares of Apple in the fourth quarter valued at approximately $96,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

Shares of NASDAQ:AAPL traded up $9.32 during mid-day trading on Friday, reaching $229.35. 113,661,399 shares of the company traded hands, compared to its average volume of 57,968,961. The company's 50 day moving average price is $206.24 and its 200-day moving average price is $213.17. The firm has a market cap of $3.40 trillion, a PE ratio of 34.80, a PEG ratio of 2.24 and a beta of 1.16. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple's quarterly revenue was up 9.6% on a year-over-year basis. During the same period last year, the company posted $1.40 earnings per share. On average, equities analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its board has authorized a share buyback program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. Apple's dividend payout ratio (DPR) is currently 15.78%.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred 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 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several analyst reports. Scotiabank downgraded shares of Apple to a "market perform" rating in a report on Friday, May 2nd. China Renaissance initiated coverage on Apple in a research report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price target for the company. KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. TD Cowen reduced their price objective on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, Bank of America boosted their price target on shares of Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Apple currently has an average rating of "Moderate Buy" and a consensus target price of $237.60.

Apple Profile

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.