Bridges Investment Management Inc. decreased its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,648,360 shares of the iPhone maker's stock after selling 44,823 shares during the quarter. Apple makes up 5.3% of Bridges Investment Management Inc.'s portfolio, making the stock its 2nd largest position. Bridges Investment Management Inc.'s holdings in Apple were worth $366,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also added to or reduced their stakes in AAPL. Vanguard Group Inc. lifted its stake in Apple by 3.7% during the 4th 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. Geode Capital Management LLC raised its position in shares of Apple by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock worth $84,999,145,000 after purchasing an additional 6,307,413 shares during the last quarter. Norges Bank purchased a new position in shares of Apple in the fourth quarter valued at approximately $46,868,648,000. Northern Trust Corp grew its holdings 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 in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Apple by 14.3% in the 4th 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 during the last quarter. 67.73% of the stock is currently owned by institutional investors.
Insider Activity at Apple
In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.06% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the company. Citigroup raised their target price on Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. The Goldman Sachs Group reiterated a "buy" rating and issued a $266.00 price target on shares of Apple in a research note on Tuesday. Barclays lifted their price target on Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. Bank of America reiterated a "buy" rating and set a $250.00 target price on shares of Apple in a research note on Monday, August 25th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $240.00 price objective (up from $230.00) on shares of Apple in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Apple has an average rating of "Moderate Buy" and a consensus price target of $237.37.
Get Our Latest Stock Analysis on AAPL
Apple Price Performance
Shares of Apple stock traded down $0.42 during trading on Friday, hitting $232.14. 39,382,353 shares of the company were exchanged, compared to its average volume of 58,935,340. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The stock has a market capitalization of $3.45 trillion, a price-to-earnings ratio of 35.23, a P/E/G ratio of 2.43 and a beta of 1.16. The firm has a 50 day moving average price of $215.79 and a 200 day moving average price of $213.08.
Apple (NASDAQ:AAPL - Get Free Report) last posted 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. The company had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.40 EPS. On average, equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple's dividend payout ratio (DPR) is currently 15.78%.
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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