California Public Employees Retirement System Purchases 26,737 Shares of Apollo Global Management Inc. $APO

Key Points

• California Public Employees Retirement System increased its stake in Apollo Global Management by 3.4% in the first quarter, buying 26,737 more shares and bringing its total holding to 802,136 shares worth about $89.4 million.
• Analyst sentiment remains generally positive: Apollo has a consensus rating of “Moderate Buy” with an average price target of $149.50, though opinions are mixed after one firm recently cut its rating to sell.
• The company recently reported quarterly earnings of $1.94 per share, beating estimates, and raised its dividend to $0.5625 per quarter, equal to an annualized yield of about 1.9%.

California Public Employees Retirement System grew its position in Apollo Global Management Inc. (NYSE:APO - Free Report) by 3.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 802,136 shares of the financial services provider's stock after acquiring an additional 26,737 shares during the quarter. California Public Employees Retirement System owned 0.14% of Apollo Global Management worth $89,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Chesapeake Asset Management LLC increased its position in Apollo Global Management by 3.6% in the fourth quarter. Chesapeake Asset Management LLC now owns 2,065 shares of the financial services provider's stock worth $299,000 after purchasing an additional 72 shares during the last quarter. Mitchell & Pahl Private Wealth LLC raised its stake in Apollo Global Management by 0.8% during the fourth quarter. Mitchell & Pahl Private Wealth LLC now owns 9,553 shares of the financial services provider's stock valued at $1,383,000 after purchasing an additional 80 shares in the last quarter. Sunbelt Securities Inc. lifted its position in Apollo Global Management by 16.9% during the third quarter. Sunbelt Securities Inc. now owns 566 shares of the financial services provider's stock valued at $75,000 after purchasing an additional 82 shares during the last quarter. United Advisor Group LLC lifted its position in Apollo Global Management by 4.7% during the fourth quarter. United Advisor Group LLC now owns 1,948 shares of the financial services provider's stock valued at $282,000 after purchasing an additional 87 shares during the last quarter. Finally, Broadway Wealth Solutions Inc. lifted its position in Apollo Global Management by 3.8% during the fourth quarter. Broadway Wealth Solutions Inc. now owns 2,388 shares of the financial services provider's stock valued at $346,000 after purchasing an additional 87 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on APO shares. Barclays boosted their target price on shares of Apollo Global Management from $131.00 to $132.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. The Goldman Sachs Group lowered their price target on shares of Apollo Global Management from $169.00 to $134.00 and set a "buy" rating for the company in a report on Tuesday, April 7th. Wall Street Zen lowered Apollo Global Management from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Evercore reissued an "outperform" rating on shares of Apollo Global Management in a research note on Tuesday, April 21st. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Apollo Global Management in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $149.50.

Insiders Place Their Bets

In related news, insider John P. Zito sold 48,644 shares of Apollo Global Management stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $130.66, for a total transaction of $6,355,825.04. Following the completion of the sale, the insider owned 3,063,696 shares in the company, valued at $400,302,519.36. This trade represents a 1.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 8.30% of the stock is owned by insiders.

Apollo Global Management Stock Performance

Shares of Apollo Global Management stock opened at $120.51 on Monday. The stock's fifty day moving average is $127.52 and its two-hundred day moving average is $124.90. The company has a market capitalization of $69.48 billion, a PE ratio of 76.76, a price-to-earnings-growth ratio of 1.04 and a beta of 1.50. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.45. Apollo Global Management Inc. has a 52 week low of $99.56 and a 52 week high of $156.89.

Apollo Global Management (NYSE:APO - Get Free Report) last released its earnings results on Wednesday, May 6th. The financial services provider reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.05. The business had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $5.19 billion. Apollo Global Management had a return on equity of 14.43% and a net margin of 3.62%.The business's revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the company earned $1.82 earnings per share. As a group, analysts expect that Apollo Global Management Inc. will post 8.23 earnings per share for the current year.

Apollo Global Management Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Tuesday, May 19th were paid a $0.5625 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $2.25 annualized dividend and a yield of 1.9%. This is a boost from Apollo Global Management's previous quarterly dividend of $0.51. Apollo Global Management's payout ratio is 143.31%.

Apollo Global Management Company Profile

Apollo Global Management, Inc NYSE: APO is a global alternative investment manager that specializes in private equity, credit and real assets. The firm originates, invests in and manages a broad set of strategies across distressed and opportunistic credit, direct lending, structured credit, buyouts and real estate. Apollo provides investment management and advisory services to institutional clients and individual investors through pooled funds, separate accounts and publicly listed investment vehicles.

Its private equity business pursues control and non-control investments across industries, often focusing on complex or distressed situations where operational improvement and capital solutions can create value.

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