Apple Inc. (NASDAQ:AAPL) is CIBC Private Wealth Group LLC's 2nd Largest Position

CIBC Private Wealth Group LLC decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,038,856 shares of the iPhone maker's stock after selling 346,510 shares during the period. Apple accounts for approximately 4.9% of CIBC Private Wealth Group LLC's investment portfolio, making the stock its 2nd largest position. CIBC Private Wealth Group LLC owned 0.07% of Apple worth $2,679,130,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Apple by 3.7% in 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. State Street Corp raised its position in Apple by 10.6% in the third quarter. State Street Corp now owns 584,010,284 shares of the iPhone maker's stock valued at $136,074,372,000 after purchasing an additional 55,935,105 shares during the period. Geode Capital Management LLC raised its position in Apple by 6.5% in the third quarter. Geode Capital Management LLC now owns 333,857,500 shares of the iPhone maker's stock valued at $77,542,863,000 after purchasing an additional 20,483,787 shares during the period. Norges Bank acquired a new position in Apple during the fourth quarter worth $46,868,648,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Apple by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 98,099,411 shares of the iPhone maker's stock worth $24,566,054,000 after buying an additional 3,156,680 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AAPL. Wedbush reaffirmed an "outperform" rating and issued a $270.00 price objective on shares of Apple in a research note on Tuesday. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a report on Wednesday, May 21st. UBS Group reiterated a "buy" rating on shares of Apple in a research note on Sunday, June 1st. Loop Capital reduced their price target on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, Rosenblatt Securities lowered shares of Apple from a "buy" rating to a "neutral" rating and set a $217.00 price objective for the company. in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $234.86.

Apple Stock Performance

AAPL traded up $0.40 on Thursday, reaching $199.18. The company had a trading volume of 43,675,646 shares, compared to its average volume of 55,560,287. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market capitalization of $2.97 trillion, a PE ratio of 31.62, a P/E/G ratio of 2.44 and a beta of 1.22. The stock has a 50-day moving average price of $200.92 and a 200-day moving average price of $223.60.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. The business's quarterly revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.53 EPS. As a group, research analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a $0.26 dividend. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, May 12th. Apple's dividend payout ratio is presently 16.20%.

Apple declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 108,136 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the sale, the chief executive officer now directly owns 3,280,295 shares of the company's stock, valued at approximately $733,637,976.75. This represents a 3.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the transaction, the chief financial officer now directly owns 4,569 shares in the company, valued at approximately $941,214. This represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 191,507 shares of company stock worth $42,694,080. Insiders own 0.06% of the company's stock.

Apple Company 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.