Corebridge Financial Inc. Has $999.03 Million Stake in Apple Inc. (NASDAQ:AAPL)

Corebridge Financial Inc. reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,989,415 shares of the iPhone maker's stock after selling 155,999 shares during the period. Apple accounts for about 5.4% of Corebridge Financial Inc.'s investment portfolio, making the stock its largest holding. Corebridge Financial Inc.'s holdings in Apple were worth $999,029,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Drystone LLC purchased a new stake in Apple during the 4th quarter valued at $25,000. Life Planning Partners Inc purchased a new stake in shares of Apple during the 4th quarter valued at about $47,000. SPX Gestao de Recursos Ltda bought a new stake in shares of Apple in the third quarter worth approximately $71,000. Teachers Insurance & Annuity Association of America purchased a new position in shares of Apple during the third quarter valued at approximately $77,000. Finally, Pillar Financial Advisors LLC purchased a new position in shares of Apple during the fourth quarter valued at approximately $82,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Apple

In other Apple news, COO Jeffrey E. Williams sold 35,493 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the sale, the chief operating officer now owns 390,059 shares of the company's stock, valued at $87,377,116.59. The trade was a 8.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Katherine L. Adams sold 38,822 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total value of $8,683,316.74. Following the transaction, the senior vice president now owns 179,158 shares of the company's stock, valued at $40,072,269.86. This represents a 17.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock valued at $42,694,080 in the last 90 days. Insiders own 0.06% of the company's stock.

Apple Price Performance

NASDAQ AAPL traded down $0.45 during trading hours on Wednesday, reaching $202.82. The company's stock had a trading volume of 43,304,587 shares, compared to its average volume of 56,081,220. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $3.03 trillion, a price-to-earnings ratio of 32.19, a PEG ratio of 2.44 and a beta of 1.27. The firm's 50-day moving average price is $202.29 and its 200-day moving average price is $224.69.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS 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 160.83%. The firm had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter in the previous year, the firm earned $1.53 earnings per share. The company's quarterly revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple announced that its board has initiated a share buyback plan on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a $0.26 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a yield of 0.51%. This is a boost from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is presently 16.20%.

Wall Street Analysts Forecast Growth

AAPL has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a "hold" rating and issued a $225.00 target price on shares of Apple in a research report on Wednesday. JPMorgan Chase & Co. cut their price objective on Apple from $270.00 to $245.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Scotiabank lowered Apple to a "market perform" rating in a report on Friday, May 2nd. Tigress Financial increased their target price on Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a report on Thursday, April 3rd. Finally, Jefferies Financial Group reaffirmed an "underperform" rating and set a $170.62 price target (up previously from $167.88) on shares of Apple in a research report on Friday, May 2nd. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $235.80.

About Apple

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.