iA Global Asset Management Inc. Reduces Position in Apple Inc. $AAPL

Key Points

• iA Global Asset Management cut its Apple stake by 5.5% in the first quarter, selling 75,177 shares and ending with 1,296,056 shares valued at about $328.9 million. Apple remains its fourth-largest holding and represents roughly 4.7% of the portfolio.
• Apple reported better-than-expected quarterly results, with EPS of $2.01 versus $1.95 expected and revenue of $111.18 billion, up 16.6% year over year. The company also said analysts now forecast 8.74 EPS for the current fiscal year.
• Apple raised its quarterly dividend to $0.27 per share from $0.26, while recent insider activity showed small stock sales by executives and analysts maintaining a generally positive outlook, with consensus rating of “Moderate Buy.”

iA Global Asset Management Inc. trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,296,056 shares of the iPhone maker's stock after selling 75,177 shares during the period. Apple makes up about 4.7% of iA Global Asset Management Inc.'s portfolio, making the stock its 4th largest holding. iA Global Asset Management Inc.'s holdings in Apple were worth $328,926,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Apple by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker's stock valued at $387,749,545,000 after purchasing an additional 26,856,752 shares in the last quarter. State Street Corp grew its stake in shares of Apple by 1.1% in the 4th quarter. State Street Corp now owns 604,056,505 shares of the iPhone maker's stock worth $164,218,801,000 after purchasing an additional 6,555,392 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Apple by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 358,032,517 shares of the iPhone maker's stock worth $97,031,587,000 after purchasing an additional 1,866,103 shares in the last quarter. Morgan Stanley raised its holdings in shares of Apple by 0.6% in the 4th quarter. Morgan Stanley now owns 230,483,035 shares of the iPhone maker's stock worth $62,659,118,000 after purchasing an additional 1,379,651 shares in the last quarter. Finally, Norges Bank acquired a new stake in Apple during the fourth quarter valued at approximately $52,266,468,000. 67.73% of the stock is owned by institutional investors.

Apple Stock Down 0.3%

NASDAQ:AAPL opened at $315.32 on Friday. The business's fifty day moving average price is $299.55 and its 200 day moving average price is $275.26. The firm has a market capitalization of $4.63 trillion, a price-to-earnings ratio of 38.13, a PEG ratio of 2.75 and a beta of 1.10. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. Apple Inc. has a 1-year low of $201.50 and a 1-year high of $317.40.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The firm had revenue of $111.18 billion during the quarter, compared to analyst estimates of $109.46 billion. During the same period last year, the company posted $1.65 EPS. The business's quarterly revenue was up 16.6% compared to the same quarter last year. On average, sell-side analysts forecast that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, May 11th. This is a boost from Apple's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. Apple's payout ratio is presently 13.06%.

Insider Buying and Selling

In other Apple news, insider Ben Borders sold 1,274 shares of Apple stock in a transaction on Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the sale, the insider owned 38,713 shares of the company's stock, valued at $11,226,770. This trade represents a 3.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Kevan Parekh sold 1,534 shares of the business's stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the transaction, the chief financial officer owned 13,366 shares in the company, valued at approximately $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,924 shares of company stock worth $825,546 over the last ninety days. 0.06% of the stock is currently owned by insiders.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s new lawsuit against OpenAI could help protect its hardware roadmap and reinforce its control over proprietary technology, which may support its long-term competitive position. Reuters: Apple sues OpenAI, two former employees for trade secrets theft
• Positive Sentiment: Recent headlines around Apple’s expanded multi-year chip deal with Broadcom continue to boost sentiment, since the agreement strengthens Apple’s supply chain, supports U.S. manufacturing, and deepens its custom silicon strategy. Yahoo Finance: Apple Secures Largest Ever US Chip Deal With Broadcom For $30 Billion
• Neutral Sentiment: Apple was also named among approved U.S. companies eligible for license-free exports under eased UAE trade rules, which is supportive for international operations but not clearly a near-term stock catalyst. Quiver Quant: U.S. eases export controls on UAE
• Neutral Sentiment: Short-interest data showed no meaningful change, suggesting today’s move is being driven more by news flow than by a shift in bearish positioning.
• Negative Sentiment: The OpenAI lawsuit also highlights that Apple’s relationship with a major AI player has soured, adding uncertainty around future AI partnerships and potentially distracting management with litigation. Financial Times: Apple sues OpenAI, alleging it stole top-secret information

Wall Street Analysts Forecast Growth

AAPL has been the topic of several recent research reports. Oppenheimer restated a "market perform" rating on shares of Apple in a research report on Tuesday, June 9th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Apple in a research report on Monday, June 8th. Citigroup reissued a "buy" rating on shares of Apple in a research note on Monday, June 1st. Barclays restated an "underweight" rating on shares of Apple in a report on Tuesday, June 9th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Apple in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $314.85.

Apple Company Profile

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.