Mirae Asset Global Investments Co. Ltd. Sells 3,590 Shares of Apollo Global Management Inc. $APO

Key Points

• Mirae Asset Global Investments reduced its stake in Apollo Global Management by 4.7%, selling 3,590 shares, and now holds 73,243 shares valued at approximately $10.39 million.
• Apollo Global Management reported earnings of $1.92 EPS for the last quarter, exceeding expectations, with a revenue of $6.55 billion.
• The firm declared a quarterly dividend of $0.51, yielding 1.6% annually, with a dividend payout ratio of 38.13%.

Mirae Asset Global Investments Co. Ltd. lowered its stake in Apollo Global Management Inc. (NYSE:APO - Free Report) by 4.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,243 shares of the financial services provider's stock after selling 3,590 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Apollo Global Management were worth $10,391,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Apollo Global Management by 2.0% during the first quarter. Vanguard Group Inc. now owns 46,028,812 shares of the financial services provider's stock worth $6,303,186,000 after purchasing an additional 893,428 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Apollo Global Management by 24.6% in the first quarter. Goldman Sachs Group Inc. now owns 3,581,732 shares of the financial services provider's stock worth $490,482,000 after buying an additional 706,181 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Apollo Global Management by 3.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,013,298 shares of the financial services provider's stock worth $412,641,000 after buying an additional 112,736 shares during the period. Boston Partners acquired a new position in Apollo Global Management in the 1st quarter valued at $370,543,000. Finally, Allen Investment Management LLC raised its holdings in Apollo Global Management by 14.4% in the 1st quarter. Allen Investment Management LLC now owns 2,641,043 shares of the financial services provider's stock worth $361,664,000 after acquiring an additional 333,428 shares during the period. Institutional investors and hedge funds own 77.06% of the company's stock.

Apollo Global Management Price Performance

Shares of NYSE:APO opened at $125.81 on Monday. The firm has a market capitalization of $71.97 billion, a PE ratio of 23.52, a PEG ratio of 1.35 and a beta of 1.68. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.37. Apollo Global Management Inc. has a 1-year low of $102.58 and a 1-year high of $189.49. The business's 50 day moving average is $138.35 and its 200-day moving average is $136.93.

Apollo Global Management (NYSE:APO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The financial services provider reported $1.92 EPS for the quarter, topping the consensus estimate of $1.84 by $0.08. The firm had revenue of $6,550,000 billion during the quarter, compared to analysts' expectations of $1.01 billion. Apollo Global Management had a return on equity of 13.38% and a net margin of 13.25%.During the same period last year, the business earned $1.64 earnings per share. Sell-side analysts predict that Apollo Global Management Inc. will post 8 earnings per share for the current year.

Apollo Global Management Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, August 18th. Apollo Global Management's dividend payout ratio is 38.13%.

Insiders Place Their Bets

In related news, insider Leon D. Black sold 915,000 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $134.03, for a total transaction of $122,637,450.00. Following the completion of the transaction, the insider owned 4,526,000 shares in the company, valued at $606,619,780. This trade represents a 16.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Martin Kelly sold 15,500 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $145.11, for a total value of $2,249,205.00. Following the completion of the sale, the chief financial officer owned 332,399 shares in the company, valued at $48,234,418.89. This trade represents a 4.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 935,000 shares of company stock worth $125,543,790 over the last quarter. Company insiders own 8.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on APO. Barclays raised their price target on Apollo Global Management from $156.00 to $168.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wells Fargo & Company raised their target price on Apollo Global Management from $160.00 to $173.00 and gave the company an "overweight" rating in a report on Friday, July 11th. BMO Capital Markets initiated coverage on Apollo Global Management in a report on Friday. They set a "market perform" rating and a $132.00 price target for the company. Wall Street Zen downgraded shares of Apollo Global Management from a "hold" rating to a "sell" rating in a research note on Friday. Finally, Evercore ISI boosted their target price on shares of Apollo Global Management from $155.00 to $160.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $164.07.

Apollo Global Management Profile

Apollo Global Management, Inc is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.

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