Morningstar Investment Management LLC Buys New Position in Apollo Global Management Inc. $APO

Key Points

• Morningstar Investment Management LLC recently acquired a new stake in Apollo Global Management, purchasing 2,251 shares valued at approximately $319,000 in the second quarter.
• Multiple institutional investors have increased their stakes, with Vanguard Group Inc. raising its ownership by 2.0% and Goldman Sachs Group Inc. by 24.6% during the first quarter.
• Apollo Global Management's stock reached a current price of $127.61 and has seen an increase of 4.2% recently, with analysts setting a consensus target price of $161.14.

Morningstar Investment Management LLC bought a new stake in Apollo Global Management Inc. (NYSE:APO - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,251 shares of the financial services provider's stock, valued at approximately $319,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Apollo Global Management by 2.0% in the first quarter. Vanguard Group Inc. now owns 46,028,812 shares of the financial services provider's stock valued at $6,303,186,000 after purchasing an additional 893,428 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in 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 valued at $490,482,000 after purchasing an additional 706,181 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Apollo Global Management by 3.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,013,298 shares of the financial services provider's stock valued at $412,641,000 after acquiring an additional 112,736 shares during the last quarter. Boston Partners bought a new position in Apollo Global Management during the first quarter valued at approximately $370,543,000. Finally, Allen Investment Management LLC grew its position in Apollo Global Management by 14.4% during the first quarter. Allen Investment Management LLC now owns 2,641,043 shares of the financial services provider's stock valued at $361,664,000 after acquiring an additional 333,428 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 brokerages have commented on APO. Wells Fargo & Company increased their price target on shares of Apollo Global Management from $160.00 to $173.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Piper Sandler reiterated an "overweight" rating on shares of Apollo Global Management in a research report on Tuesday, October 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Apollo Global Management in a research report on Wednesday, October 8th. Evercore ISI increased their price target on shares of Apollo Global Management from $155.00 to $160.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Finally, BMO Capital Markets began coverage on shares of Apollo Global Management in a research report on Friday, October 3rd. They set a "market perform" rating and a $132.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $161.14.

Insider Transactions at Apollo Global Management

In related news, CFO Martin Kelly sold 15,500 shares of Apollo Global Management 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 sale, the chief financial officer owned 332,399 shares in the company, valued at $48,234,418.89. The trade was a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Leon D. Black sold 915,000 shares of Apollo Global Management stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $134.03, for a total transaction of $122,637,450.00. Following the completion of the sale, the insider owned 4,526,000 shares in the company, valued at approximately $606,619,780. This trade represents a 16.82% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 935,000 shares of company stock worth $125,543,790. Insiders own 8.50% of the company's stock.

Apollo Global Management Stock Up 4.2%

Shares of Apollo Global Management stock opened at $127.61 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.27 and a current ratio of 1.27. Apollo Global Management Inc. has a 52-week low of $102.58 and a 52-week high of $189.49. The stock has a market capitalization of $72.99 billion, a price-to-earnings ratio of 23.85, a P/E/G ratio of 1.40 and a beta of 1.68. The company's 50 day moving average price is $135.46 and its 200-day moving average price is $136.02.

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

Apollo Global Management Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a $0.51 dividend. The ex-dividend date was Monday, August 18th. This represents a $2.04 annualized dividend and a dividend yield of 1.6%. Apollo Global Management's dividend payout ratio (DPR) is currently 38.13%.

About Apollo Global Management

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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