State of Michigan Retirement System Has $1.14 Billion Stock Position in Apple Inc. $AAPL

Key Points

• State of Michigan Retirement System trimmed its Apple stake by 3.5% in Q4, but still held 4.18 million shares valued at about $1.14 billion, making Apple its second-largest holding.
• Apple continues to draw strong institutional and analyst support, with several firms raising or reiterating bullish ratings and a consensus Wall Street target of $310.31.
• The company posted solid recent results, beating earnings and revenue estimates, and also raised its quarterly dividend to $0.27 per share while shares hovered near their 52-week high.

State of Michigan Retirement System decreased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,183,799 shares of the iPhone maker's stock after selling 151,700 shares during the period. Apple accounts for approximately 5.5% of State of Michigan Retirement System's holdings, making the stock its 2nd biggest holding. State of Michigan Retirement System's holdings in Apple were worth $1,137,408,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Inscription Capital LLC lifted its stake in Apple by 1.8% in the fourth quarter. Inscription Capital LLC now owns 132,154 shares of the iPhone maker's stock worth $35,927,000 after purchasing an additional 2,316 shares during the last quarter. Concord Wealth Partners lifted its stake in Apple by 0.9% in the fourth quarter. Concord Wealth Partners now owns 65,301 shares of the iPhone maker's stock worth $17,753,000 after purchasing an additional 613 shares during the last quarter. Dougherty Wealth Advisers LLC lifted its stake in Apple by 12.5% in the fourth quarter. Dougherty Wealth Advisers LLC now owns 24,942 shares of the iPhone maker's stock worth $6,781,000 after purchasing an additional 2,768 shares during the last quarter. Carmel Capital Partners LLC lifted its stake in Apple by 27.8% in the fourth quarter. Carmel Capital Partners LLC now owns 12,122 shares of the iPhone maker's stock worth $3,295,000 after purchasing an additional 2,637 shares during the last quarter. Finally, Cornerstone National Bank & Trust Co lifted its stake in Apple by 1.6% in the fourth quarter. Cornerstone National Bank & Trust Co now owns 11,367 shares of the iPhone maker's stock worth $3,090,000 after purchasing an additional 181 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Activity at Apple

In other news, insider Ben Borders sold 1,274 shares of the firm's stock in a transaction that occurred 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 transaction, the insider directly owned 38,713 shares of the company's stock, valued at approximately $11,226,770. This trade represents a 3.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kevan Parekh sold 1,534 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total transaction of $421,850.00. Following the transaction, the chief financial officer directly owned 13,366 shares in the company, valued at approximately $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 97,759 shares of company stock valued at $24,964,305. 0.06% of the stock is owned by insiders.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Bank of America raised its price target on Apple to $380 from $330 and kept a Buy rating, saying Apple is well positioned to benefit from the emerging “agentic AI” smartphone market and could unlock substantial new revenue from a redesigned Siri and AI features. Apple seen as key beneficiary of emerging agentic AI smartphone market, BofA says
• Positive Sentiment: Other Wall Street coverage echoed that view, with reports saying Apple is hitting all-time highs as investors expect a deeper AI push at WWDC, which could improve sentiment and support further upside. Apple stock hits all-time high as analysts see AI-driven breakout
• Positive Sentiment: Analysts also highlighted strong underlying fundamentals, including record Services revenue and continued strength in iPhone sales, reinforcing the long-term growth case for Apple. Strong Content & Advertising Aids Apple's Services: More Upside Ahead?
• Neutral Sentiment: Apple and Google are pushing back against Canada’s proposed police data-access bill, a regulatory issue that could affect the company’s privacy stance but is not an immediate earnings driver. Apple, Google Blast Canada’s Plan to Expand Police Data Powers
• Negative Sentiment: One potential headwind came from an article noting iPhone 17e sales in Japan have slowed versus its predecessor, which could raise questions about demand in some markets. The Real Reason The iPhone 17e Is Falling Behind Its Predecessor In Japan

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Sanford C. Bernstein reissued an "outperform" rating on shares of Apple in a research note on Wednesday, March 4th. BNP Paribas Exane raised shares of Apple from a "neutral" rating to an "outperform" rating and set a $300.00 price objective for the company in a research note on Friday, April 17th. Evercore reissued an "outperform" rating and issued a $365.00 price objective on shares of Apple in a research note on Thursday, May 14th. Scotiabank set a $330.00 price objective on shares of Apple in a research note on Monday, February 2nd. Finally, Rosenblatt Securities raised their price objective on shares of Apple from $268.00 to $276.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $310.31.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $308.33 on Wednesday. The firm has a market cap of $4.53 trillion, a PE ratio of 37.28, a price-to-earnings-growth ratio of 2.69 and a beta of 1.06. The firm's 50 day simple moving average is $271.87 and its 200-day simple moving average is $269.16. Apple Inc. has a one year low of $195.07 and a one year high of $311.82. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07.

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

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from Apple's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. Apple's dividend payout ratio is 13.06%.

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.

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