Summit Global Investments Has $16.93 Million Stake in Apple Inc. (NASDAQ:AAPL)

Summit Global Investments trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 16.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,595 shares of the iPhone maker's stock after selling 13,719 shares during the period. Apple accounts for 1.1% of Summit Global Investments' portfolio, making the stock its 14th biggest position. Summit Global Investments' holdings in Apple were worth $16,927,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in AAPL. Drystone LLC bought a new position in shares of Apple in the fourth quarter worth approximately $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 bought a new position in Apple during the third quarter valued at approximately $77,000. Finally, Pillar Financial Advisors LLC purchased a new stake in Apple during the fourth quarter valued at approximately $82,000. Institutional investors own 67.73% of the company's stock.

Apple Stock Performance

Shares of AAPL traded up $1.48 during mid-day trading on Wednesday, hitting $204.75. The stock had a trading volume of 10,857,378 shares, compared to its average volume of 55,960,202. The company's fifty day simple moving average is $202.29 and its two-hundred day simple moving average is $224.69. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The company has a market cap of $3.06 trillion, a PE ratio of 32.56, a PEG ratio of 2.44 and a beta of 1.27. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. The company's revenue for the quarter was up 5.1% on a year-over-year basis. During the same period last year, the firm posted $1.53 EPS. On average, equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. This is a positive change from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. Apple's dividend payout ratio (DPR) is 16.20%.

Insider Buying and Selling

In other news, CFO Kevan Parekh sold 4,570 shares of the firm's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer now owns 4,569 shares in the company, valued at approximately $941,214. This trade represents a 50.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider now directly owns 15,533 shares of the company's stock, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,507 shares of company stock worth $42,694,080 in the last ninety days. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Maxim Group upped their price objective on Apple to $215.00 and gave the stock a "hold" rating in a report on Friday, February 21st. UBS Group reaffirmed a "buy" rating on shares of Apple in a report on Sunday. DA Davidson boosted their price objective on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Monness Crespi & Hardt dropped their target price on Apple from $260.00 to $245.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, TD Cowen lowered their price target on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Apple has an average rating of "Moderate Buy" and a consensus target price of $235.80.

Apple Company Profile

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.