Teachers Retirement System of The State of Kentucky Has $521.99 Million Holdings in Apple Inc. $AAPL

Key Points

• Teachers Retirement System of The State of Kentucky trimmed its Apple stake by 2.3% in the fourth quarter, selling 44,712 shares. The fund still held 1,920,057 shares valued at about $521.99 million, making Apple its third-largest position.
• Apple reported strong quarterly results, with EPS of $2.01 versus estimates of $1.95 and revenue of $111.18 billion versus expectations of $109.46 billion. Revenue rose 16.6% year over year, and analysts expect full-year EPS of 8.74.
• Apple also raised its quarterly dividend to $0.27 per share from $0.26, reflecting an annualized payout of $1.08 and a yield of 0.3%. Meanwhile, analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $308.74.

Teachers Retirement System of The State of Kentucky lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,920,057 shares of the iPhone maker's stock after selling 44,712 shares during the quarter. Apple makes up 3.9% of Teachers Retirement System of The State of Kentucky's investment portfolio, making the stock its 3rd largest position. Teachers Retirement System of The State of Kentucky's holdings in Apple were worth $521,986,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of AAPL. Norges Bank purchased a new stake in shares of Apple in the 2nd quarter valued at about $38,942,255,000. Nuveen LLC purchased a new stake in shares of Apple in the 1st quarter valued at about $17,472,482,000. Laurel Wealth Advisors LLC raised its holdings in shares of Apple by 20,464.8% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker's stock valued at $5,553,753,000 after acquiring an additional 26,937,401 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Apple by 1.9% in 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 acquiring an additional 26,856,752 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after acquiring an additional 20,079,472 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Stock Performance

Shares of NASDAQ AAPL opened at $308.82 on Monday. The stock has a market cap of $4.54 trillion, a price-to-earnings ratio of 37.34, a P/E/G ratio of 2.69 and a beta of 1.06. 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 $193.46 and a 1-year high of $311.40. The stock's 50-day moving average is $269.64 and its 200 day moving average is $268.62.

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

Apple Increases Dividend

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

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple continues to be viewed as one of the best long-term large-cap tech names, with reports highlighting strong iPhone demand, its massive installed base, and the potential for Services to drive the next leg of earnings growth. Apple Services story
• Positive Sentiment: Analysts remain constructive: Evercore ISI reiterated an Outperform rating and raised its price target, while other commentary says Apple can keep compounding earnings and free cash flow as it expands AI features and devices. Analyst commentary
• Positive Sentiment: Apple executives saying the company is still in the “early innings” of spatial computing is reinforcing the view that new product categories could support future growth beyond the iPhone. Spatial computing article
• Neutral Sentiment: Apple’s legal fight with Epic Games remains a drag on sentiment, as the company asked the U.S. Supreme Court to review a contempt order tied to App Store fees. Epic lawsuit article
• Negative Sentiment: Some analysts are becoming more cautious on valuation after Apple’s run to new highs, warning the stock may be due for profit-taking. KeyBanc caution article

Analysts Set New Price Targets

Several research firms have weighed in on AAPL. Royal Bank Of Canada set a $325.00 price target on Apple in a report on Monday, February 2nd. KeyCorp reaffirmed a "sector weight" rating on shares of Apple in a report on Thursday, March 12th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a report on Monday, March 2nd. BNP Paribas Exane raised Apple from a "neutral" rating to an "outperform" rating and set a $300.00 price target on the stock in a report on Friday, April 17th. Finally, KGI Securities raised Apple to an "outperform" rating and set a $306.00 price target on the stock in a report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $308.74.

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 30,002 shares of Apple stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total value of $7,661,010.70. Following the transaction, the senior vice president directly owned 136,810 shares of the company's stock, valued at $34,934,433.50. The trade was a 17.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevan Parekh sold 1,534 shares of Apple stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $421,850.00. Following the completion of the transaction, the chief financial officer directly owned 13,366 shares in the company, valued at $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 97,759 shares of company stock valued at $24,964,305 over the last quarter. Company insiders own 0.06% of the company's stock.

About Apple

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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