Smithbridge Asset Management Inc. DE decreased its stake in Apple Inc. (NASDAQ:AAPL) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 43,394 shares of the iPhone maker’s stock after selling 872 shares during the period. Apple accounts for approximately 5.1% of Smithbridge Asset Management Inc. DE’s investment portfolio, making the stock its largest position. Smithbridge Asset Management Inc. DE’s holdings in Apple were worth $6,250,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Apple during the fourth quarter valued at $5,625,709,000. Asset Management One Co. Ltd. raised its stake in Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock valued at $1,096,072,000 after buying an additional 8,571,027 shares during the period. Glenview Capital Management LLC acquired a new stake in Apple during the fourth quarter valued at $365,191,000. Canada Pension Plan Investment Board raised its stake in Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock valued at $1,334,527,000 after buying an additional 1,749,797 shares during the period. Finally, Flinton Capital Management LLC acquired a new stake in Apple during the fourth quarter valued at $169,077,000. Hedge funds and other institutional investors own 61.23% of the company’s stock.
Apple Inc. (AAPL) opened at 152.09 on Tuesday. Apple Inc. has a 1-year low of $96.42 and a 1-year high of $156.65. The firm has a market capitalization of $792.97 billion, a P/E ratio of 17.84 and a beta of 1.31. The company has a 50 day moving average of $147.28 and a 200 day moving average of $141.20.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.08. Apple had a return on equity of 35.09% and a net margin of 20.74%. The business had revenue of $52.90 billion for the quarter, compared to analysts’ expectations of $52.61 billion. On average, equities research analysts anticipate that Apple Inc. will post $8.91 earnings per share for the current year.
Apple announced that its Board of Directors has authorized a stock buyback plan on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
Several equities research analysts recently weighed in on AAPL shares. Royal Bank Of Canada increased their price objective on shares of Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a research note on Monday, May 22nd. Rosenblatt Securities set a $120.00 price objective on shares of Apple and gave the stock a “hold” rating in a research note on Wednesday, May 3rd. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $170.00 price objective (up previously from $164.00) on shares of Apple in a research note on Friday, May 12th. Vetr upgraded shares of Apple from a “hold” rating to a “buy” rating and set a $146.43 price objective on the stock in a research note on Monday, March 27th. Finally, Cowen and Company reiterated an “outperform” rating and set a $160.00 price objective on shares of Apple in a research note on Thursday, May 25th. Eleven investment analysts have rated the stock with a hold rating, forty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Apple has an average rating of “Buy” and an average target price of $160.64.
In other news, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total transaction of $1,707,034.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Luca Maestri sold 4,757 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $154.70, for a total value of $735,907.90. Following the sale, the insider now owns 3,414 shares in the company, valued at $528,145.80. The disclosure for this sale can be found here. Insiders sold a total of 373,000 shares of company stock worth $56,497,046 over the last 90 days. 0.08% of the stock is currently owned by company insiders.
Apple Company Profile
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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