Meritage Portfolio Management cut its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.7% in the fourth quarter, according to its latest Form 13F filed with the Securities and Exchange Commission. The fund held 580,086 shares in the iPhone maker after selling 22,018 shares during the quarter. Apple is Meritage Portfolio Management’s largest holding of about 5.9%. Meritage Portfolio Management’s Apple stock was worth $75,371,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added or reduced stakes in the company. Robinson Value Management Ltd. purchased a new position in his Apple stock worth approximately $28,000 during the third quarter. Hanseatic Management Services Inc. expanded his position in Apple stock by 75.4% in the third quarter. Hanseatic Management Services Inc. acquired 107 more shares in the last quarter and now owns 249 shares of iPhone maker stock worth $34,000. Cheyne Capital Management UK LLP increased his position in Apple stock by 200.0% in the third quarter. Cheyne Capital Management UK LLP acquired another 550 shares during the last quarter and now owns 275 shares of the iPhone maker, valued at $212,000. Align Wealth Management LLC purchased a new position in his Apple stock worth approximately $55,000 during the fourth quarter. Finally, HBC Financial Services PLLC increased its position in Apple stock by 21.7% in the first quarter. HBC Financial Services PLLC acquired an additional 80 shares during the last quarter and now holds 448 shares of iPhone maker stock valued at $49,000. Hedge funds and other institutional investors own 57.60% of the company’s shares.
Analyst upgrades and downgrades
A number of equity analysts recently released reports on the AAPL stock. JPMorgan Chase raised its price target on Apple stock to $190.00 from $175.00 in a research report on Wednesday, April 19, giving the stock an Overweight rating. Bank of America raised its price target on Apple stock from $173.00 to $176.00 and gave the company a “neutral” rating in a research report on Friday, May 5. Canaccord Genuity Group raised its price target on Apple stock from $180.00 to $185.00, giving the company a Buy rating in its research report on Friday, May 5. Morgan Stanley raised its price target on Apple stock to $185.00 from $180.00, giving the company an “overweight” rating in its research report on Friday, May 5. Finally, Cowen lowered his price target on Apple stock to $195.00 from $200.00 and set an “outperform” valuation for the stock in a research report on Friday, Feb. 3. Two investment analysts rated the company a sell, five a hold, and 27 a buy. According to MarketBeat, Apple’s consensus rating is currently “Moderate Buy” with a consensus target price of $174.29.
Apple shares up 1.0%
Nasdaq AAPL shares opened Thursday at $173.56. The stock has a 50-day moving average price of $161.66 and a 200-day moving average price of $149.48. The company has a market capitalization of $2.75 trillion, trades at 29.47x earnings, 2.31x earnings, and 1.29x beta. The company’s current ratio is 0.94x, quick ratio is 0.88x, and debt-to-equity ratio is 1.56x. Apple shares hit a 12-month low of $124.17 and a high of $176.15.
Apple (NASDAQ:AAPL – Get Rating) last released quarterly earnings data on Thursday, May 4. The iPhone maker reported earnings per share (EPS) of $1.52 for the quarter, beating consensus expectations of $1.44 by $0.08. Apple’s return on equity was 165.72% and net profit margin was 24.49%. The company had revenue of $94.84 billion for the quarter, with consensus expectations of $92.84 billion. His EPS for the same business in the same period last year was $1.52. Apple’s sales for the quarter were down 2.5% compared to the same period last year. Research analysts expect Apple to post 6 EPS this fiscal year.
Apple raises dividend
The company also recently announced a quarterly dividend to be paid on Thursday, May 18. His $0.24 dividend will be issued to registered investors on Monday, May 15. This is up from Apple’s previous quarterly dividend of $0.23. The ex-dividend date is Friday, May 12. This equates to a $0.96 annual dividend and his 0.55% dividend yield. Apple’s dividend payout ratio (DPR) is 15.62%.
Apple has announced that its board of directors has authorized the launch of its share buyback program on Thursday, May 4, to buy back $90 billion worth of outstanding shares. The buyback authorization allows iPhone makers to buy back up to 3.4% of their shares through open market purchases. Stock buyback programs are usually a sign that corporate management thinks their stock is undervalued.
In related news, insider Chris Kondo sold 4,092 shares of the company in a transaction that took place on Monday, May 8. The shares were sold at an average price of $173.26 for a total of $708,979.92. After the sale, insiders now own 33,946 shares of the company, valued at approximately $5,881,483.96. The sale was disclosed in documents filed with the SEC, which are available on the SEC’s website. In other Apple news, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction on Monday, May 8. The shares sold at an average price of $173.26 for a total transaction value of $708,979.92. After the sale, insiders now own 33,946 shares of the company, valued at approximately $5,881,483.96. The sale was disclosed in documents filed with the Securities and Exchange Commission, which can be accessed via this hyperlink. Senior vice president Deirdre O’Brien also sold 43,622 shares of Apple stock in a deal on Monday, April 3. The shares sold at an average price of $165.41 for a total of $7,215,515.02. After the sale, the senior vice president will own directly 136,444 shares of the company, valued at approximately $22,569,202.04. Disclosure information regarding this sale can be found here. In the past 90 days, insiders have sold 439,529 shares of the company, valued at $71,703,657. Insiders own 0.06% of the company’s shares.
Apple, Inc designs, manufactures and sells smartphones, personal computers, tablets, wearables and accessories, and various other related services. The company has operations in the Americas, Europe, Greater China, Japan, and the rest of the Asia Pacific region. The Americas segment includes North America and South America.
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