Jarislowsky Fraser Ltd Decreases Stake in Apple Inc. (NASDAQ:AAPL)
Jarislowsky Fraser Ltd lowered its stake in Apple Inc. (NASDAQ:AAPL) by 6.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,397 shares of the iPhone maker’s stock after selling 1,190 shares during the period. Jarislowsky Fraser Ltd’s holdings in Apple were worth $2,649,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of AAPL. Norges Bank bought a new position in Apple during the fourth quarter valued at about $5,625,709,000. Franklin Resources Inc. boosted its stake in Apple by 4.8% in the fourth quarter. Franklin Resources Inc. now owns 25,455,705 shares of the iPhone maker’s stock worth $2,948,422,000 after buying an additional 1,156,639 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Apple by 2.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 17,637,648 shares of the iPhone maker’s stock worth $2,533,825,000 after buying an additional 471,057 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Apple by 1.2% in the first quarter. Fisher Asset Management LLC now owns 11,638,395 shares of the iPhone maker’s stock worth $1,671,972,000 after buying an additional 140,368 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted 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 worth $1,334,527,000 after buying an additional 1,749,797 shares during the last quarter. Institutional investors own 61.17% of the company’s stock.
Shares of Apple Inc. (AAPL) traded up 0.53% during trading on Friday, hitting $156.39. 20,559,852 shares of the company were exchanged. Apple Inc. has a 1-year low of $102.53 and a 1-year high of $157.40. The company has a 50 day moving average of $147.04 and a 200-day moving average of $142.60. The stock has a market capitalization of $808.50 billion, a PE ratio of 17.76 and a beta of 1.31.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same period last year, the company earned $1.42 EPS. Apple’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts forecast that Apple Inc. will post $9.00 earnings per share for the current year.
Apple announced that its board has approved a stock repurchase program on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Monday, August 14th will be issued a $0.63 dividend. The ex-dividend date is Thursday, August 10th. This represents a $2.52 annualized dividend and a yield of 1.61%. Apple’s payout ratio is 28.64%.
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AAPL has been the topic of a number of analyst reports. Drexel Hamilton reissued a “buy” rating and issued a $202.00 target price on shares of Apple in a research note on Thursday, July 6th. Instinet reissued a “buy” rating and issued a $165.00 target price on shares of Apple in a research note on Wednesday, July 5th. Royal Bank Of Canada reissued an “outperform” rating and issued a $168.00 target price on shares of Apple in a research note on Tuesday, June 6th. Credit Suisse Group reissued an “outperform” rating and issued a $170.00 target price on shares of Apple in a research note on Tuesday, July 25th. Finally, Macquarie upped their target price on shares of Apple from $170.00 to $180.00 and gave the company an “outperform” rating in a research note on Wednesday. Twelve research analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $167.57.
In related news, insider Angela J. Ahrendts sold 75,000 shares of Apple stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $147.98, for a total value of $11,098,500.00. Following the completion of the sale, the insider now directly owns 154,116 shares in the company, valued at approximately $22,806,085.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The disclosure for this sale can be found here. Insiders sold a total of 305,500 shares of company stock valued at $46,455,746 over the last quarter. 0.08% of the stock is owned by corporate insiders.
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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