Highlander Capital Management LLC Has $2 Million Stake in Apple Inc. (NASDAQ:AAPL)
Highlander Capital Management LLC boosted its stake in Apple Inc. (NASDAQ:AAPL) by 6.3% during the first quarter, Holdings Channel reports. The fund owned 13,938 shares of the iPhone maker’s stock after buying an additional 825 shares during the period. Apple makes up about 1.6% of Highlander Capital Management LLC’s investment portfolio, making the stock its 5th largest position. Highlander Capital Management LLC’s holdings in Apple were worth $2,002,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of AAPL. Lyell Wealth Management LP purchased a new stake in shares of Apple during the fourth quarter valued at approximately $2,616,000. Bank of Nova Scotia Trust Co. increased its position in Apple by 3.5% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 54,889 shares of the iPhone maker’s stock valued at $6,357,000 after buying an additional 1,839 shares during the period. Mayo Investment Advisers LLC increased its position in Apple by 4.8% in the fourth quarter. Mayo Investment Advisers LLC now owns 155,725 shares of the iPhone maker’s stock valued at $18,036,000 after buying an additional 7,100 shares during the period. Noven Financial Group Inc. increased its position in Apple by 0.3% in the fourth quarter. Noven Financial Group Inc. now owns 7,396 shares of the iPhone maker’s stock valued at $857,000 after buying an additional 22 shares during the period. Finally, Azimuth Capital Management LLC increased its position in Apple by 55.3% in the fourth quarter. Azimuth Capital Management LLC now owns 149,560 shares of the iPhone maker’s stock valued at $17,322,000 after buying an additional 53,239 shares during the period. 61.13% of the stock is owned by institutional investors.
Apple Inc. (AAPL) traded up 1.39% during trading on Friday, hitting $157.48. 26,257,096 shares of the company’s stock traded hands. The stock has a market cap of $813.42 billion, a P/E ratio of 17.88 and a beta of 1.31. Apple Inc. has a 12-month low of $102.53 and a 12-month high of $161.83. The firm’s 50-day moving average price is $149.92 and its 200 day moving average price is $144.27.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. During the same quarter in the prior year, the business earned $1.42 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. Analysts anticipate that Apple Inc. will post $9.02 earnings per share for the current fiscal year.
Apple announced that its board has initiated 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 reacquire up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 14th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Thursday, August 10th. Apple’s payout ratio is currently 28.64%.
Several equities analysts recently weighed in on AAPL shares. Cowen and Company reiterated a “neutral” rating on shares of Apple in a research report on Friday, April 14th. Royal Bank Of Canada lifted their target price on Apple from $155.00 to $157.00 and gave the company an “outperform” rating in a research report on Monday, April 17th. Rosenblatt Securities reiterated a “neutral” rating and set a $120.00 target price on shares of Apple in a research report on Monday, April 17th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $150.00 target price on shares of Apple in a research report on Tuesday, April 18th. Finally, Macquarie reiterated an “outperform” rating and set a $156.00 target price on shares of Apple in a research report on Tuesday, April 18th. Twelve equities research analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has given a strong buy rating to the stock. Apple presently has an average rating of “Buy” and a consensus target price of $167.35.
In other news, insider Craig Federighi sold 64,500 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $153.62, for a total value of $9,908,490.00. Following the completion of the sale, the insider now owns 447,151 shares of the company’s stock, valued at $68,691,336.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $157.58, for a total transaction of $5,515,300.00. Following the completion of the sale, the director now directly owns 1,168,283 shares of the company’s stock, valued at approximately $184,098,035.14. The disclosure for this sale can be found here. Insiders sold 299,911 shares of company stock valued at $46,557,634 in the last three months. Company insiders own 0.08% of the company’s stock.
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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