Keel Point LLC Lowers Stake in Apple Inc. (AAPL)
Keel Point LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 1.9% during the first quarter, Holdings Channel reports. The firm owned 40,150 shares of the iPhone maker’s stock after selling 781 shares during the period. Apple comprises about 1.2% of Keel Point LLC’s holdings, making the stock its 23rd largest position. Keel Point LLC’s holdings in Apple were worth $5,768,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of AAPL. Norges Bank purchased a new position in shares of Apple during the fourth quarter worth approximately $5,625,709,000. Glenview Capital Management LLC purchased a new position in shares of Apple during the fourth quarter worth approximately $365,191,000. Canada Pension Plan Investment Board increased its position in shares of 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. Flinton Capital Management LLC purchased a new position in shares of Apple during the fourth quarter worth approximately $169,077,000. Finally, Tyers Asset Management LLC purchased a new position in shares of Apple during the fourth quarter worth approximately $139,240,000. Institutional investors and hedge funds own 61.13% of the company’s stock.
Shares of Apple Inc. (NASDAQ:AAPL) traded up 1.39% during mid-day trading on Friday, hitting $157.48. 26,257,096 shares of the company were exchanged. The company has a market capitalization of $813.42 billion, a price-to-earnings 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 has a 50 day moving average of $149.92 and a 200 day moving average of $144.27.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. During the same period in the previous year, the firm earned $1.42 earnings per share. The company’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts forecast that Apple Inc. will post $9.02 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 14th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 1.60%. The ex-dividend date is Thursday, August 10th. Apple’s dividend payout ratio (DPR) is presently 28.64%.
Apple announced that its board has approved a stock buyback plan on Tuesday, May 2nd that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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AAPL has been the subject of a number of analyst reports. Royal Bank Of Canada boosted their target price 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 target price on shares of Apple and gave the stock a “hold” rating in a research note on Wednesday, May 3rd. Canaccord Genuity reiterated a “buy” rating and set a $180.00 target price on shares of Apple in a research note on Monday, July 10th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $170.00 target price (up previously from $164.00) on shares of Apple in a research note on Friday, May 12th. Finally, Morgan Stanley boosted their target price on shares of Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a research note on Monday, July 17th. Twelve investment analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $167.35.
In other Apple news, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $155.27, for a total value of $1,855,321.23. Following the transaction, the insider now directly owns 23,998 shares of the company’s stock, valued at $3,726,169.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Johny Srouji sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $153.20, for a total value of $1,532,000.00. Following the completion of the transaction, the senior vice president now directly owns 96,738 shares in the company, valued at $14,820,261.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 299,911 shares of company stock worth $46,557,634. 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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