Saturna Capital CORP Sells 47,235 Shares of Apple Inc. (NASDAQ:AAPL)
Saturna Capital CORP decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 7.2% during the first quarter, Holdings Channel reports. The fund owned 611,173 shares of the iPhone maker’s stock after selling 47,235 shares during the period. Apple accounts for 3.0% of Saturna Capital CORP’s portfolio, making the stock its 2nd largest position. Saturna Capital CORP’s holdings in Apple were worth $87,801,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. Saratoga Research & Investment Management raised its position in Apple by 0.6% in the first quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock worth $95,840,000 after buying an additional 4,137 shares during the last quarter. Pinnacle Bank bought a new position in Apple during the first quarter worth $1,924,000. Norges Bank bought a new position in Apple during the fourth quarter worth $5,625,709,000. Perigon Wealth Management LLC raised its position in Apple by 5.9% in the fourth quarter. Perigon Wealth Management LLC now owns 147,469 shares of the iPhone maker’s stock worth $20,613,000 after buying an additional 8,233 shares during the last quarter. Finally, IFM Investors Pty Ltd bought a new position in Apple during the fourth quarter worth $7,910,000. Institutional investors and hedge funds own 61.13% of the company’s stock.
Apple Inc. (NASDAQ AAPL) traded up 1.39% during midday trading on Friday, reaching $157.48. 26,257,096 shares of the company traded hands. The firm has a 50 day moving average of $149.92 and a 200-day moving average of $144.27. The stock 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.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The firm had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 EPS. Analysts forecast that Apple Inc. will post $9.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Monday, August 14th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend is Thursday, August 10th. Apple’s payout ratio is currently 28.64%.
Apple declared that its board has approved a stock buyback plan on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in 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 generally an indication that the company’s board of directors believes its shares are undervalued.
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A number of equities research analysts have recently commented on AAPL shares. UBS AG restated a “buy” rating and set a $170.00 target price on shares of Apple in a research report on Monday, July 31st. Bank of America Corporation restated a “buy” rating and set a $180.00 target price (up from $155.00) on shares of Apple in a research report on Friday, May 12th. Wells Fargo & Company restated a “market perform” rating and set a $140.00 target price on shares of Apple in a research report on Saturday, July 22nd. Mizuho restated a “buy” rating and set a $150.00 target price on shares of Apple in a research report on Wednesday, May 3rd. Finally, Goldman Sachs Group, Inc. (The) set a $170.00 target price on Apple and gave the company a “buy” rating in a research report on Saturday, May 20th. Twelve analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $167.35.
In related news, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $142.86, for a total transaction of $1,707,034.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP D Bruce Sewell sold 31,625 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $158.13, for a total transaction of $5,000,861.25. Following the transaction, the senior vice president now owns 112,430 shares of the company’s stock, valued at $17,778,555.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 299,911 shares of company stock valued at $46,557,634. Corporate insiders own 0.08% of the company’s stock.
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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