Jennison Associates LLC Sells 2,079,527 Shares of Apple Inc. $AAPL

Jennison Associates LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 5.8% in the first quarter, Holdings Channel.com reports. The firm owned 33,589,491 shares of the iPhone maker’s stock after selling 2,079,527 shares during the period. Apple comprises 5.9% of Jennison Associates LLC’s holdings, making the stock its 3rd largest holding. Jennison Associates LLC’s holdings in Apple were worth $8,524,677,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Aviance Capital Partners LLC increased its position in Apple by 0.9% in the 1st quarter. Aviance Capital Partners LLC now owns 260,577 shares of the iPhone maker’s stock worth $66,132,000 after purchasing an additional 2,389 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Apple by 7.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 49,211 shares of the iPhone maker’s stock valued at $12,489,000 after buying an additional 3,438 shares during the last quarter. GatePass Capital LLC lifted its holdings in shares of Apple by 18.4% during the 1st quarter. GatePass Capital LLC now owns 5,194 shares of the iPhone maker’s stock valued at $1,318,000 after buying an additional 806 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of Apple by 3.7% in the 1st quarter. California Public Employees Retirement System now owns 37,713,677 shares of the iPhone maker’s stock valued at $9,571,354,000 after buying an additional 1,338,411 shares in the last quarter. Finally, MTM Investment Management LLC grew its stake in shares of Apple by 2.1% in the 1st quarter. MTM Investment Management LLC now owns 46,026 shares of the iPhone maker’s stock valued at $11,681,000 after buying an additional 950 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on AAPL shares. Jefferies Financial Group reiterated a “hold” rating on shares of Apple in a research note on Tuesday, June 9th. Royal Bank Of Canada set a $365.00 price target on shares of Apple in a report on Wednesday, July 15th. Monness Crespi & Hardt lifted their price objective on shares of Apple from $315.00 to $335.00 and gave the company a “buy” rating in a research note on Friday, May 1st. UBS Group reiterated a “neutral” rating on shares of Apple in a report on Friday. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $350.00 target price (up from $310.00) on shares of Apple in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $331.60.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: India proposed extending tax exemptions through 2041 for foreign companies supplying equipment to contract manufacturers. The policy could lower Apple’s manufacturing costs and support its strategy of shifting more iPhone production to India. India proposes extending tax breaks for contract manufacturing in a boost for Apple
• Positive Sentiment: Apple continues to generate substantial free cash flow, with analysts expecting strong cash generation to continue alongside higher revenue forecasts. This supports shareholder returns and provides financial flexibility, although the stock’s valuation limits the upside case. Apple Delivers Strong Free Cash Flow, But What is the Best AAPL Play?
• Positive Sentiment: A reported deal with PlasmaSolve could help Apple develop thinner, stronger device finishes by using software simulations before factory testing, potentially improving manufacturing yields and reducing testing costs. Apple Stock Drops as PlasmaSolve Deal Targets Thinner and Stronger Devices

Apple Trading Down 1.8%

Shares of AAPL stock opened at $303.42 on Tuesday. Apple Inc. has a 12 month low of $201.68 and a 12 month high of $344.57. The company has a market cap of $4.46 trillion, a PE ratio of 34.80, a price-to-earnings-growth ratio of 2.65 and a beta of 1.09. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. The business’s 50 day moving average is $309.40 and its two-hundred day moving average is $281.90.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.13. The business had revenue of $109.42 billion during the quarter, compared to analysts’ expectations of $109.04 billion. Apple had a net margin of 27.62% and a return on equity of 135.46%. Apple’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.57 earnings per share. Equities analysts predict that Apple Inc. will post 8.8 EPS for the current year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 10th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, August 10th. Apple’s dividend payout ratio is 12.39%.

Insider Transactions at Apple

In other news, insider Ben Borders sold 116 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the sale, the insider directly owned 38,713 shares of the company’s stock, valued at approximately $11,425,754.82. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.06% of the stock is owned by company insiders.

Apple Company Profile

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.