Klingman & Associates LLC lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 15.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,689 shares of the iPhone maker’s stock after selling 6,403 shares during the quarter. Apple makes up 3.7% of Klingman & Associates LLC’s portfolio, making the stock its 11th biggest position. Klingman & Associates LLC’s holdings in Apple were worth $7,064,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. Monument Capital Management raised its holdings in Apple by 2.2% in the second quarter. Monument Capital Management now owns 2,438 shares of the iPhone maker’s stock worth $491,000 after purchasing an additional 53 shares in the last quarter. Rockland Trust Co. grew its stake in shares of Apple by 4.8% in the second quarter. Rockland Trust Co. now owns 20,618 shares of the iPhone maker’s stock worth $4,081,000 after acquiring an additional 948 shares during the last quarter. Pecaut & CO. grew its stake in shares of Apple by 3.0% in the first quarter. Pecaut & CO. now owns 59,894 shares of the iPhone maker’s stock worth $11,377,000 after acquiring an additional 1,725 shares during the last quarter. Founders Capital Management LLC grew its stake in shares of Apple by 164.2% in the fourth quarter. Founders Capital Management LLC now owns 15,120 shares of the iPhone maker’s stock worth $2,385,000 after acquiring an additional 9,396 shares during the last quarter. Finally, Verity & Verity LLC grew its stake in shares of Apple by 1.6% in the second quarter. Verity & Verity LLC now owns 53,515 shares of the iPhone maker’s stock worth $10,592,000 after acquiring an additional 836 shares during the last quarter. Institutional investors own 59.67% of the company’s stock.
A number of research firms have recently commented on AAPL. Cowen increased their target price on Apple from $220.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Credit Suisse Group set a $209.00 target price on Apple and gave the stock a “neutral” rating in a research note on Tuesday. Citigroup increased their target price on Apple from $205.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. DA Davidson increased their target price on Apple to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Goldman Sachs Group reissued a “neutral” rating and issued a $189.00 target price on shares of Apple in a research note on Friday, August 2nd. Four analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $217.12.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.08. The business had revenue of $53.81 billion for the quarter, compared to analysts’ expectations of $53.39 billion. Apple had a return on equity of 52.13% and a net margin of 21.50%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period last year, the firm posted $2.34 earnings per share. As a group, research analysts anticipate that Apple Inc. will post 11.58 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 12th will be given a $0.77 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.08 annualized dividend and a yield of 1.47%. Apple’s payout ratio is 25.86%.
Apple declared that its Board of Directors has initiated a stock repurchase program on Tuesday, April 30th that permits the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Apple news, insider Chris Kondo sold 4,376 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $217.47, for a total value of $951,648.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 17,500 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $214.02, for a total value of $3,745,350.00. Following the completion of the transaction, the director now directly owns 1,150,783 shares in the company, valued at $246,290,577.66. The disclosure for this sale can be found here. Company insiders own 0.05% of the company’s stock.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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