NJ State Employees Deferred Compensation Plan cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 6.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,500 shares of the iPhone maker’s stock after selling 8,000 shares during the quarter. Apple comprises approximately 3.9% of NJ State Employees Deferred Compensation Plan’s portfolio, making the stock its biggest position. NJ State Employees Deferred Compensation Plan’s holdings in Apple were worth $21,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently modified their holdings of the company. Centaurus Financial Inc. boosted its position in shares of Apple by 17.9% during the first quarter. Centaurus Financial Inc. now owns 8,318 shares of the iPhone maker’s stock valued at $44,000 after buying an additional 1,262 shares during the last quarter. Semmax Financial Advisors Inc. purchased a new stake in shares of Apple during the fourth quarter valued at $50,000. NuWave Investment Management LLC boosted its position in shares of Apple by 2,245.0% during the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock valued at $93,000 after buying an additional 449 shares during the last quarter. INR Advisory Services LLC purchased a new stake in shares of Apple during the fourth quarter valued at $124,000. Finally, Denali Advisors LLC boosted its position in shares of Apple by 12.5% during the second quarter. Denali Advisors LLC now owns 900 shares of the iPhone maker’s stock valued at $178,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 59.67% of the company’s stock.
In other news, insider Chris Kondo sold 4,376 shares of Apple stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $217.47, for a total transaction of $951,648.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Arthur D. Levinson sold 17,500 shares of Apple stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $214.02, for a total value of $3,745,350.00. Following 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. 0.05% of the stock is owned by insiders.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.10 by $0.08. Apple had a return on equity of 52.13% and a net margin of 21.50%. The firm had revenue of $53.81 billion for the quarter, compared to analysts’ expectations of $53.39 billion. During the same period in the previous year, the firm earned $2.34 EPS. The business’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, equities analysts forecast that Apple Inc. will post 11.58 earnings per share for the current year.
Apple declared that its board has authorized a share buyback plan on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 12th will be given a dividend of $0.77 per share. The ex-dividend date is Friday, August 9th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.47%. Apple’s payout ratio is currently 25.86%.
Several equities research analysts recently commented on the company. Morgan Stanley set a $247.00 price objective on Apple and gave the company a “buy” rating in a research report on Wednesday, July 31st. Rosenblatt Securities reaffirmed a “sell” rating and set a $150.00 price objective on shares of Apple in a research report on Monday, July 8th. BidaskClub raised Apple from a “hold” rating to a “buy” rating in a research report on Wednesday. Jefferies Financial Group increased their price objective on Apple from $160.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, May 1st. Finally, Goldman Sachs Group reaffirmed a “neutral” rating and set a $189.00 price objective on shares of Apple in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $217.12.
Apple Company Profile
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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