Apple Inc. (NASDAQ:AAPL) is State of Michigan Retirement System’s 2nd Largest Position

State of Michigan Retirement System lessened its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,875,425 shares of the iPhone maker’s stock after selling 62,011 shares during the period. Apple accounts for approximately 5.0% of State of Michigan Retirement System’s investment portfolio, making the stock its 2nd largest holding. State of Michigan Retirement System’s holdings in Apple were worth $673,784,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Apple by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock worth $221,753,959,000 after purchasing an additional 8,734,393 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Apple by 2.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 237,910,783 shares of the iPhone maker’s stock valued at $32,527,162,000 after buying an additional 4,831,418 shares during the last quarter. Legal & General Group Plc boosted its holdings in Apple by 8.2% in the second quarter. Legal & General Group Plc now owns 123,534,393 shares of the iPhone maker’s stock worth $16,889,649,000 after acquiring an additional 9,411,018 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Apple by 1.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 80,739,774 shares of the iPhone maker’s stock worth $14,097,970,000 after acquiring an additional 1,155,915 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its holdings in shares of Apple by 12.1% during the second quarter. UBS Asset Management Americas Inc. now owns 80,467,043 shares of the iPhone maker’s stock valued at $11,001,469,000 after acquiring an additional 8,716,964 shares in the last quarter. 57.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Apple news, CFO Luca Maestri sold 176,299 shares of the business’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $155.95, for a total value of $27,493,829.05. Following the transaction, the chief financial officer now directly owns 110,673 shares in the company, valued at approximately $17,259,454.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Chris Kondo sold 20,200 shares of the company’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $148.72, for a total value of $3,004,144.00. Following the transaction, the insider now owns 31,505 shares of the company’s stock, valued at approximately $4,685,423.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Luca Maestri sold 176,299 shares of the firm’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $155.95, for a total value of $27,493,829.05. Following the sale, the chief financial officer now directly owns 110,673 shares of the company’s stock, valued at $17,259,454.35. The disclosure for this sale can be found here. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Barclays dropped their target price on shares of Apple from $144.00 to $133.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 11th. Robert W. Baird reduced their target price on Apple from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, October 28th. Deutsche Bank Aktiengesellschaft dropped their price target on Apple from $175.00 to $170.00 and set a “buy” rating on the stock in a research note on Friday, October 28th. JPMorgan Chase & Co. set a $180.00 target price on Apple and gave the stock an “overweight” rating in a report on Thursday. Finally, Citigroup reiterated a “buy” rating and issued a $175.00 price target on shares of Apple in a report on Tuesday, November 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $170.04.

Apple Stock Up 0.0 %

Shares of NASDAQ AAPL opened at $135.27 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.95. The company has a 50-day moving average of $138.95 and a 200 day moving average of $148.10. Apple Inc. has a 12-month low of $124.17 and a 12-month high of $179.61. The stock has a market cap of $2.14 trillion, a PE ratio of 22.14, a P/E/G ratio of 1.74 and a beta of 1.24.

Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, October 27th. The iPhone maker reported $1.29 EPS for the quarter, beating the consensus estimate of $1.26 by $0.03. The firm had revenue of $90.15 billion during the quarter, compared to analysts’ expectations of $88.77 billion. Apple had a return on equity of 160.90% and a net margin of 25.31%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.24 earnings per share. As a group, sell-side analysts predict that Apple Inc. will post 6.19 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Monday, November 7th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Friday, November 4th. Apple’s dividend payout ratio is currently 15.06%.

About Apple

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.