Pinnacle Associates Ltd. raised its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,267,071 shares of the iPhone maker’s stock after acquiring an additional 27,495 shares during the period. Apple accounts for approximately 3.6% of Pinnacle Associates Ltd.’s portfolio, making the stock its 2nd largest position. Pinnacle Associates Ltd.’s holdings in Apple were worth $164,631,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Robinson Value Management Ltd. acquired a new stake in shares of Apple during the third quarter worth about $28,000. Hanseatic Management Services Inc. lifted its position in Apple by 75.4% in the third quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock valued at $34,000 after purchasing an additional 107 shares during the period. HBC Financial Services PLLC lifted its position in Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after purchasing an additional 80 shares during the period. Align Wealth Management LLC acquired a new stake in Apple in the fourth quarter valued at about $55,000. Finally, CFS Investment Advisory Services LLC lifted its position in Apple by 14,693.8% in the third quarter. CFS Investment Advisory Services LLC now owns 6,024,330 shares of the iPhone maker’s stock valued at $65,000 after purchasing an additional 5,983,608 shares during the period. Institutional investors and hedge funds own 57.60% of the company’s stock.
Apple Stock Down 0.0 %
Shares of AAPL opened at $173.50 on Tuesday. The firm has a market cap of $2.75 trillion, a PE ratio of 29.46, a price-to-earnings-growth ratio of 2.31 and a beta of 1.29. The company’s fifty day moving average is $160.61 and its two-hundred day moving average is $149.14. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $176.15. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 1.76.
Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 4th that allows the company to buyback $90.00 billion in shares. This buyback authorization allows the iPhone maker to buy up to 3.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
Apple Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 18th. Investors of record on Monday, May 15th will be issued a dividend of $0.24 per share. This is a positive change from Apple’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Friday, May 12th. This represents a $0.96 annualized dividend and a dividend yield of 0.55%. Apple’s payout ratio is presently 15.62%.
Insider Activity at Apple
In related news, COO Jeffrey E. Williams sold 77,817 shares of Apple stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $166.11, for a total transaction of $12,926,181.87. Following the transaction, the chief operating officer now owns 489,816 shares in the company, valued at approximately $81,363,335.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Jeffrey E. Williams sold 77,817 shares of Apple stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $166.11, for a total transaction of $12,926,181.87. Following the sale, the chief operating officer now owns 489,816 shares of the company’s stock, valued at approximately $81,363,335.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Luca Maestri sold 200 shares of Apple stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $164.92, for a total transaction of $32,984.00. Following the sale, the chief financial officer now directly owns 177,657 shares in the company, valued at approximately $29,299,192.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 435,437 shares of company stock worth $70,994,677. 0.06% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
AAPL has been the subject of a number of recent analyst reports. Monness Crespi & Hardt raised their price objective on shares of Apple from $174.00 to $188.00 and gave the company a “buy” rating in a research report on Friday. The Goldman Sachs Group initiated coverage on shares of Apple in a research report on Sunday, March 5th. They issued a “buy” rating and a $199.00 price objective for the company. Robert W. Baird raised their price objective on shares of Apple from $170.00 to $180.00 in a research report on Tuesday, May 2nd. Canaccord Genuity Group increased their target price on shares of Apple from $180.00 to $185.00 and gave the company a “buy” rating in a report on Friday. Finally, StockNews.com initiated coverage on shares of Apple in a report on Thursday, March 16th. They issued a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $174.29.
Apple Company Profile
Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.
- Get a free copy of the StockNews.com research report on Apple (AAPL)
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