Westpac Banking Corp Trims Stake in Apple Inc. (NASDAQ:AAPL)

Westpac Banking Corp decreased its position in Apple Inc. (NASDAQ:AAPLFree Report) by 21.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 367,826 shares of the iPhone maker’s stock after selling 97,587 shares during the quarter. Apple accounts for 5.8% of Westpac Banking Corp’s portfolio, making the stock its 2nd largest position. Westpac Banking Corp’s holdings in Apple were worth $70,818,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Morgan Stanley raised its position in Apple by 1.0% in the 3rd quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock worth $35,394,751,000 after purchasing an additional 2,018,010 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Apple by 14,395.4% in the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock valued at $136,119,470,000 after acquiring an additional 70,212,651 shares during the last quarter. Barclays PLC boosted its holdings in Apple by 6.0% during the 3rd quarter. Barclays PLC now owns 49,759,061 shares of the iPhone maker’s stock valued at $8,519,244,000 after acquiring an additional 2,826,709 shares during the period. California Public Employees Retirement System grew its position in Apple by 4.6% during the 3rd quarter. California Public Employees Retirement System now owns 38,579,495 shares of the iPhone maker’s stock worth $6,605,195,000 after acquiring an additional 1,696,576 shares during the last quarter. Finally, National Pension Service increased its stake in Apple by 1.9% in the 4th quarter. National Pension Service now owns 24,534,731 shares of the iPhone maker’s stock worth $4,723,672,000 after purchasing an additional 461,321 shares during the period. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Price Performance

AAPL opened at $195.87 on Thursday. The company’s 50-day simple moving average is $178.94 and its two-hundred day simple moving average is $183.37. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $199.62. The stock has a market capitalization of $3.00 trillion, a P/E ratio of 30.46, a P/E/G ratio of 2.36 and a beta of 1.25. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04.

Apple (NASDAQ:AAPLGet Free Report) last issued its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. The company had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the company posted $1.52 earnings per share. As a group, analysts predict that Apple Inc. will post 6.57 EPS for the current year.

Apple declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 2nd that permits the company to buyback $110.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Friday, May 10th. This is a boost from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio is 15.55%.

Insider Buying and Selling at Apple

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the sale, the director now directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the sale, the senior vice president now owns 136,572 shares in the company, valued at $23,068,376.52. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the transaction, the director now directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 346,270 shares of company stock valued at $60,880,196. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on AAPL shares. Canaccord Genuity Group increased their price objective on Apple from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Rosenblatt Securities restated a “neutral” rating and issued a $196.00 price objective (up previously from $189.00) on shares of Apple in a research report on Friday, May 3rd. Monness Crespi & Hardt raised their target price on Apple from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. JPMorgan Chase & Co. increased their price objective on Apple from $210.00 to $225.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Finally, UBS Group reaffirmed a “hold” rating and issued a $190.00 target price on shares of Apple in a research report on Monday, March 25th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average price target of $205.59.

Check Out Our Latest Research Report on Apple

About Apple

(Free Report)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. 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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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