Apple Inc. (NASDAQ:AAPL) is Bellevue Asset Management LLC’s 2nd Largest Position

Bellevue Asset Management LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPLFree Report) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 58,102 shares of the iPhone maker’s stock after selling 751 shares during the period. Apple comprises about 5.7% of Bellevue Asset Management LLC’s investment portfolio, making the stock its 2nd biggest position. Bellevue Asset Management LLC’s holdings in Apple were worth $9,963,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Apple during the 4th quarter valued at about $33,912,466,000. International Assets Investment Management LLC raised its stake in Apple by 14,395.4% during the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock worth $136,119,470,000 after acquiring an additional 70,212,651 shares during the period. Vanguard Group Inc. lifted its holdings in Apple by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after purchasing an additional 18,067,216 shares in the last quarter. Global Assets Advisory LLC boosted its position in shares of Apple by 23,076.4% in the first quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock worth $1,584,512,000 after purchasing an additional 9,200,345 shares during the period. Finally, Cerity Partners LLC increased its stake in shares of Apple by 130.1% in the fourth quarter. Cerity Partners LLC now owns 9,430,190 shares of the iPhone maker’s stock worth $1,815,594,000 after purchasing an additional 5,331,439 shares in the last quarter. Institutional investors own 60.41% of the company’s stock.

Apple Trading Up 2.2 %

Shares of AAPL stock opened at $226.34 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $226.45. The company’s 50-day moving average price is $197.44 and its 200-day moving average price is $186.24. The stock has a market cap of $3.47 trillion, a price-to-earnings ratio of 35.20, a PEG ratio of 2.69 and a beta of 1.24.

Apple (NASDAQ:AAPLGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The company had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. During the same period in the prior year, the business posted $1.52 earnings per share. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 6.59 earnings per share for the current year.

Apple declared that its board has approved a stock buyback program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Friday, May 10th. This is a positive change from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio (DPR) is 15.55%.

Insider Activity

In related news, CFO Luca Maestri sold 53,194 shares of the stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the completion of the transaction, the chief financial officer now owns 107,788 shares of the company’s stock, valued at approximately $18,768,046.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Luca Maestri sold 53,194 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the sale, the chief financial officer now owns 107,788 shares of the company’s stock, valued at $18,768,046.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeffrey E. Williams sold 59,162 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the completion of the transaction, the chief operating officer now directly owns 489,944 shares of the company’s stock, valued at approximately $84,378,155.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 192,355 shares of company stock valued at $34,771,329. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

AAPL has been the topic of a number of analyst reports. Morgan Stanley restated an “overweight” rating and set a $216.00 target price on shares of Apple in a research note on Tuesday, June 11th. UBS Group reiterated a “neutral” rating and set a $190.00 target price on shares of Apple in a research report on Monday, July 1st. Wedbush lifted their target price on Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, May 24th. Tigress Financial upped their price target on Apple from $240.00 to $245.00 and gave the stock a “strong-buy” rating in a research note on Thursday, May 30th. Finally, DA Davidson upgraded shares of Apple from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $200.00 to $230.00 in a research report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $215.71.

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Apple Profile

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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.

See Also

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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