Cullen Frost Bankers Inc. Has $391.90 Million Stock Position in Apple Inc. $AAPL

Cullen Frost Bankers Inc. grew its stake in Apple Inc. (NASDAQ:AAPL) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,910,139 shares of the iPhone maker’s stock after purchasing an additional 10,393 shares during the period. Apple comprises about 4.9% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 2nd biggest position. Cullen Frost Bankers Inc.’s holdings in Apple were worth $391,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in AAPL. Ryan Investment Management Inc. acquired a new position in shares of Apple in the second quarter valued at $31,000. ROSS JOHNSON & Associates LLC raised its stake in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after buying an additional 180 shares in the last quarter. Nexus Investment Management ULC lifted its holdings in shares of Apple by 333.3% during the 2nd quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock worth $53,000 after acquiring an additional 200 shares during the period. Elite Financial Inc. bought a new position in shares of Apple during the 1st quarter worth about $58,000. Finally, LSV Asset Management acquired a new stake in shares of Apple during the 4th quarter valued at about $65,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Up 2.0%

Shares of NASDAQ:AAPL opened at $271.49 on Friday. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $277.32. The company’s 50-day moving average price is $259.49 and its two-hundred day moving average price is $228.92. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The firm has a market cap of $4.01 trillion, a P/E ratio of 41.20, a P/E/G ratio of 2.62 and a beta of 1.09.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.11. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $102.47 billion during the quarter, compared to the consensus estimate of $101.65 billion. During the same period in the previous year, the firm posted $1.64 earnings per share. The company’s revenue was up 8.7% on a year-over-year basis. As a group, research analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 13th. Shareholders of record on Monday, November 10th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, November 10th. Apple’s dividend payout ratio (DPR) is presently 13.92%.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several recent research reports. Robert W. Baird set a $300.00 price target on shares of Apple in a research report on Friday, October 31st. Loop Capital raised Apple from a “hold” rating to a “buy” rating and increased their target price for the stock from $226.00 to $315.00 in a report on Monday, October 20th. Morgan Stanley boosted their price target on Apple from $298.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. BMO Capital Markets reiterated a “buy” rating on shares of Apple in a research report on Wednesday, August 13th. Finally, CLSA raised Apple to a “strong-buy” rating in a report on Sunday, October 5th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $278.22.

Insider Transactions at Apple

In related news, SVP Deirdre O’brien sold 43,013 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Katherine L. Adams sold 47,125 shares of Apple stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the sale, the senior vice president owned 179,158 shares of the company’s stock, valued at approximately $46,005,982.82. The trade was a 20.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 228,052 shares of company stock worth $58,604,588. Corporate insiders own 0.06% of the company’s stock.

Apple Company Profile

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.