Kornitzer Capital Management Inc. KS Sells 13,185 Shares of Apple Inc. (NASDAQ:AAPL)

Kornitzer Capital Management Inc. KS reduced its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 577,570 shares of the iPhone maker’s stock after selling 13,185 shares during the period. Apple comprises 1.7% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 2nd largest position. Kornitzer Capital Management Inc. KS’s holdings in Apple were worth $100,849,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AAPL. Norges Bank acquired a new stake in Apple in the fourth quarter valued at approximately $25,228,507,000. State Street Corp lifted its position in shares of Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after acquiring an additional 10,951,705 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Apple in the fourth quarter valued at approximately $1,461,735,000. Capital Research Global Investors lifted its position in shares of Apple by 38.1% in the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock valued at $5,247,094,000 after acquiring an additional 8,154,171 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Apple by 41.8% in the fourth quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock valued at $3,705,275,000 after acquiring an additional 6,154,422 shares in the last quarter. 57.98% of the stock is owned by institutional investors and hedge funds.

Apple Stock Up 3.3 %

Shares of NASDAQ AAPL opened at $162.51 on Monday. The company has a market capitalization of $2.63 trillion, a price-to-earnings ratio of 26.38, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. The business has a 50-day moving average of $144.31 and a two-hundred day moving average of $157.20. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. During the same period in the previous year, the business earned $1.30 EPS. Apple’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, analysts forecast that Apple Inc. will post 6.09 earnings per share for the current fiscal year.

Apple Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s payout ratio is currently 14.94%.

Apple announced that its board has approved a stock buyback plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group set a $139.00 target price on Apple in a research report on Friday. Loop Capital reduced their price objective on Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Itaú Unibanco started coverage on Apple in a research report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price objective on the stock. Fundamental Research reduced their target price on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research report on Friday, May 6th. Finally, Piper Sandler reduced their target price on Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $179.04.

Insider Activity

In other news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the sale, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.06% of the company’s stock.

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; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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