Apple Inc. (NASDAQ:AAPL) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 1.3% during the third quarter, HoldingsChannel reports. The firm owned 4,875,425 shares of the iPhone maker’s stock after selling 62,011 shares during the period. Apple comprises about 5.0% of State of Michigan Retirement System’s investment portfolio, making the stock its 2nd biggest holding. State of Michigan Retirement System’s holdings in Apple were worth $673,784,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. IFM Investors Pty Ltd raised its holdings in Apple by 20.0% during the first quarter. IFM Investors Pty Ltd now owns 2,615,701 shares of the iPhone maker’s stock worth $456,728,000 after purchasing an additional 435,891 shares in the last quarter. Ironwood Wealth Management LLC. grew its holdings in Apple by 0.4% during the first quarter. Ironwood Wealth Management LLC. now owns 240,628 shares of the iPhone maker’s stock worth $42,016,000 after acquiring an additional 1,040 shares during the period. Markel Corp raised its position in Apple by 0.7% in the first quarter. Markel Corp now owns 1,206,990 shares of the iPhone maker’s stock worth $210,752,000 after acquiring an additional 8,450 shares in the last quarter. Camden Capital LLC boosted its position in shares of Apple by 9.2% during the 1st quarter. Camden Capital LLC now owns 156,364 shares of the iPhone maker’s stock worth $27,305,000 after purchasing an additional 13,200 shares in the last quarter. Finally, Harbor Island Capital LLC grew its stake in shares of Apple by 0.3% during the 1st quarter. Harbor Island Capital LLC now owns 135,325 shares of the iPhone maker’s stock worth $23,629,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 57.60% of the company’s stock.

Apple Stock Performance

Apple stock opened at $135.27 on Friday. The firm has a market capitalization of $2.14 trillion, a PE ratio of 22.14, a price-to-earnings-growth ratio of 1.74 and a beta of 1.24. Apple Inc. has a one year low of $124.17 and a one year high of $179.61. The stock’s 50 day moving average price is $138.95 and its 200 day moving average price is $148.10. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.85 and a current ratio of 0.88.

Apple (NASDAQ:AAPLGet Rating) last announced its earnings results on Thursday, October 27th. The iPhone maker reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.03. Apple had a net margin of 25.31% and a return on equity of 160.90%. The business had revenue of $90.15 billion during the quarter, compared to the consensus estimate of $88.77 billion. During the same period in the prior year, the firm earned $1.24 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts expect that Apple Inc. will post 6.19 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Monday, November 7th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date was Friday, November 4th. Apple’s dividend payout ratio is currently 15.06%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AAPL shares. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Apple from $175.00 to $170.00 and set a “buy” rating for the company in a report on Friday, October 28th. DA Davidson lowered their target price on Apple to $167.00 in a report on Thursday, December 1st. Robert W. Baird cut their price target on Apple from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, October 28th. Fundamental Research raised their target price on shares of Apple to $168.50 and gave the company a “buy” rating in a report on Tuesday, November 8th. Finally, Sanford C. Bernstein reduced their price target on shares of Apple from $170.00 to $125.00 in a report on Monday, January 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $170.04.

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 20,200 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $148.72, for a total transaction of $3,004,144.00. Following the completion of the transaction, the insider now directly owns 31,505 shares in the company, valued at approximately $4,685,423.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Luca Maestri sold 176,299 shares of Apple stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $155.95, for a total value of $27,493,829.05. Following the completion of the transaction, the chief financial officer now directly owns 110,673 shares in the company, valued at $17,259,454.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chris Kondo sold 20,200 shares of the company’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $148.72, for a total value of $3,004,144.00. Following the sale, the insider now owns 31,505 shares in the company, valued at approximately $4,685,423.60. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

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; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

See Also

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPLGet Rating).

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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