Banque Pictet & Cie SA Boosts Stock Position in Apple Inc. (NASDAQ:AAPL)

Banque Pictet & Cie SA raised its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 557,492 shares of the iPhone maker’s stock after purchasing an additional 16,805 shares during the period. Apple makes up about 0.8% of Banque Pictet & Cie SA’s investment portfolio, making the stock its 22nd largest holding. Banque Pictet & Cie SA’s holdings in Apple were worth $72,435,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Robinson Value Management Ltd. bought a new stake in Apple during the third quarter valued at about $28,000. Hanseatic Management Services Inc. raised its holdings in Apple by 75.4% during the third quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock valued at $34,000 after acquiring an additional 107 shares during the period. Cheyne Capital Management UK LLP raised its holdings in Apple by 200.0% during the third quarter. Cheyne Capital Management UK LLP now owns 275 shares of the iPhone maker’s stock valued at $212,000 after acquiring an additional 550 shares during the period. Align Wealth Management LLC bought a new stake in Apple during the fourth quarter valued at about $55,000. Finally, HBC Financial Services PLLC raised its holdings in Apple by 21.7% during the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after acquiring an additional 80 shares during the period. 57.60% of the stock is currently owned by hedge funds and other institutional investors.

Apple Stock Up 0.1 %

Apple stock opened at $175.16 on Monday. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $176.39. The firm has a market capitalization of $2.76 trillion, a PE ratio of 29.74, a P/E/G ratio of 2.34 and a beta of 1.29. The company’s 50-day moving average is $164.84 and its 200-day moving average is $150.62. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.88.

Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. Apple had a net margin of 24.49% and a return on equity of 165.72%. The firm had revenue of $94.84 billion for the quarter, compared to analyst estimates of $92.84 billion. During the same quarter in the prior year, the business posted $1.52 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. Sell-side analysts anticipate that Apple Inc. will post 5.99 earnings per share for the current year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 12th. This is a boost from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 0.55%. Apple’s dividend payout ratio is 16.30%.

Apple declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 4th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have commented on AAPL. Evercore ISI reissued an “outperform” rating and set a $190.00 price target on shares of Apple in a report on Monday, February 6th. UBS Group set a $180.00 price objective on Apple in a research report on Monday, April 3rd. The Goldman Sachs Group started coverage on Apple in a research report on Sunday, March 5th. They set a “buy” rating and a $199.00 price objective for the company. Cowen cut their price objective on Apple from $200.00 to $195.00 and set an “outperform” rating for the company in a research report on Friday, February 3rd. Finally, Canaccord Genuity Group raised their price objective on Apple from $180.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, May 5th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average target price of $174.74.

Insiders Place Their Bets

In other news, CEO Timothy D. Cook sold 56,072 shares of Apple stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $165.17, for a total value of $9,261,412.24. Following the completion of the transaction, the chief executive officer now owns 3,280,052 shares in the company, valued at $541,766,188.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Chris Kondo sold 4,092 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $173.26, for a total value of $708,979.92. Following the sale, the insider now owns 33,946 shares in the company, valued at $5,881,483.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy D. Cook sold 56,072 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the sale, the chief executive officer now directly owns 3,280,052 shares of the company’s stock, valued at $541,766,188.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 439,529 shares of company stock worth $71,703,657. 0.06% of the stock is currently owned by company insiders.

Apple Profile

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.