Olstein Capital Management L.P. Grows Stake in Apple Inc. (NASDAQ:AAPL)

Posted by MarketBeat News on May 22nd, 2023

Olstein Capital Management L.P. increased its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,000 shares of the iPhone maker’s stock after acquiring an additional 500 shares during the period. Olstein Capital Management L.P.’s holdings in Apple were worth $6,367,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Robinson Value Management Ltd. bought a new position in shares of Apple during the third quarter valued at about $28,000. Hanseatic Management Services Inc. raised its stake in shares of 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 last quarter. Cheyne Capital Management UK LLP raised its stake in shares of 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 last quarter. Align Wealth Management LLC bought a new position in shares of Apple during the fourth quarter valued at about $55,000. Finally, HBC Financial Services PLLC raised its stake in shares of 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 last quarter. 57.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

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A number of research firms recently issued reports on AAPL. Morgan Stanley increased their price target on shares of Apple from $180.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, May 5th. Bank of America upped their price objective on shares of Apple from $173.00 to $176.00 and gave the stock a “neutral” rating in a report on Friday, May 5th. Atlantic Securities upped their price objective on shares of Apple from $180.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, May 5th. Canaccord Genuity Group upped their price objective on shares of Apple from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Finally, Monness Crespi & Hardt increased their price target on shares of Apple from $174.00 to $188.00 and gave the company a “buy” rating in a report on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $174.74.

Apple Stock Performance

AAPL opened at $175.16 on Monday. The stock has a market capitalization of $2.76 trillion, a price-to-earnings ratio of 29.74, a PEG ratio of 2.34 and a beta of 1.29. The company has a fifty day moving average of $164.84 and a 200 day moving average of $150.62. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $176.39. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.88 and a current ratio of 0.94.

Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 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 business had revenue of $94.84 billion during the quarter, compared to analysts’ expectations of $92.84 billion. During the same period last year, the company posted $1.52 EPS. The business’s revenue was down 2.5% on a year-over-year basis. As a group, sell-side analysts forecast that Apple Inc. will post 5.99 earnings per share for the current fiscal year.

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

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 15th were paid a $0.24 dividend. This is a boost from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Friday, May 12th. Apple’s dividend payout ratio (DPR) is presently 16.30%.

About Apple

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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.