Edgewood Management LLC Reduces Stock Position in Apple Inc. (NASDAQ:AAPL)

Edgewood Management LLC trimmed its position in Apple Inc. (NASDAQ:AAPLFree Report) by 1.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 244,007 shares of the iPhone maker’s stock after selling 2,911 shares during the quarter. Apple accounts for 0.1% of Edgewood Management LLC’s holdings, making the stock its 23rd largest holding. Edgewood Management LLC’s holdings in Apple were worth $46,979,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Apple during the 4th quarter worth $33,912,466,000. International Assets Investment Management LLC increased its position in Apple by 14,395.4% during the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock valued at $136,119,470,000 after buying an additional 70,212,651 shares in the last quarter. Cerity Partners LLC increased its position in Apple by 130.1% during the 4th quarter. Cerity Partners LLC now owns 9,430,190 shares of the iPhone maker’s stock valued at $1,815,594,000 after buying an additional 5,331,439 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc acquired a new position in Apple during the 4th quarter valued at about $560,388,000. Finally, Hudson Bay Capital Management LP acquired a new position in Apple during the 3rd quarter valued at about $487,435,000. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AAPL has been the topic of several recent analyst reports. Tigress Financial upped their target price on Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a research report on Thursday, May 30th. UBS Group reaffirmed a “hold” rating and set a $190.00 target price on shares of Apple in a research report on Monday, March 25th. Wedbush upped their target price on Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, May 24th. Citigroup cut their price objective on Apple from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Apple in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $205.59.

Check Out Our Latest Stock Analysis on Apple

Apple Stock Performance

Shares of AAPL stock opened at $193.12 on Tuesday. The company has a market capitalization of $2.96 trillion, a P/E ratio of 30.03, a P/E/G ratio of 2.40 and a beta of 1.25. The business’s 50 day moving average is $180.37 and its two-hundred day moving average is $183.39. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $199.62.

Apple (NASDAQ:AAPLGet Free Report) last released its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. The business had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. Apple had a return on equity of 148.33% and a net margin of 26.31%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.52 earnings per share. Analysts expect that Apple Inc. will post 6.57 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 10th. This is a positive change from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.52%. Apple’s payout ratio is currently 15.55%.

Apple declared that its board has authorized a share buyback program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Apple

In other news, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the sale, the director now directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the transaction, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. Insiders have sold 346,270 shares of company stock valued at $60,880,196 over the last ninety days. Insiders own 0.06% of the company’s stock.

Apple Profile

(Free Report)

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.

Featured Stories

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:AAPLFree Report).

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.