Fifth Third Bancorp Purchases 48,719 Shares of Apple Inc. (NASDAQ:AAPL)

Fifth Third Bancorp grew its position in shares of Apple Inc. (NASDAQ:AAPL) by 0.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 6,202,902 shares of the iPhone maker’s stock after acquiring an additional 48,719 shares during the period. Apple accounts for approximately 5.0% of Fifth Third Bancorp’s investment portfolio, making the stock its 2nd biggest holding. Fifth Third Bancorp’s holdings in Apple were worth $1,306,455,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in AAPL. Private Management Group Inc. boosted its stake in shares of Apple by 5.4% during the 4th quarter. Private Management Group Inc. now owns 17,555 shares of the iPhone maker’s stock worth $3,380,000 after acquiring an additional 895 shares in the last quarter. Kennicott Capital Management LLC grew its holdings in Apple by 4.0% during the fourth quarter. Kennicott Capital Management LLC now owns 14,767 shares of the iPhone maker’s stock valued at $2,843,000 after purchasing an additional 568 shares during the last quarter. Arbor Wealth Advisors LLC bought a new position in shares of Apple in the fourth quarter valued at approximately $280,000. Fountainhead AM LLC lifted its stake in shares of Apple by 3.5% in the fourth quarter. Fountainhead AM LLC now owns 48,212 shares of the iPhone maker’s stock worth $9,282,000 after buying an additional 1,647 shares during the last quarter. Finally, Madison Park Capital Advisors LLC bought a new stake in shares of Apple during the 4th quarter worth $2,630,000. Institutional investors own 60.41% of the company’s stock.

Apple Stock Down 0.3 %

Shares of AAPL opened at $228.20 on Monday. The business’s fifty day moving average price is $222.41 and its two-hundred day moving average price is $200.41. The firm has a market capitalization of $3.50 trillion, a price-to-earnings ratio of 35.49, a PEG ratio of 2.62 and a beta of 1.24. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.23. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. Apple had a return on equity of 147.15% and a net margin of 26.44%. The firm had revenue of $85.78 billion during the quarter, compared to analyst estimates of $84.43 billion. During the same period last year, the company earned $1.26 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. On average, analysts predict that Apple Inc. will post 6.7 earnings per share for the current year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a yield of 0.44%. Apple’s dividend payout ratio is currently 15.55%.

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 5,178 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $216.50, for a total value of $1,121,037.00. Following the transaction, the insider now owns 24,125 shares of the company’s stock, valued at approximately $5,223,062.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the completion of the sale, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chris Kondo sold 5,178 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the transaction, the insider now owns 24,125 shares of the company’s stock, valued at approximately $5,223,062.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,884 shares of company stock valued at $23,723,887. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of research analyst reports. Cfra boosted their target price on shares of Apple from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Tigress Financial increased their target price on Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 28th. Oppenheimer reaffirmed an “outperform” rating and issued a $250.00 target price on shares of Apple in a report on Tuesday, September 10th. TD Cowen upped their price target on Apple from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Morgan Stanley restated an “overweight” rating and issued a $273.00 price objective on shares of Apple in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average target price of $239.17.

Apple Profile

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.