Investment group

Renaissance Investment Group LLC is reducing its stock position in Apple Inc. (NASDAQ:AAPL)


Renaissance Investment Group LLC reduced its stake in shares of Apple Inc. (NASDAQ: AAPL – Get Rating) by 14.0% during Q1, according to the company in its latest SEC filing. The fund held 119,649 shares of the iPhone maker after selling 19,442 shares during the quarter. Apple accounts for 5.5% of Renaissance Investment Group LLC’s holdings, making it its largest holding. Renaissance Investment Group LLC’s holdings in Apple were worth $18,900,000 when it last filed with the SEC.

Other large investors have also recently changed their holdings in the company. Norges Bank bought a new stake in shares of Apple in the 4th quarter valued at approximately $25,228,507,000. State Street Corp increased its position in Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker worth $112,422,274,000 after buying an additional 10,951,705 shares in the last quarter. Capital Research Global Investors increased its position in Apple by 38.1% during the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker worth $5,247,094,000 after buying an additional 8,154,171 shares in the last quarter. SG Americas Securities LLC increased its position in Apple by 114.9% in the first quarter. SG Americas Securities LLC now owns 959,506 shares of the iPhone maker worth $167,539,000 after buying an additional 7,386,473 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Apple shares by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker valued at $3,705,275,000 after acquiring an additional 6,154,422 shares in the last quarter. Institutional investors hold 57.62% of the company’s shares.

Changes to analyst ratings

Several research companies have recently published reports on AAPL. Wedbush raised its price target on Apple shares from $200.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday. Evercore ISI raised its target price on Apple from $180.00 to $185.00 in a Friday, July 29 report. Credit Suisse Group upgraded Apple from a “neutral” rating to an “outperforming” rating and set a target price of $201.00 for the stock in a report released Tuesday. Oppenheimer reaffirmed an “outperform” rating and set a price target of $190.00 on Apple shares in a Wednesday, June 8 research report. Finally, Fundamental Research set a target price of $177.07 on Apple and gave the company a “buy” rating in a Thursday, August 4, research report. Two research analysts rated the stock with a sell rating, seven issued a hold rating, twenty-four gave the company a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat, Apple has an average rating of “Moderate Buy” and an average price target of $180.94.

Apple trade up 0.9%

AAPL stock opened at $174.55 on Thursday. The company has a market capitalization of $2.81 trillion, a P/E ratio of 28.80, a PEG ratio of 2.24 and a beta of 1.23. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt ratio of 1.63. The company has a fifty-day moving average of $149.82 and a 200-day moving average of $157.52.

Apple (NASDAQ:AAPL – Get Rating) last released its results on Thursday, July 28. The iPhone maker reported earnings per share (EPS) of $1.20 for the quarter, beating consensus analyst estimates of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The company posted revenue of $82.96 billion in the quarter, compared to $82.97 billion expected by analysts. In the same period a year earlier, the company earned earnings per share of $1.30. The company’s revenue increased 1.9% year-over-year. As a group, equity research analysts expect Apple Inc. to post 6.1 EPS for the current year.

Apple dividend announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 11. Investors of record on Monday August 8 received a dividend of $0.23. The ex-dividend date was Friday August 5th. This represents an annualized dividend of $0.92 and a dividend yield of 0.53%. Apple’s dividend payout ratio is currently 15.18%.

Apple announced that its board authorized a stock repurchase program on Thursday, April 28 that allows the company to repurchase $90.00 billion in outstanding stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Stock buyback programs usually indicate that the management of the company believes that its shares are undervalued.

Insider activity at Apple

In other news, SVP Katherine L. Adams sold 25,000 Apple shares in a trade on Wednesday, August 3. The stock was sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the completion of the sale, the senior vice president now owns 427,334 shares of the company, valued at $70,411,823.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. 0.06% of the shares are held by insiders of the company.

Apple Profile

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Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories worldwide. It also sells various related services. Additionally, the company offers iPhone, a range of smartphones; Mac, a line of personal computers; iPad, a range of versatile tablets; AirPods Max, an over-ear wireless headset; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.

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Institutional ownership by quarter for Apple (NASDAQ:AAPL)



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