Union Heritage Capital LLC reduced its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 12.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 74,000 shares of the iPhone maker’s stock after selling 11,000 shares during the period. Apple comprises 7.2% of Union Heritage Capital LLC’s investment portfolio, making the stock its biggest holding. Union Heritage Capital LLC’s holdings in Apple were worth $12,921,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in AAPL. Norges Bank purchased a new position in shares of Apple in the 4th quarter worth about $25,228,507,000. State Street Corp boosted its holdings in shares of Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after buying an additional 10,951,705 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Apple in the 4th quarter worth about $1,461,735,000. Capital Research Global Investors raised its stake in Apple by 38.1% in the 4th quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock valued at $5,247,094,000 after acquiring an additional 8,154,171 shares during the period. Finally, ProShare Advisors LLC raised its stake in Apple by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock valued at $3,705,275,000 after acquiring an additional 6,154,422 shares during the period. 57.98% of the stock is owned by hedge funds and other institutional investors.
Apple Stock Performance
Shares of AAPL stock opened at $156.79 on Thursday. The stock has a fifty day moving average of $143.41 and a 200 day moving average of $157.62. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94. The firm has a market capitalization of $2.54 trillion, a price-to-earnings ratio of 25.45, a PEG ratio of 1.98 and a beta of 1.19. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. During the same quarter last year, the firm posted $1.40 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. As a group, research analysts expect that Apple Inc. will post 6.09 earnings per share for the current year.
Apple declared that its board has initiated a share repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on AAPL shares. Wells Fargo & Company lowered their price objective on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. Itaú Unibanco started coverage on Apple in a research note on Tuesday. They issued an “underperform” rating and a $136.00 price objective on the stock. JPMorgan Chase & Co. set a $200.00 price objective on Apple in a research note on Monday. Rosenblatt Securities lowered their price objective on Apple from $184.00 to $168.00 and set a “neutral” rating on the stock in a research note on Monday, May 2nd. Finally, Fundamental Research lowered their price objective on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research note on Friday, May 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $179.64.
Insider Buying and Selling
In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.06% of the stock is currently owned by insiders.
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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