Barrett Asset Management LLC Cuts Stake in Apple Inc. (AAPL)
Barrett Asset Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL) by 0.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 240,998 shares of the iPhone maker’s stock after selling 726 shares during the period. Apple accounts for about 2.0% of Barrett Asset Management LLC’s portfolio, making the stock its 17th largest position. Barrett Asset Management LLC’s holdings in Apple were worth $23,039,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. NN Investment Partners Holdings N.V. purchased a new position in Apple during the first quarter worth approximately $325,287,000. Jericho Capital Asset Management L.P. raised its position in Apple by 182.2% in the first quarter. Jericho Capital Asset Management L.P. now owns 904,000 shares of the iPhone maker’s stock worth $98,527,000 after buying an additional 2,004,000 shares in the last quarter. Virginia Retirement System purchased a new position in Apple during the first quarter worth approximately $193,992,000. Franklin Resources Inc. raised its position in Apple by 13.9% in the first quarter. Franklin Resources Inc. now owns 14,170,724 shares of the iPhone maker’s stock worth $1,544,480,000 after buying an additional 1,726,014 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Apple by 34.8% in the second quarter. BNP Paribas Arbitrage SA now owns 5,887,600 shares of the iPhone maker’s stock worth $562,855,000 after buying an additional 1,521,440 shares in the last quarter. Hedge funds and other institutional investors own 56.46% of the company’s stock.
Apple Inc. (NASDAQ:AAPL) traded up 0.22% during trading on Tuesday, reaching $116.30. The company’s stock had a trading volume of 64,041,043 shares. The firm’s 50-day moving average price is $110.55 and its 200 day moving average price is $103.27. The company has a market capitalization of $626.68 billion, a P/E ratio of 13.56 and a beta of 1.22. Apple Inc. has a 12-month low of $89.47 and a 12-month high of $123.82.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.04. Apple had a return on equity of 37.89% and a net margin of 21.70%. The business had revenue of $42.36 billion for the quarter, compared to the consensus estimate of $42.35 billion. During the same quarter in the previous year, the company posted $1.85 EPS. The company’s revenue was down 14.6% compared to the same quarter last year. On average, analysts predict that Apple Inc. will post $8.26 earnings per share for the current fiscal year.
A number of equities analysts recently commented on AAPL shares. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $153.00 price objective on shares of Apple in a research note on Tuesday, July 26th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $150.00 price objective on shares of Apple in a research note on Thursday, September 15th. Citigroup Inc. raised their price objective on shares of Apple from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, September 30th. Needham & Company LLC reissued a “buy” rating and set a $150.00 target price on shares of Apple in a research note on Wednesday, July 20th. Finally, Vetr lowered shares of Apple from a “hold” rating to a “sell” rating and set a $105.47 target price for the company. in a research note on Monday, August 15th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, forty-one have given a buy rating and two have issued a strong buy rating to the company’s stock. Apple presently has an average rating of “Buy” and an average target price of $126.13.
In other Apple news, COO Jeffrey E. Williams sold 43,769 shares of Apple stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $112.59, for a total value of $4,927,951.71. Following the sale, the chief operating officer now owns 90,657 shares of the company’s stock, valued at approximately $10,207,071.63. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 334,000 shares of Apple stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $107.23, for a total value of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.
Apple Company Profile
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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