Apple Inc. (NASDAQ:AAPL) is Pictet Asset Management Ltd.’s Largest Position
Pictet Asset Management Ltd. boosted its position in Apple Inc. (NASDAQ:AAPL) by 1.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,101,518 shares of the iPhone maker’s stock after buying an additional 71,494 shares during the period. Apple makes up 1.9% of Pictet Asset Management Ltd.’s portfolio, making the stock its largest position. Pictet Asset Management Ltd. owned about 0.08% of Apple worth $589,224,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in AAPL. Norges Bank purchased a new position in Apple during the fourth quarter worth $5,625,709,000. Asset Management One Co. Ltd. boosted its stake in Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock worth $1,096,072,000 after buying an additional 8,571,027 shares during the period. Glenview Capital Management LLC acquired a new stake in Apple during the fourth quarter worth $365,191,000. Canada Pension Plan Investment Board boosted its stake in Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock worth $1,334,527,000 after buying an additional 1,749,797 shares during the period. Finally, Flinton Capital Management LLC acquired a new stake in Apple during the fourth quarter worth $169,077,000. 61.50% of the stock is owned by hedge funds and other institutional investors.
Apple Inc. (NASDAQ:AAPL) traded down 0.23% during midday trading on Friday, reaching $157.50. The company’s stock had a trading volume of 27,428,069 shares. The stock has a market cap of $813.52 billion, a price-to-earnings ratio of 17.88 and a beta of 1.31. Apple Inc. has a one year low of $102.53 and a one year high of $162.51. The stock’s 50 day moving average price is $151.99 and its 200-day moving average price is $145.63.
Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts forecast that Apple Inc. will post $9.02 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were given a dividend of $0.63 per share. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.60%. Apple’s payout ratio is currently 28.64%.
Apple announced that its Board of Directors has approved a stock buyback program on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several research analysts have weighed in on the company. Royal Bank Of Canada increased their price objective on Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a research report on Monday, May 22nd. Morgan Stanley increased their price objective on Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a research report on Monday, July 17th. Needham & Company LLC reiterated a “buy” rating and set a $175.00 price objective (up previously from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. They noted that the move was a valuation call. Rosenblatt Securities set a $120.00 price objective on Apple and gave the stock a “hold” rating in a research report on Wednesday, May 3rd. Finally, Bank of America Corporation reiterated a “buy” rating and set a $180.00 price objective (up previously from $175.00) on shares of Apple in a research report on Wednesday, August 2nd. Eleven analysts have rated the stock with a hold rating, forty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $167.38.
In other Apple news, SVP Johny Srouji sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $153.20, for a total value of $1,532,000.00. Following the completion of the transaction, the senior vice president now owns 96,738 shares of the company’s stock, valued at approximately $14,820,261.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Federighi sold 64,500 shares of Apple stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $153.62, for a total transaction of $9,908,490.00. Following the sale, the insider now directly owns 447,151 shares of the company’s stock, valued at $68,691,336.62. The disclosure for this sale can be found here. Insiders have sold a total of 304,640 shares of company stock valued at $47,405,994 in the last ninety days. 0.08% of the stock is currently owned by corporate 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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