Bridges Investment Management Inc. Cuts Position in Apple Inc. (AAPL)
Bridges Investment Management Inc. decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,639 shares of the iPhone maker’s stock after selling 723 shares during the quarter. Apple makes up approximately 4.2% of Bridges Investment Management Inc.’s portfolio, making the stock its 5th biggest position. Bridges Investment Management Inc.’s holdings in Apple were worth $31,632,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hefty Wealth Partners boosted its holdings in shares of Apple by 27.6% during the 2nd quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after acquiring an additional 174 shares in the last quarter. American Beacon Advisors Inc. acquired a new stake in shares of Apple during the 1st quarter valued at $117,000. State of Alaska Department of Revenue acquired a new stake in shares of Apple during the 2nd quarter valued at $149,000. Portfolio Solutions LLC acquired a new stake in shares of Apple during the 1st quarter valued at $169,000. Finally, D. Scott Neal Inc. boosted its holdings in shares of Apple by 19.8% during the 2nd quarter. D. Scott Neal Inc. now owns 1,212 shares of the iPhone maker’s stock valued at $175,000 after acquiring an additional 200 shares in the last quarter. 60.35% of the stock is currently owned by institutional investors.
Apple Inc. (NASDAQ:AAPL) traded up 0.30% during mid-day trading on Tuesday, reaching $159.14. 11,936,660 shares of the company traded hands. The firm’s 50-day moving average is $159.23 and its 200 day moving average is $149.72. The stock has a market capitalization of $821.99 billion, a PE ratio of 18.07 and a beta of 1.27. Apple Inc. has a 52-week low of $104.08 and a 52-week high of $164.94.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion for the quarter, compared to analysts’ expectations of $44.94 billion. During the same period in the previous year, the business earned $1.42 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. On average, equities research analysts expect that Apple Inc. will post $9.01 earnings per share for the current year.
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Several research analysts have commented on AAPL shares. UBS AG reaffirmed a “buy” rating and set a $170.00 target price on shares of Apple in a report on Wednesday, May 31st. Deutsche Bank AG reaffirmed a “hold” rating and set a $130.00 target price on shares of Apple in a report on Tuesday, June 6th. Credit Suisse Group reaffirmed an “outperform” rating and set a $170.00 target price on shares of Apple in a report on Tuesday, June 6th. BMO Capital Markets reaffirmed an “outperform” rating and set a $170.00 target price on shares of Apple in a report on Tuesday, July 25th. Finally, Sanford C. Bernstein reaffirmed a “buy” rating and set a $160.00 target price on shares of Apple in a report on Tuesday, May 23rd. Eleven analysts have rated the stock with a hold rating and forty-four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $188.11.
In related news, CEO Timothy D. Cook sold 268,623 shares of Apple stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $160.63, for a total transaction of $43,148,912.49. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Johny Srouji sold 5,892 shares of Apple stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $161.00, for a total value of $948,612.00. Following the transaction, the insider now directly owns 70,358 shares in the company, valued at $11,327,638. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 432,930 shares of company stock worth $69,008,577. Company insiders own 0.08% of the company’s stock.
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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