Tower Bridge Advisors Trims Stake in Apple Inc. (AAPL)
Tower Bridge Advisors trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.5% in the second quarter, according to its most recent filing with the SEC. The firm owned 138,308 shares of the iPhone maker’s stock after selling 685 shares during the period. Apple makes up about 2.3% of Tower Bridge Advisors’ investment portfolio, making the stock its 5th biggest position. Tower Bridge Advisors’ holdings in Apple were worth $19,919,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in AAPL. Canada Pension Plan Investment Board lifted its holdings in Apple by 23.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock valued at $1,334,527,000 after purchasing an additional 1,749,797 shares during the last quarter. Skandinaviska Enskilda Banken AB publ bought a new position in Apple during the 1st quarter valued at about $190,134,000. State of Wisconsin Investment Board lifted its holdings in Apple by 15.5% during the 1st quarter. State of Wisconsin Investment Board now owns 5,578,551 shares of the iPhone maker’s stock valued at $801,415,000 after purchasing an additional 749,158 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its holdings in Apple by 502.9% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 859,200 shares of the iPhone maker’s stock valued at $123,742,000 after purchasing an additional 716,683 shares during the last quarter. Finally, Achmea Investment Management B.V. bought a new position in Apple during the 1st quarter valued at about $84,453,000. 60.33% of the stock is owned by institutional investors.
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Several equities analysts recently issued reports on AAPL shares. Morgan Stanley lifted their price target on shares of Apple from $177.00 to $182.00 and gave the company an “overweight” rating in a report on Monday, July 17th. Needham & Company LLC reissued a “buy” rating and set a $175.00 price target (up from $165.00) on shares of Apple in a report on Wednesday, August 2nd. They noted that the move was a valuation call. Cleveland Research raised shares of Apple from a “neutral” rating to a “buy” rating and set a $197.00 price target for the company in a report on Tuesday, August 29th. Bank of America Corporation reissued a “buy” rating and set a $180.00 price target (up from $175.00) on shares of Apple in a report on Wednesday, August 2nd. Finally, Canaccord Genuity reissued a “buy” rating and set a $180.00 price target on shares of Apple in a report on Monday, July 10th. Seven analysts have rated the stock with a hold rating and forty-seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $190.67.
In other news, insider Philip W. Schiller sold 56,808 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $154.70, for a total value of $8,788,197.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Craig Federighi sold 63,163 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $158.07, for a total value of $9,984,175.41. Following the completion of the transaction, the insider now directly owns 359,988 shares of the company’s stock, valued at approximately $56,903,303.16. The disclosure for this sale can be found here. Insiders sold 541,177 shares of company stock worth $85,864,804 in the last 90 days. Company insiders own 0.08% of the company’s stock.
Apple Inc. (NASDAQ AAPL) opened at 156.25 on Monday. The company has a market cap of $807.07 billion, a P/E ratio of 17.74 and a beta of 1.27. The stock has a 50 day moving average price of $157.09 and a 200 day moving average price of $152.10. Apple Inc. has a 1-year low of $104.08 and a 1-year high of $164.94.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The firm had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. During the same quarter in the prior year, the business earned $1.42 earnings per share. The company’s revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts anticipate that Apple Inc. will post $9.01 EPS for the current fiscal year.
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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