Rehmann Capital Advisory Group reduced its position in shares of Apple Inc. (NASDAQ:AAPL) by 10.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,425 shares of the iPhone maker’s stock after selling 5,209 shares during the period. Apple comprises 1.2% of Rehmann Capital Advisory Group’s holdings, making the stock its 15th largest position. Rehmann Capital Advisory Group’s holdings in Apple were worth $6,254,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Hefty Wealth Partners boosted its position in Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares in the last quarter. American Beacon Advisors Inc. acquired a new position in Apple during the first quarter valued at $117,000. State of Alaska Department of Revenue acquired a new position in Apple during the second quarter valued at $149,000. Glacier Peak Capital LLC acquired a new position in Apple during the fourth quarter valued at $127,000. Finally, Portfolio Solutions LLC acquired a new position in Apple during the first quarter valued at $169,000. Hedge funds and other institutional investors own 61.50% of the company’s stock.
Apple Inc. (AAPL) traded up 0.418% during trading on Wednesday, reaching $162.275. 13,460,473 shares of the company traded hands. The firm’s 50 day moving average price is $150.76 and its 200 day moving average price is $145.17. Apple Inc. has a 12-month low of $102.53 and a 12-month high of $162.51. The firm has a market capitalization of $838.19 billion, a price-to-earnings ratio of 18.424 and a beta of 1.31.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. The business had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. Equities research analysts expect that Apple Inc. will post $9.02 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 14th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Thursday, August 10th. Apple’s dividend payout ratio (DPR) is presently 28.64%.
Apple announced that its Board of Directors has authorized a share repurchase plan on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
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AAPL has been the subject of several research analyst reports. UBS AG reissued a “buy” rating and set a $170.00 price objective on shares of Apple in a research report on Monday, July 31st. Bank of America Corporation reissued a “buy” rating and set a $180.00 price objective (up previously from $155.00) on shares of Apple in a research report on Friday, May 12th. Wells Fargo & Company reissued a “market perform” rating and set a $140.00 price objective on shares of Apple in a research report on Saturday, July 22nd. Mizuho reissued a “buy” rating and set a $150.00 price objective on shares of Apple in a research report on Wednesday, May 3rd. Finally, KeyCorp reissued an “equal weight” rating on shares of Apple in a research report on Friday, August 4th. Twelve equities research analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $167.33.
In other Apple news, Director Arthur D. Levinson sold 35,000 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $157.58, for a total value of $5,515,300.00. Following the sale, the director now owns 1,168,283 shares of the company’s stock, valued at approximately $184,098,035.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Craig Federighi sold 63,163 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $158.07, for a total transaction of $9,984,175.41. Following the completion of the sale, the insider now directly owns 359,988 shares in the company, valued at approximately $56,903,303.16. The disclosure for this sale can be found here. In the last three months, insiders sold 287,962 shares of company stock worth $44,702,313. Insiders own 0.08% of the company’s stock.
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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