Majedie Asset Management Ltd raised its stake in shares of Apple Inc. (NASDAQ:AAPL) by 84.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,369 shares of the iPhone maker’s stock after buying an additional 27,251 shares during the period. Apple accounts for approximately 0.9% of Majedie Asset Management Ltd’s investment portfolio, making the stock its 29th largest position. Majedie Asset Management Ltd’s holdings in Apple were worth $8,529,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of AAPL. Bank of Nova Scotia Trust Co. increased its stake in Apple by 3.5% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 54,889 shares of the iPhone maker’s stock worth $6,357,000 after buying an additional 1,839 shares during the period. Lyell Wealth Management LP purchased a new stake in Apple during the fourth quarter worth $2,616,000. Meridian Wealth Management LLC purchased a new stake in Apple during the fourth quarter worth $1,504,000. Cim Investment Mangement Inc. increased its stake in Apple by 1.1% in the fourth quarter. Cim Investment Mangement Inc. now owns 40,347 shares of the iPhone maker’s stock worth $4,673,000 after buying an additional 449 shares during the period. Finally, Smith Shellnut Wilson LLC ADV purchased a new stake in Apple during the fourth quarter worth $766,000. 61.50% of the stock is currently owned by institutional investors.
Apple Inc. (NASDAQ AAPL) opened at 157.50 on Friday. The company’s 50-day moving average is $151.99 and its 200 day moving average is $145.63. Apple Inc. has a 52 week low of $102.53 and a 52 week high of $162.51. The stock has a market cap of $813.52 billion, a PE ratio of 17.88 and a beta of 1.31.
Apple declared that its board has authorized a share repurchase plan on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Monday, August 14th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date was Thursday, August 10th. Apple’s payout ratio is 28.64%.
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AAPL has been the subject of a number of analyst reports. UBS AG restated a “buy” rating and set a $170.00 price target on shares of Apple in a research note on Monday, July 31st. Bank of America Corporation restated a “buy” rating and set a $180.00 price target (up previously from $155.00) on shares of Apple in a research note on Friday, May 12th. Wells Fargo & Company reiterated a “market perform” rating and issued a $140.00 target price on shares of Apple in a research note on Saturday, July 22nd. Mizuho reiterated a “buy” rating and issued a $150.00 target price on shares of Apple in a research note on Wednesday, May 3rd. Finally, KeyCorp reiterated an “equal weight” rating on shares of Apple in a research note on Friday, August 4th. Eleven research analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $167.38.
In other Apple news, SVP Johny Srouji sold 10,469 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $162.20, for a total transaction of $1,698,071.80. Following the completion of the sale, the senior vice president now directly owns 76,250 shares of the company’s stock, valued at approximately $12,367,750. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Chris Kondo sold 6,209 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $161.96, for a total transaction of $1,005,609.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 304,640 shares of company stock worth $47,405,994. 0.08% of the stock is owned by company insiders.
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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