Renaissance Investment Group LLC cut its stake in Apple Inc. (NASDAQ:AAPL) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,819 shares of the iPhone maker’s stock after selling 429 shares during the period. Apple makes up 3.7% of Renaissance Investment Group LLC’s investment portfolio, making the stock its 4th largest position. Renaissance Investment Group LLC’s holdings in Apple were worth $8,471,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hefty Wealth Partners raised its holdings 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 during the period. American Beacon Advisors Inc. purchased a new position in Apple in the first quarter valued at approximately $117,000. State of Alaska Department of Revenue purchased a new position in Apple in the second quarter valued at approximately $149,000. Portfolio Solutions LLC purchased a new position in Apple in the first quarter valued at approximately $169,000. Finally, Fox Run Management L.L.C. purchased a new position in Apple in the first quarter valued at approximately $201,000. 60.36% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently commented on AAPL shares. Morgan Stanley raised 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 restated a “buy” rating and issued a $175.00 price target (up previously 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 upgraded shares of Apple from a “neutral” rating to a “buy” rating and set a $197.00 price target on the stock in a report on Tuesday, August 29th. Bank of America Corporation restated a “buy” rating and issued a $180.00 price target (up previously from $175.00) on shares of Apple in a report on Wednesday, August 2nd. Finally, Canaccord Genuity restated a “buy” rating and issued a $180.00 price target on shares of Apple in a report on Monday, July 10th. Nine investment analysts have rated the stock with a hold rating and forty-four have issued a buy rating to the company. Apple presently has a consensus rating of “Buy” and an average price target of $189.61.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The business had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. During the same period in the prior year, the company earned $1.42 earnings per share. Apple’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts anticipate that Apple Inc. will post $9.01 earnings per share for the current year.
In other Apple news, CEO Timothy D. Cook sold 268,623 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $160.63, for a total transaction of $43,148,912.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur D. Levinson sold 35,000 shares of the 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 transaction, the director now directly owns 1,168,283 shares of the company’s stock, valued at $184,098,035.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 541,177 shares of company stock valued at $85,864,804. 0.08% of the stock is owned by corporate insiders.
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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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