Sumitomo Life Insurance Co. cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 191,709 shares of the iPhone maker’s stock after selling 5,920 shares during the period. Apple comprises about 3.8% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its largest position. Sumitomo Life Insurance Co.’s holdings in Apple were worth $29,546,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Sky Asset Management LLC bought a new stake in Apple in the second quarter valued at $108,000. Hefty Wealth Partners grew 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 acquiring an additional 174 shares during the period. FNY Managed Accounts LLC grew its position in Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after acquiring an additional 716 shares during the period. Private Vista LLC bought a new stake in Apple in the second quarter valued at $122,000. Finally, Armbruster Capital Management Inc. grew its position in Apple by 9.4% in the second quarter. Armbruster Capital Management Inc. now owns 911 shares of the iPhone maker’s stock valued at $131,000 after acquiring an additional 78 shares during the period. Institutional investors and hedge funds own 59.62% of the company’s stock.
A number of brokerages have weighed in on AAPL. Nomura set a $175.00 price target on Apple and gave the company a “neutral” rating in a research report on Tuesday, December 19th. Instinet cut Apple from a “buy” rating to a “neutral” rating and set a $175.00 price target on the stock. in a research report on Tuesday, December 19th. UBS Group set a $190.00 price target on Apple and gave the company a “buy” rating in a research report on Monday, November 27th. Vetr cut Apple from a “buy” rating to a “hold” rating and set a $178.70 price target on the stock. in a research report on Thursday, November 23rd. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $199.00 price target on shares of Apple in a research report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, forty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $198.61.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.20. Apple had a return on equity of 32.25% and a net margin of 20.38%. The business had revenue of $52.58 billion for the quarter, compared to analyst estimates of $50.71 billion. During the same quarter in the prior year, the firm posted $1.50 earnings per share. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. analysts forecast that Apple Inc. will post 11.18 EPS for the current fiscal year.
In related news, insider Angela J. Ahrendts sold 63,388 shares of the company’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $154.21, for a total value of $9,775,063.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Philip W. Schiller sold 56,808 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $154.70, for a total value of $8,788,197.60. The disclosure for this sale can be found here. Insiders have sold 232,967 shares of company stock worth $37,944,683 in the last ninety days. 0.08% of the stock is currently owned by insiders.
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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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