Apple Inc. (AAPL) Shares Sold by State Treasurer State of Michigan

State Treasurer State of Michigan lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 31.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,563,691 shares of the iPhone maker’s stock after selling 1,203,619 shares during the period. Apple accounts for approximately 3.2% of State Treasurer State of Michigan’s investment portfolio, making the stock its 2nd biggest holding. State Treasurer State of Michigan’s holdings in Apple were worth $395,116,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of AAPL. YHB Investment Advisors Inc. increased its position in Apple by 7.6% during the second quarter. YHB Investment Advisors Inc. now owns 136,189 shares of the iPhone maker’s stock worth $19,614,000 after buying an additional 9,663 shares during the period. Lederer & Associates Investment Counsel CA increased its position in Apple by 2.1% during the second quarter. Lederer & Associates Investment Counsel CA now owns 37,336 shares of the iPhone maker’s stock worth $5,377,000 after buying an additional 779 shares during the period. Carnick & Kubik Group LLC increased its position in Apple by 14.4% during the second quarter. Carnick & Kubik Group LLC now owns 20,744 shares of the iPhone maker’s stock worth $2,987,000 after buying an additional 2,612 shares during the period. GenTrust LLC increased its position in Apple by 1,022.9% during the second quarter. GenTrust LLC now owns 34,315 shares of the iPhone maker’s stock worth $4,942,000 after buying an additional 31,259 shares during the period. Finally, Texan Capital Management increased its position in Apple by 1.6% during the second quarter. Texan Capital Management now owns 25,591 shares of the iPhone maker’s stock worth $3,686,000 after buying an additional 393 shares during the period. 59.61% of the stock is currently owned by institutional investors and hedge funds.

Apple Inc. (NASDAQ AAPL) opened at $170.57 on Wednesday. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.73. Apple Inc. has a 1-year low of $114.76 and a 1-year high of $177.20. The company has a market capitalization of $875,760.00, a P/E ratio of 18.56, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.20. The business had revenue of $52.58 billion for the quarter, compared to analysts’ expectations of $50.71 billion. Apple had a return on equity of 36.29% and a net margin of 21.09%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.50 EPS. sell-side analysts expect that Apple Inc. will post 11.18 earnings per share for the current year.

Several research firms have commented on AAPL. Instinet lowered 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. Bank of America reaffirmed a “buy” rating and set a $180.00 price target on shares of Apple in a research report on Tuesday, September 26th. BMO Capital Markets reaffirmed a “buy” rating and set a $199.00 price target on shares of Apple in a research report on Wednesday, December 20th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $150.00 price target on shares of Apple in a research report on Thursday, September 21st. Finally, Sanford C. Bernstein reaffirmed a “buy” rating and set a $175.00 price target on shares of Apple in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, forty-three have given a buy rating and one has given a strong buy rating to the stock. Apple has a consensus rating of “Buy” and an average target price of $198.61.

In other news, insider Angela J. Ahrendts sold 63,388 shares of the stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $154.21, for a total transaction of $9,775,063.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Eduardo H. Cue sold 65,361 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $171.60, for a total value of $11,215,947.60. The disclosure for this sale can be found here. Insiders have sold a total of 232,967 shares of company stock worth $37,944,683 over the last quarter. Insiders own 0.08% of the company’s stock.

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About Apple

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.

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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