Sumitomo Mitsui Asset Management Company LTD cut its holdings in Apple Inc. (NASDAQ:AAPL) by 9.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 470,960 shares of the iPhone maker’s stock after selling 50,178 shares during the period. Apple comprises approximately 1.1% of Sumitomo Mitsui Asset Management Company LTD’s portfolio, making the stock its 16th biggest holding. Sumitomo Mitsui Asset Management Company LTD’s holdings in Apple were worth $72,584,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Blue Sky Asset Management LLC bought a new position in Apple during the second quarter valued at $108,000. FNY Managed Accounts LLC grew its holdings in Apple by 852.4% during the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after purchasing an additional 716 shares during the period. Private Vista LLC bought a new position in Apple during the second quarter valued at $122,000. Armbruster Capital Management Inc. grew its holdings in Apple by 9.4% during the second quarter. Armbruster Capital Management Inc. now owns 911 shares of the iPhone maker’s stock valued at $131,000 after purchasing an additional 78 shares during the period. Finally, State of Alaska Department of Revenue bought a new position in Apple during the second quarter valued at $149,000. 60.19% of the stock is owned by institutional investors.
In other Apple news, insider Eduardo H. Cue sold 65,361 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $171.60, for a total transaction of $11,215,947.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Johny Srouji sold 10,368 shares of the firm’s stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $174.68, for a total value of $1,811,082.24. Following the sale, the insider now owns 81,560 shares in the company, valued at approximately $14,246,900.80. The disclosure for this sale can be found here. Insiders have sold 128,412 shares of company stock worth $22,115,155 in the last 90 days. Company insiders own 0.06% of the company’s stock.
Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.87 by $0.20. Apple had a return on equity of 36.29% and a net margin of 21.09%. The business had revenue of $52.58 billion for the quarter, compared to the consensus estimate of $50.71 billion. During the same quarter last year, the business posted $1.50 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. analysts expect that Apple Inc. will post 11.18 EPS for the current fiscal year.
Several brokerages have weighed in on AAPL. Vetr raised Apple from a “buy” rating to a “strong-buy” rating and set a $173.06 price objective for the company in a report on Friday, September 22nd. Rosenblatt Securities reissued a “hold” rating and set a $150.00 price objective on shares of Apple in a report on Sunday, October 15th. Citigroup reissued a “buy” rating and set a $200.00 price objective (up from $170.00) on shares of Apple in a report on Friday, November 3rd. They noted that the move was a valuation call. UBS Group set a $190.00 target price on Apple and gave the stock a “buy” rating in a research report on Monday, December 4th. Finally, Bank of America restated a “buy” rating and set a $180.00 target price on shares of Apple in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, forty have given a buy rating and one has assigned a strong buy rating to the stock. Apple currently has a consensus rating of “Buy” and an average target price of $198.94.
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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