Dock Street Asset Management Inc. grew its holdings in Apple Inc. (NASDAQ:AAPL) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 196,718 shares of the iPhone maker’s stock after purchasing an additional 3,044 shares during the period. Apple comprises approximately 11.8% of Dock Street Asset Management Inc.’s holdings, making the stock its largest holding. Dock Street Asset Management Inc.’s holdings in Apple were worth $31,030,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Morgan Stanley boosted its stake in shares of Apple by 9.7% in the third quarter. Morgan Stanley now owns 39,188,032 shares of the iPhone maker’s stock worth $8,846,307,000 after acquiring an additional 3,452,792 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Apple by 1.8% in the third quarter. TIAA CREF Investment Management LLC now owns 26,144,522 shares of the iPhone maker’s stock worth $5,901,864,000 after acquiring an additional 454,086 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Apple by 18.8% in the third quarter. Janus Henderson Group PLC now owns 20,833,222 shares of the iPhone maker’s stock worth $4,703,027,000 after acquiring an additional 3,293,674 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Apple by 1.6% in the third quarter. Fisher Asset Management LLC now owns 12,349,066 shares of the iPhone maker’s stock worth $2,787,678,000 after acquiring an additional 189,423 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Apple by 3.7% during the third quarter. Clearbridge Investments LLC now owns 7,378,640 shares of the iPhone maker’s stock worth $1,665,654,000 after buying an additional 261,384 shares during the last quarter. Institutional investors and hedge funds own 57.47% of the company’s stock.
Shares of AAPL stock traded down $2.76 during trading hours on Friday, reaching $197.18. 38,764,368 shares of the company’s stock were exchanged, compared to its average volume of 27,024,756. The company has a market cap of $986.57 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 1.70 and a beta of 1.14. Apple Inc. has a 1 year low of $142.00 and a 1 year high of $233.47. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85.
Apple declared that its board has approved a stock repurchase plan on Tuesday, April 30th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 13th will be paid a $0.77 dividend. This is an increase from Apple’s previous quarterly dividend of $0.73. This represents a $3.08 annualized dividend and a yield of 1.56%. The ex-dividend date is Friday, May 10th. Apple’s dividend payout ratio (DPR) is presently 24.52%.
In related news, COO Jeffrey E. Williams sold 56,411 shares of Apple stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total value of $11,866,617.96. Following the transaction, the chief operating officer now owns 151,187 shares in the company, valued at $31,803,697.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $210.86, for a total value of $7,380,100.00. Following the completion of the transaction, the director now owns 1,168,283 shares in the company, valued at approximately $246,344,153.38. The disclosure for this sale can be found here. Insiders have sold 142,549 shares of company stock worth $29,300,960 in the last 90 days. Insiders own 0.05% of the company’s stock.
A number of equities analysts have weighed in on AAPL shares. UBS Group set a $185.00 price objective on Apple and gave the stock a “buy” rating in a research note on Monday, January 28th. Credit Suisse Group set a $209.00 price objective on Apple and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Wedbush restated an “outperform” rating and issued a $235.00 target price (up previously from $225.00) on shares of Apple in a research report on Wednesday, May 1st. Jefferies Financial Group lifted their target price on Apple from $160.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. restated a “buy” rating and issued a $228.00 target price on shares of Apple in a research report on Friday, January 11th. Three investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Apple presently has an average rating of “Hold” and an average price target of $211.43.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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