AMI Asset Management Corp Lowers Stake in Apple Inc. (AAPL)

AMI Asset Management Corp reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 203,121 shares of the iPhone maker’s stock after selling 4,355 shares during the period. Apple makes up approximately 2.6% of AMI Asset Management Corp’s investment portfolio, making the stock its 11th biggest holding. AMI Asset Management Corp’s holdings in Apple were worth $32,040,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Morgan Stanley lifted its position in Apple by 9.7% during the third quarter. Morgan Stanley now owns 39,188,032 shares of the iPhone maker’s stock valued at $8,846,307,000 after purchasing an additional 3,452,792 shares during the period. TIAA CREF Investment Management LLC lifted its position in Apple by 1.8% during the third quarter. TIAA CREF Investment Management LLC now owns 26,144,522 shares of the iPhone maker’s stock valued at $5,901,864,000 after purchasing an additional 454,086 shares during the period. Janus Henderson Group PLC lifted its position in Apple by 18.8% during the third quarter. Janus Henderson Group PLC now owns 20,833,222 shares of the iPhone maker’s stock valued at $4,703,027,000 after purchasing an additional 3,293,674 shares during the period. Fisher Asset Management LLC lifted its position in Apple by 3.4% during the fourth quarter. Fisher Asset Management LLC now owns 12,766,487 shares of the iPhone maker’s stock valued at $2,013,786,000 after purchasing an additional 417,421 shares during the period. Finally, Clearbridge Investments LLC lifted its position in Apple by 3.7% during the third quarter. Clearbridge Investments LLC now owns 7,378,640 shares of the iPhone maker’s stock valued at $1,665,654,000 after purchasing an additional 261,384 shares during the period. Institutional investors and hedge funds own 57.47% of the company’s stock.

A number of research firms recently issued reports on AAPL. JPMorgan Chase & Co. set a $228.00 target price on shares of Apple and gave the company a “buy” rating in a research report on Thursday, March 21st. Needham & Company LLC upgraded shares of Apple from a “buy” rating to a “strong-buy” rating and boosted their target price for the company from $180.00 to $225.00 in a research report on Thursday, March 21st. BidaskClub downgraded shares of Apple from a “buy” rating to a “hold” rating in a research report on Wednesday, March 27th. Sanford C. Bernstein restated a “neutral” rating and set a $160.00 target price on shares of Apple in a research report on Wednesday, March 27th. Finally, Goldman Sachs Group restated a “neutral” rating and set a $182.00 target price on shares of Apple in a research report on Wednesday, April 24th. Three analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $211.43.

AAPL stock opened at $185.72 on Tuesday. The stock has a market cap of $986.57 billion, a PE ratio of 15.59, a P/E/G ratio of 1.70 and a beta of 1.14. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.32 and a quick ratio of 1.26. Apple Inc. has a 52 week low of $142.00 and a 52 week high of $233.47.

Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.09. The business had revenue of $58.02 billion during the quarter, compared to analysts’ expectations of $57.40 billion. Apple had a net margin of 22.12% and a return on equity of 51.29%. The company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.73 earnings per share. As a group, equities analysts anticipate that Apple Inc. will post 11.48 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be paid a dividend of $0.77 per share. The ex-dividend date is Friday, May 10th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.66%. This is a boost from Apple’s previous quarterly dividend of $0.73. Apple’s payout ratio is currently 24.52%.

Apple announced that its board has approved a share repurchase program on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

In other news, Director Arthur D. Levinson sold 35,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $210.86, for a total transaction of $7,380,100.00. Following the completion of the sale, the director now owns 1,168,283 shares of the company’s stock, valued at $246,344,153.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeffrey E. Williams sold 56,411 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the sale, the chief operating officer now directly owns 151,187 shares of the company’s stock, valued at approximately $31,803,697.32. The disclosure for this sale can be found here. Insiders have sold 142,549 shares of company stock valued at $29,300,960 in the last three months. Corporate insiders own 0.05% of the company’s stock.

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About Apple

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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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