Apple Inc. (NASDAQ:AAPL) Stock Position Increased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its stake in Apple Inc. (NASDAQ:AAPL) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,342,531 shares of the iPhone maker’s stock after buying an additional 17,842 shares during the quarter. Apple comprises about 4.4% of Pinnacle Associates Ltd.’s portfolio, making the stock its biggest holding. Pinnacle Associates Ltd.’s holdings in Apple were worth $282,764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. MayTech Global Investments LLC increased its position in shares of Apple by 3.7% during the fourth quarter. MayTech Global Investments LLC now owns 166,262 shares of the iPhone maker’s stock worth $32,010,000 after purchasing an additional 5,980 shares in the last quarter. Cohen & Steers Inc. grew its stake in Apple by 6.8% during the 4th quarter. Cohen & Steers Inc. now owns 12,033 shares of the iPhone maker’s stock worth $2,317,000 after buying an additional 763 shares during the last quarter. Coatue Management LLC acquired a new position in Apple during the fourth quarter worth approximately $470,614,000. Clear Street Markets LLC raised its position in Apple by 100.6% in the 4th quarter. Clear Street Markets LLC now owns 483 shares of the iPhone maker’s stock valued at $93,000 after purchasing an additional 83,965 shares during the last quarter. Finally, Brevan Howard Capital Management LP raised its holdings in shares of Apple by 553.4% in the fourth quarter. Brevan Howard Capital Management LP now owns 48,608 shares of the iPhone maker’s stock valued at $9,358,000 after buying an additional 41,169 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the transaction, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the transaction, the senior vice president now directly owns 191,543 shares in the company, valued at $39,542,136.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Katherine L. Adams sold 61,019 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total transaction of $13,802,497.80. Following the completion of the sale, the senior vice president now owns 187,043 shares in the company, valued at $42,309,126.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 517,924 shares of company stock worth $114,786,399. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $265.00 price objective on shares of Apple in a research report on Tuesday, September 10th. The Goldman Sachs Group increased their target price on shares of Apple from $265.00 to $275.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Loop Capital raised Apple from a “hold” rating to a “buy” rating and upped their target price for the company from $170.00 to $300.00 in a report on Monday, July 15th. Raymond James lifted their target price on shares of Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Jefferies Financial Group lowered Apple from a “buy” rating to a “hold” rating and increased their price objective for the company from $205.00 to $212.92 in a research note on Monday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average target price of $239.27.

Apple Stock Performance

Shares of AAPL stock opened at $229.04 on Friday. The business’s 50-day moving average price is $223.25 and its 200-day moving average price is $205.14. The firm has a market capitalization of $3.51 trillion, a price-to-earnings ratio of 35.62, a PEG ratio of 2.66 and a beta of 1.24. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $237.23. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 147.15% and a net margin of 26.44%. The business had revenue of $85.78 billion during the quarter, compared to analyst estimates of $84.43 billion. During the same period last year, the company earned $1.26 EPS. Apple’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities research analysts forecast that Apple Inc. will post 6.7 EPS for the current year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. Apple’s payout ratio is currently 15.55%.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.