Schwab Charles Investment Management Inc. Increases Stake in Apple Inc. (AAPL)
Schwab Charles Investment Management Inc. boosted its position in Apple Inc. (NASDAQ:AAPL) by 2.7% during the first quarter, Holdings Channel reports. The firm owned 17,637,648 shares of the iPhone maker’s stock after buying an additional 471,057 shares during the period. Apple comprises approximately 2.5% of Schwab Charles Investment Management Inc.’s holdings, making the stock its largest position. Schwab Charles Investment Management Inc.’s holdings in Apple were worth $2,533,825,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AAPL. Glacier Peak Capital LLC purchased a new position in Apple during the fourth quarter worth approximately $127,000. Portfolio Solutions LLC purchased a new position in Apple during the first quarter worth approximately $169,000. Odey Holdings AG boosted its position in Apple by 27.3% in the fourth quarter. Odey Holdings AG now owns 1,273 shares of the iPhone maker’s stock worth $147,000 after buying an additional 273 shares during the period. Fox Run Management L.L.C. purchased a new position in Apple during the first quarter worth approximately $201,000. Finally, Stone House Investment Management LLC purchased a new position in Apple during the first quarter worth approximately $225,000. Institutional investors own 61.13% of the company’s stock.
Shares of Apple Inc. (NASDAQ:AAPL) traded down 0.9841% during mid-day trading on Thursday, hitting $158.8512. 7,807,643 shares of the stock were exchanged. The stock’s 50 day moving average price is $149.31 and its 200-day moving average price is $143.92. The stock has a market capitalization of $820.50 billion, a P/E ratio of 18.0349 and a beta of 1.31. Apple Inc. has a 12-month low of $102.53 and a 12-month high of $161.83. Apple also was the target of some unusual options trading activity on Tuesday. Traders purchased 139,415 put options on the stock. This is an increase of approximately 119% compared to the typical volume of 63,733 put options.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same quarter last year, the firm posted $1.42 EPS. Apple’s revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts expect that Apple Inc. will post $9.02 EPS for the current fiscal year.
Apple announced that its board has initiated a stock repurchase plan on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Monday, August 14th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Thursday, August 10th. Apple’s payout ratio is currently 28.64%.
Several brokerages have recently issued reports on AAPL. UBS AG reiterated a “buy” rating and issued a $151.00 price objective on shares of Apple in a research note on Monday, April 24th. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $176.00 price objective (up from $165.00) on shares of Apple in a research note on Wednesday, August 2nd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $176.00 price objective (up from $168.00) on shares of Apple in a research note on Wednesday, August 2nd. Instinet reiterated a “buy” rating and issued a $175.00 price objective (up from $165.00) on shares of Apple in a research note on Wednesday, August 2nd. Finally, Guggenheim increased their price objective on Apple from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Thirteen investment analysts have rated the stock with a hold rating, forty-one have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $167.32.
In related news, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $155.27, for a total value of $1,855,321.23. Following the completion of the sale, the insider now owns 23,998 shares of the company’s stock, valued at approximately $3,726,169.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Luca Maestri sold 4,757 shares of Apple stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $154.70, for a total transaction of $735,907.90. Following the completion of the sale, the insider now directly owns 3,414 shares of the company’s stock, valued at approximately $528,145.80. The disclosure for this sale can be found here. In the last three months, insiders sold 299,911 shares of company stock valued at $46,557,634. 0.08% of the stock is currently owned by insiders.
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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