Tokio Marine Asset Management Co. Ltd. grew its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 2.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 683,191 shares of the iPhone maker’s stock after buying an additional 16,983 shares during the period. Apple accounts for approximately 6.1% of Tokio Marine Asset Management Co. Ltd.’s holdings, making the stock its 3rd largest holding. Tokio Marine Asset Management Co. Ltd.’s holdings in Apple were worth $197,688,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the business. Lifetime Wealth Management P.C. acquired a new position in Apple during the 4th quarter worth about $41,000. ROSS JOHNSON & Associates LLC boosted its holdings in Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after acquiring an additional 180 shares during the period. LSV Asset Management acquired a new position in Apple in the 4th quarter valued at about $65,000. Timmons Wealth Management LLC acquired a new position in Apple in the 4th quarter valued at about $69,000. Finally, 49 Wealth Management LLC increased its stake in Apple by 15.7% during the third quarter. 49 Wealth Management LLC now owns 298,920 shares of the iPhone maker’s stock worth $76,000 after purchasing an additional 40,543 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Apple
In other Apple news, insider Ben Borders sold 116 shares of Apple stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the transaction, the insider owned 38,713 shares of the company’s stock, valued at $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jennifer Newstead sold 1,439 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $317.01, for a total value of $456,177.39. Following the completion of the sale, the senior vice president owned 35,790 shares of the company’s stock, valued at approximately $11,345,787.90. This represents a 3.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 5,872 shares of company stock valued at $1,823,201. Insiders own 0.06% of the company’s stock.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. Apple had a net margin of 27.62% and a return on equity of 135.46%. The firm had revenue of $109.42 billion during the quarter, compared to analysts’ expectations of $109.04 billion. During the same period in the previous year, the company earned $1.57 earnings per share. Apple’s quarterly revenue was up 16.4% compared to the same quarter last year. On average, sell-side analysts expect that Apple Inc. will post 8.74 earnings per share for the current fiscal year.
Apple Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, August 10th. Apple’s payout ratio is presently 12.39%.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on AAPL shares. Royal Bank Of Canada set a $365.00 target price on shares of Apple in a report on Wednesday, July 15th. Seaport Research Partners downgraded shares of Apple from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. Morgan Stanley reiterated an “overweight” rating and issued a $360.00 price objective on shares of Apple in a research note on Wednesday, September 2nd. Phillip Securities lowered Apple from a “hold” rating to a “moderate sell” rating in a report on Monday, August 3rd. Finally, Barclays reissued an “underweight” rating and set a $245.00 target price (down from $253.00) on shares of Apple in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $330.61.
Get Our Latest Stock Analysis on AAPL
More Apple News
Here are the key news stories impacting Apple this week:
- Positive Sentiment: Apple’s Sept. 9 product event is generating significant interest under new CEO John Ternus, with expectations for new iPhones, an Apple Watch update and potentially the company’s first foldable iPhone. Citi estimates the foldable device could sell 7.3 million units despite a possible price above $2,000. Citi foldable iPhone sales forecast
- Positive Sentiment: Apple’s latest quarter showed strong momentum, with revenue rising 16.4% year over year and earnings exceeding analyst expectations. Morgan Stanley has also suggested the foldable iPhone could contribute roughly $14 billion in December-quarter revenue if successfully launched. Morgan Stanley foldable iPhone estimate
- Neutral Sentiment: John Ternus has succeeded Tim Cook as CEO, while Cook remains executive chairman. The transition offers continuity through a longtime Apple executive but raises questions about whether Ternus can accelerate Apple’s artificial-intelligence strategy and sustain Cook-era growth. John Ternus becomes Apple CEO
- Negative Sentiment: Reports indicate initial foldable iPhone production was only a few hundred units per day in late August. Tight quality controls and memory shortages could limit launch supply, delay purchases and prevent Apple from fully capturing expected demand. Foldable iPhone production hurdles
- Negative Sentiment: Memory costs have reportedly surged, potentially forcing Apple to raise iPhone prices, absorb lower margins or risk weaker demand. Jefferies has also downgraded AAPL amid skepticism about the foldable product’s market potential. iPhone memory cost concerns
- Negative Sentiment: Apple faces a $2.7 billion UK lawsuit over alleged unfair app-tracking rules and a separate BASF patent lawsuit involving facial-authentication technology, adding regulatory and litigation risk. Apple UK app-tracking lawsuit
About Apple
Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.
Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.
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