Schmidt P J Investment Management Inc. trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 1.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,091 shares of the iPhone maker’s stock after selling 708 shares during the quarter. Apple makes up approximately 3.0% of Schmidt P J Investment Management Inc.’s investment portfolio, making the stock its 3rd largest position. Schmidt P J Investment Management Inc.’s holdings in Apple were worth $10,383,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Summit Trail Advisors LLC increased its position in shares of Apple by 17,669.4% during the first quarter. Summit Trail Advisors LLC now owns 20,180,694 shares of the iPhone maker’s stock worth $20,181,000 after purchasing an additional 20,067,124 shares in the last quarter. Cornerstone Wealth Management LLC increased its position in shares of Apple by 18,553.3% during the second quarter. Cornerstone Wealth Management LLC now owns 16,758,709 shares of the iPhone maker’s stock worth $89,526,000 after purchasing an additional 16,668,866 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Apple during the first quarter worth approximately $830,026,000. SG Americas Securities LLC increased its position in shares of Apple by 1,527.6% during the first quarter. SG Americas Securities LLC now owns 2,652,244 shares of the iPhone maker’s stock worth $444,993,000 after purchasing an additional 2,489,285 shares in the last quarter. Finally, Mackay Shields LLC purchased a new stake in shares of Apple during the first quarter worth approximately $332,905,000. 58.43% of the stock is owned by institutional investors and hedge funds.
In related news, Director Arthur D. Levinson sold 20,000 shares of the stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $206.58, for a total transaction of $4,131,600.00. Following the transaction, the director now owns 1,153,283 shares of the company’s stock, valued at approximately $238,245,202.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Craig Federighi sold 47,796 shares of the stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $207.50, for a total value of $9,917,670.00. Following the transaction, the insider now directly owns 412,571 shares in the company, valued at approximately $85,608,482.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 564,185 shares of company stock worth $124,444,213. Corporate insiders own 0.06% of the company’s stock.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 31st. The iPhone maker reported $2.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.18 by $0.16. Apple had a return on equity of 43.50% and a net margin of 21.98%. The business had revenue of $53.27 billion for the quarter, compared to analyst estimates of $52.43 billion. During the same quarter in the prior year, the company posted $1.67 EPS. The company’s quarterly revenue was up 17.3% on a year-over-year basis. Equities analysts forecast that Apple Inc. will post 11.77 earnings per share for the current fiscal year.
Several analysts recently commented on AAPL shares. Loop Capital boosted their price target on Apple from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 6th. Royal Bank of Canada reiterated a “buy” rating and set a $210.00 price target on shares of Apple in a research report on Monday, July 9th. Bank of America reiterated a “buy” rating and set a $230.00 price target (up from $225.00) on shares of Apple in a research report on Tuesday, July 10th. Zacks Investment Research upgraded Apple from a “hold” rating to a “buy” rating and set a $213.00 price target for the company in a research report on Wednesday, July 11th. Finally, Sanford C. Bernstein set a $190.00 price target on Apple and gave the stock a “neutral” rating in a research report on Monday, July 16th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and thirty-two have assigned a buy rating to the stock. Apple has a consensus rating of “Buy” and a consensus target price of $225.09.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
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