Apple Inc. $AAPL Stake Reduced by Jennison Associates LLC

Jennison Associates LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 5.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 33,589,491 shares of the iPhone maker’s stock after selling 2,079,527 shares during the period. Apple makes up approximately 5.9% of Jennison Associates LLC’s holdings, making the stock its 3rd largest holding. Jennison Associates LLC owned about 0.23% of Apple worth $8,524,677,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Lifetime Wealth Management P.C. purchased a new position in shares of Apple during the 4th quarter valued at approximately $41,000. ROSS JOHNSON & Associates LLC boosted its holdings in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after buying an additional 180 shares during the period. Timmons Wealth Management LLC acquired a new position in Apple in the fourth quarter valued at approximately $69,000. LSV Asset Management bought a new position in Apple during the 4th quarter worth $65,000. Finally, Inspire Investing LLC bought a new position in shares of Apple during the fourth quarter worth about $76,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insider Buying and Selling at Apple

In other news, insider Ben Borders sold 1,274 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $290.00, for a total value of $369,460.00. Following the completion of the sale, the insider directly owned 38,713 shares of the company’s stock, valued at $11,226,770. This represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

Shares of Apple stock opened at $303.42 on Tuesday. Apple Inc. has a 12 month low of $201.68 and a 12 month high of $344.57. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. The stock has a market cap of $4.46 trillion, a PE ratio of 34.80, a price-to-earnings-growth ratio of 2.65 and a beta of 1.09. The business has a fifty day simple moving average of $309.40 and a 200-day simple moving average of $281.90.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.13. The firm had revenue of $109.42 billion for the quarter, compared to analyst estimates of $109.04 billion. Apple had a return on equity of 135.46% and a net margin of 27.62%.Apple’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.57 earnings per share. On average, sell-side analysts anticipate that Apple Inc. will post 8.8 EPS for the current fiscal year.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Monday, August 10th will be issued a $0.27 dividend. The ex-dividend date is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s dividend payout ratio is currently 12.39%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AAPL. KGI Securities lowered Apple from an “outperform” rating to a “hold” rating and set a $315.00 price objective for the company. in a report on Monday, June 22nd. Raymond James Financial restated a “market perform” rating on shares of Apple in a report on Friday. TD Cowen boosted their target price on Apple from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday. Monness Crespi & Hardt increased their price target on Apple from $315.00 to $335.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Finally, Wedbush restated an “outperform” rating and set a $400.00 price objective on shares of Apple in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $331.60.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: India proposed extending tax exemptions through 2041 for foreign companies supplying equipment to contract manufacturers. The policy could lower Apple’s manufacturing costs and support its strategy of shifting more iPhone production to India. India proposes extending tax breaks for contract manufacturing in a boost for Apple
• Positive Sentiment: Apple continues to generate substantial free cash flow, with analysts expecting strong cash generation to continue alongside higher revenue forecasts. This supports shareholder returns and provides financial flexibility, although the stock’s valuation limits the upside case. Apple Delivers Strong Free Cash Flow, But What is the Best AAPL Play?
• Positive Sentiment: A reported deal with PlasmaSolve could help Apple develop thinner, stronger device finishes by using software simulations before factory testing, potentially improving manufacturing yields and reducing testing costs. Apple Stock Drops as PlasmaSolve Deal Targets Thinner and Stronger Devices

Apple Profile

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.