Apple Inc. (NASDAQ:AAPL) Position Boosted by Power Corp of Canada

Posted by on Mar 16th, 2023

Power Corp of Canada grew its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 15.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 140,469 shares of the iPhone maker’s stock after buying an additional 18,469 shares during the quarter. Apple makes up about 2.9% of Power Corp of Canada’s investment portfolio, making the stock its 6th largest holding. Power Corp of Canada’s holdings in Apple were worth $19,413,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in AAPL. IFM Investors Pty Ltd lifted its holdings in shares of Apple by 20.0% during the 1st quarter. IFM Investors Pty Ltd now owns 2,615,701 shares of the iPhone maker’s stock valued at $456,728,000 after buying an additional 435,891 shares during the last quarter. Ironwood Wealth Management LLC. lifted its holdings in Apple by 0.4% in the 1st quarter. Ironwood Wealth Management LLC. now owns 240,628 shares of the iPhone maker’s stock worth $42,016,000 after purchasing an additional 1,040 shares during the last quarter. Markel Corp lifted its holdings in Apple by 0.7% in the 1st quarter. Markel Corp now owns 1,206,990 shares of the iPhone maker’s stock worth $210,752,000 after purchasing an additional 8,450 shares during the last quarter. Camden Capital LLC lifted its holdings in Apple by 9.2% in the 1st quarter. Camden Capital LLC now owns 156,364 shares of the iPhone maker’s stock worth $27,305,000 after purchasing an additional 13,200 shares during the last quarter. Finally, Harbor Island Capital LLC lifted its holdings in Apple by 0.3% in the 1st quarter. Harbor Island Capital LLC now owns 135,325 shares of the iPhone maker’s stock worth $23,629,000 after purchasing an additional 400 shares during the last quarter. 57.60% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $152.99 on Thursday. The business’s fifty day moving average price is $145.51 and its two-hundred day moving average price is $145.38. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $179.61. The stock has a market capitalization of $2.42 trillion, a price-to-earnings ratio of 25.97, a price-to-earnings-growth ratio of 1.97 and a beta of 1.30. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.94 and a quick ratio of 0.89.

Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results on Thursday, February 2nd. The iPhone maker reported $1.88 EPS for the quarter, missing the consensus estimate of $1.93 by ($0.05). The business had revenue of $117.15 billion for the quarter, compared to the consensus estimate of $121.67 billion. Apple had a return on equity of 163.45% and a net margin of 24.56%. Apple’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.10 EPS. As a group, analysts predict that Apple Inc. will post 6.04 EPS for the current fiscal year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 16th. Stockholders of record on Monday, February 13th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, February 10th. This is a boost from Apple’s previous quarterly dividend of $0.17. Apple’s dividend payout ratio is presently 15.62%.

Wall Street Analyst Weigh In

AAPL has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and issued a $170.00 target price on shares of Apple in a report on Friday, March 10th. DA Davidson boosted their target price on Apple from $167.00 to $173.00 and gave the stock a “buy” rating in a report on Friday, February 3rd. Barclays boosted their target price on Apple from $133.00 to $145.00 and gave the stock an “equal weight” rating in a report on Friday, February 3rd. StockNews.com started coverage on Apple in a report on Thursday. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. set a $175.00 price target on Apple in a report on Wednesday, March 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus price target of $168.24.

Apple Profile

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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