Factory Mutual Insurance Co. lifted its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 5.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,340,129 shares of the iPhone maker’s stock after acquiring an additional 115,929 shares during the quarter. Apple accounts for approximately 4.6% of Factory Mutual Insurance Co.’s investment portfolio, making the stock its 2nd largest holding. Factory Mutual Insurance Co.’s holdings in Apple were worth $304,053,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in AAPL. Robinson Value Management Ltd. bought a new position in Apple in the third quarter worth about $28,000. Hanseatic Management Services Inc. boosted its position in Apple by 75.4% in the third quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock valued at $34,000 after buying an additional 107 shares during the last quarter. Cheyne Capital Management UK LLP boosted its position in Apple by 200.0% in the third quarter. Cheyne Capital Management UK LLP now owns 275 shares of the iPhone maker’s stock valued at $212,000 after buying an additional 550 shares during the last quarter. Align Wealth Management LLC purchased a new stake in Apple in the fourth quarter valued at approximately $55,000. Finally, HBC Financial Services PLLC boosted its position in Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after buying an additional 80 shares during the last quarter. 57.60% of the stock is currently owned by institutional investors.
Apple Price Performance
Shares of NASDAQ AAPL opened at $172.57 on Friday. The stock has a market cap of $2.73 trillion, a price-to-earnings ratio of 29.30, a PEG ratio of 2.31 and a beta of 1.29. Apple Inc. has a 52 week low of $124.17 and a 52 week high of $176.15. The company’s 50-day moving average price is $162.65 and its 200 day moving average price is $149.81. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.56.
Apple announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 4th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Apple Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 18th. Stockholders of record on Monday, May 15th will be issued a dividend of $0.24 per share. This is a positive change from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Friday, May 12th. Apple’s dividend payout ratio is presently 15.62%.
Insider Transactions at Apple
In other news, CEO Timothy D. Cook sold 56,072 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the transaction, the chief executive officer now directly owns 3,280,052 shares in the company, valued at approximately $541,766,188.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Luca Maestri sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, April 6th. The shares were sold at an average price of $164.92, for a total value of $32,984.00. Following the transaction, the chief financial officer now owns 177,657 shares in the company, valued at $29,299,192.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy D. Cook sold 56,072 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the completion of the transaction, the chief executive officer now owns 3,280,052 shares in the company, valued at approximately $541,766,188.84. The disclosure for this sale can be found here. Insiders have sold a total of 439,529 shares of company stock worth $71,703,657 in the last three months. Company insiders own 0.06% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have commented on the company. Raymond James lowered their price objective on Apple from $185.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, February 3rd. Sanford C. Bernstein set a $125.00 price objective on Apple in a report on Tuesday, January 24th. Bank of America raised their price objective on Apple from $173.00 to $176.00 and gave the company a “neutral” rating in a report on Friday, May 5th. Robert W. Baird lifted their price target on Apple from $170.00 to $180.00 in a report on Tuesday, May 2nd. Finally, Piper Sandler reduced their price target on Apple from $195.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $174.29.
Apple Company Profile
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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