The Concannon Wealth Management LLC Boosts Stake in Apple Inc. (AAPL)

The Concannon Wealth Management LLC Boosts Stake in Apple Inc. (AAPL)

Concannon Wealth Management LLC increased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 32,804 shares of the iPhone maker’s stock after buying an additional 1,174 shares during the period. Apple makes up about 3.2% of Concannon Wealth Management LLC’s investment portfolio, making the stock its 13th largest position. Concannon Wealth Management LLC’s holdings in Apple were worth $3,136,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. Zurich Insurance Group Ltd FI boosted its position in Apple by 1.4% in the first quarter. Zurich Insurance Group Ltd FI now owns 869,381 shares of the iPhone maker’s stock worth $94,754,000 after buying an additional 11,582 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Apple by 34.8% in the second quarter. BNP Paribas Arbitrage SA now owns 5,887,600 shares of the iPhone maker’s stock worth $562,855,000 after buying an additional 1,521,440 shares during the last quarter. Roffman Miller Associates Inc. PA boosted its position in Apple by 25.0% in the second quarter. Roffman Miller Associates Inc. PA now owns 139,953 shares of the iPhone maker’s stock worth $13,380,000 after buying an additional 28,020 shares during the last quarter. Capstone Asset Management Co. boosted its position in Apple by 19.1% in the second quarter. Capstone Asset Management Co. now owns 550,349 shares of the iPhone maker’s stock worth $52,613,000 after buying an additional 88,106 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in Apple by 1.0% in the first quarter. Prudential Financial Inc. now owns 12,655,593 shares of the iPhone maker’s stock worth $1,379,333,000 after buying an additional 127,360 shares during the last quarter. Institutional investors and hedge funds own 56.41% of the company’s stock.

Shares of Apple Inc. (NASDAQ:AAPL) traded down 0.66% during midday trading on Friday, hitting $113.72. 37,861,662 shares of the stock traded hands. The stock has a market cap of $606.39 billion, a price-to-earnings ratio of 13.68 and a beta of 1.22. The firm has a 50-day moving average price of $114.12 and a 200 day moving average price of $104.15. Apple Inc. has a one year low of $89.47 and a one year high of $123.82.

Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, October 25th. The iPhone maker reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.66 by $0.01. The business had revenue of $46.85 billion for the quarter, compared to analyst estimates of $46.88 billion. Apple had a net margin of 21.19% and a return on equity of 35.59%. The business’s quarterly revenue was down 9.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.96 EPS. Analysts anticipate that Apple Inc. will post $9.01 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Monday, November 7th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, November 3rd. This represents a $2.28 annualized dividend and a dividend yield of 2.00%. Apple’s payout ratio is 27.57%.

AAPL has been the topic of a number of recent research reports. Raymond James Financial Inc. reiterated a “hold” rating on shares of Apple in a report on Saturday, July 9th. Barclays PLC reiterated a “buy” rating on shares of Apple in a report on Sunday, July 17th. Credit Suisse Group AG reiterated a “buy” rating and issued a $150.00 target price on shares of Apple in a report on Sunday, July 17th. Brean Capital reiterated a “buy” rating and issued a $125.00 target price on shares of Apple in a report on Wednesday, July 27th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Apple in a report on Thursday, August 11th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, forty-one have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $127.95.

In related news, insider Daniel J. Riccio sold 22,381 shares of Apple stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $113.06, for a total transaction of $2,530,395.86. Following the sale, the insider now owns 47,043 shares of the company’s stock, valued at approximately $5,318,681.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Johny Srouji sold 9,827 shares of Apple stock in a transaction on Monday, August 15th. The stock was sold at an average price of $108.44, for a total transaction of $1,065,639.88. Following the sale, the insider now directly owns 116,369 shares in the company, valued at approximately $12,619,054.36. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

About Apple

Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.

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