The Peak Asset Management LLC Boosts Stake in Apple Inc. (AAPL)

The Peak Asset Management LLC Boosts Stake in Apple Inc. (AAPL)

Peak Asset Management LLC increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 10.6% during the second quarter, Holdings Channel reports. The institutional investor owned 62,891 shares of the iPhone maker’s stock after buying an additional 6,007 shares during the period. Apple comprises about 2.7% of Peak Asset Management LLC’s investment portfolio, making the stock its 12th largest position. Peak Asset Management LLC’s holdings in Apple were worth $6,012,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Douglas Lane & Associates LLC purchased a new position in shares of Apple during the first quarter worth approximately $9,709,000. Bellecapital International Ltd. raised its stake in Apple by 6.0% in the first quarter. Bellecapital International Ltd. now owns 29,020 shares of the iPhone maker’s stock valued at $3,047,000 after buying an additional 1,650 shares in the last quarter. First Manhattan Co. raised its stake in Apple by 17.4% in the first quarter. First Manhattan Co. now owns 2,703,345 shares of the iPhone maker’s stock valued at $294,637,000 after buying an additional 400,473 shares in the last quarter. Sadoff Investment Management LLC raised its stake in Apple by 6.8% in the first quarter. Sadoff Investment Management LLC now owns 2,677 shares of the iPhone maker’s stock valued at $292,000 after buying an additional 171 shares in the last quarter. Finally, Vicus Capital raised its stake in Apple by 6.3% in the first quarter. Vicus Capital now owns 23,555 shares of the iPhone maker’s stock valued at $2,567,000 after buying an additional 1,404 shares in the last quarter. 56.41% of the stock is owned by hedge funds and other institutional investors.

Apple Inc. (NASDAQ:AAPL) traded down 0.66% during midday trading on Friday, reaching $113.72. The company had a trading volume of 37,861,662 shares. Apple Inc. has a one year low of $89.47 and a one year high of $123.82. The firm has a market capitalization of $606.39 billion, a P/E ratio of 13.68 and a beta of 1.22. The stock’s 50 day moving average price is $114.12 and its 200-day moving average price is $104.15.

Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, October 25th. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.66 by $0.01. The company had revenue of $46.85 billion for the quarter, compared to analysts’ expectations of $46.88 billion. Apple had a net margin of 21.19% and a return on equity of 35.59%. Apple’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.96 EPS. On average, equities research analysts anticipate that Apple Inc. will post $9.01 earnings per share for the current year.

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

Several equities research analysts have commented on AAPL shares. Citigroup Inc. restated a “buy” rating and issued a $115.00 price objective on shares of Apple in a research report on Wednesday, July 6th. Longbow Research started coverage on Apple in a research report on Wednesday, July 6th. They issued a “buy” rating and a $125.00 price objective on the stock. Piper Jaffray Cos. restated an “overweight” rating and issued a $153.00 price objective on shares of Apple in a research report on Wednesday, July 6th. Drexel Hamilton restated a “buy” rating and issued a $185.00 price objective on shares of Apple in a research report on Thursday, July 7th. Finally, Macquarie restated an “outperform” rating and issued a $112.00 price objective on shares of Apple in a research report on Thursday, July 7th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, forty-one have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $127.95.

In other Apple news, SVP D Bruce Sewell sold 23,305 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $107.49, for a total value of $2,505,054.45. Following the transaction, the senior vice president now directly owns 239,329 shares of the company’s stock, valued at approximately $25,725,474.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 334,000 shares of the stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $107.23, for a total transaction of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

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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