Todays Report: The Nippon Life Insurance Co. Cuts Stake in Apple Inc. (AAPL)

The Nippon Life Insurance Co. Cuts Stake in Apple Inc. (AAPL)

Nippon Life Insurance Co. cut its position in Apple Inc. (NASDAQ:AAPL) by 5.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 221,446 shares of the iPhone maker’s stock after selling 13,050 shares during the period. Apple comprises about 0.5% of Nippon Life Insurance Co.’s holdings, making the stock its 21st largest position. Nippon Life Insurance Co.’s holdings in Apple were worth $21,170,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Cordasco Financial Network boosted its stake in shares of Apple by 0.4% in the second quarter. Cordasco Financial Network now owns 3,353 shares of the iPhone maker’s stock valued at $321,000 after buying an additional 12 shares in the last quarter. Boston Standard Wealth Management LLC boosted its stake in shares of Apple by 0.6% in the second quarter. Boston Standard Wealth Management LLC now owns 2,280 shares of the iPhone maker’s stock valued at $218,000 after buying an additional 14 shares in the last quarter. Summit Financial Strategies Inc. boosted its stake in shares of Apple by 0.3% in the second quarter. Summit Financial Strategies Inc. now owns 6,533 shares of the iPhone maker’s stock valued at $625,000 after buying an additional 19 shares in the last quarter. Capital Insight Partners LLC boosted its stake in shares of Apple by 0.6% in the second quarter. Capital Insight Partners LLC now owns 4,498 shares of the iPhone maker’s stock valued at $430,000 after buying an additional 25 shares in the last quarter. Finally, Hartford Financial Management Inc. boosted its stake in shares of Apple by 0.3% in the second quarter. Hartford Financial Management Inc. now owns 10,491 shares of the iPhone maker’s stock valued at $1,002,000 after buying an additional 28 shares in the last quarter. 56.46% of the stock is currently owned by institutional investors and hedge funds.

Shares of Apple Inc. (NASDAQ:AAPL) traded up 0.15% during mid-day trading on Friday, hitting $114.06. 24,358,443 shares of the stock traded hands. The firm has a market capitalization of $614.61 billion, a P/E ratio of 13.30 and a beta of 1.22. Apple Inc. has a one year low of $89.47 and a one year high of $123.82. The company’s 50 day moving average is $110.36 and its 200 day moving average is $103.24.

Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The business earned $42.36 billion during the quarter, compared to analysts’ expectations of $42.35 billion. During the same quarter in the prior year, the company posted $1.85 earnings per share. The firm’s revenue was down 14.6% on a year-over-year basis. On average, equities analysts expect that Apple Inc. will post $8.26 EPS for the current fiscal year.

A number of brokerages recently weighed in on AAPL. RBC Capital Markets restated an “outperform” rating and set a $115.00 price objective on shares of Apple in a research note on Friday, August 5th. Vetr cut Apple from a “hold” rating to a “sell” rating and set a $103.98 price objective for the company. in a research note on Monday, August 8th. Wells Fargo & Co. restated a “market perform” rating on shares of Apple in a research note on Friday, September 9th. BMO Capital Markets restated an “outperform” rating and set a $116.00 price objective (down from $118.00) on shares of Apple in a research note on Thursday, July 21st. Finally, Macquarie restated an “outperform” rating and set a $115.00 price objective on shares of Apple in a research note on Friday, August 26th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, forty-one have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Apple has an average rating of “Buy” and an average target price of $126.13.

In other Apple news, SVP Angela J. Ahrendts sold 35,797 shares of the stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $100.00, for a total value of $3,579,700.00. Following the completion of the sale, the senior vice president now owns 105,839 shares in the company, valued at $10,583,900. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Angela J. Ahrendts sold 25,000 shares of the stock in a transaction on Monday, July 18th. The shares were sold at an average price of $100.00, for a total transaction of $2,500,000.00. Following the completion of the sale, the senior vice president now owns 105,839 shares of the company’s stock, valued at approximately $10,583,900. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

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