PNC Financial Services Group Inc. Sells 119,539 Shares of Apple Inc. (NASDAQ:AAPL)

PNC Financial Services Group Inc. reduced its position in Apple Inc. (NASDAQ:AAPL) by 1.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,498,560 shares of the iPhone maker’s stock after selling 119,539 shares during the period. Apple comprises approximately 1.5% of PNC Financial Services Group Inc.’s holdings, making the stock its 6th biggest holding. PNC Financial Services Group Inc. owned 0.17% of Apple worth $1,340,561,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Morgan Stanley increased its position in shares of Apple by 9.7% in the 3rd quarter. Morgan Stanley now owns 39,188,032 shares of the iPhone maker’s stock worth $8,846,307,000 after purchasing an additional 3,452,792 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Apple by 1.8% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 26,144,522 shares of the iPhone maker’s stock worth $5,901,864,000 after purchasing an additional 454,086 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Apple by 18.8% in the 3rd quarter. Janus Henderson Group PLC now owns 20,833,222 shares of the iPhone maker’s stock worth $4,703,027,000 after purchasing an additional 3,293,674 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Apple by 3.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,766,487 shares of the iPhone maker’s stock worth $2,013,786,000 after purchasing an additional 417,421 shares during the last quarter. Finally, Sanders Capital LLC increased its position in shares of Apple by 1.4% in the 4th quarter. Sanders Capital LLC now owns 7,620,004 shares of the iPhone maker’s stock worth $1,321,786,000 after purchasing an additional 108,823 shares during the last quarter. 58.54% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts recently weighed in on the stock. BidaskClub raised shares of Apple from a “hold” rating to a “buy” rating in a research report on Tuesday, March 19th. ValuEngine raised shares of Apple from a “hold” rating to a “buy” rating in a research report on Friday, March 15th. Citigroup reaffirmed a “buy” rating and set a $220.00 price objective (up previously from $170.00) on shares of Apple in a research report on Thursday, March 21st. JPMorgan Chase & Co. set a $228.00 price objective on shares of Apple and gave the company a “buy” rating in a research report on Thursday, March 21st. Finally, Bank of America upgraded shares of Apple from a “neutral” rating to a “buy” rating and upped their target price for the stock from $180.00 to $210.00 in a research report on Monday, March 11th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $209.12.

Shares of NASDAQ AAPL traded down $1.82 during trading hours on Friday, hitting $197.92. 31,064,516 shares of the stock were exchanged, compared to its average volume of 25,557,410. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.85. The business’s 50 day moving average is $189.10. The stock has a market cap of $919.02 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 1.69 and a beta of 1.20. Apple Inc. has a one year low of $142.00 and a one year high of $233.47.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.37 by $0.09. Apple had a net margin of 22.12% and a return on equity of 51.29%. The firm had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $57.40 billion. During the same period in the prior year, the firm earned $2.73 EPS. The business’s revenue was down 5.1% on a year-over-year basis. On average, analysts anticipate that Apple Inc. will post 11.47 EPS for the current year.

Apple announced that its Board of Directors has initiated a share repurchase program on Tuesday, April 30th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

In other news, Director Arthur D. Levinson sold 35,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $210.86, for a total transaction of $7,380,100.00. Following the completion of the transaction, the director now directly owns 1,168,283 shares of the company’s stock, valued at approximately $246,344,153.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Luca Maestri sold 51,138 shares of the stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $196.61, for a total transaction of $10,054,242.18. Following the sale, the insider now owns 27,448 shares of the company’s stock, valued at approximately $5,396,551.28. The disclosure for this sale can be found here. Insiders have sold a total of 142,549 shares of company stock valued at $29,300,960 over the last ninety days. 0.05% of the stock is owned by insiders.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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