Apple Inc. (NASDAQ:AAPL) is Jag Capital Management LLC’s Largest Position

Jag Capital Management LLC lifted its stake in Apple Inc. (NASDAQ:AAPL) by 0.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 240,061 shares of the iPhone maker’s stock after purchasing an additional 2,190 shares during the quarter. Apple comprises about 7.1% of Jag Capital Management LLC’s portfolio, making the stock its largest holding. Jag Capital Management LLC’s holdings in Apple were worth $53,325,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Norges Bank purchased a new position in shares of Apple in the 4th quarter valued at approximately $46,868,648,000. GAMMA Investing LLC raised its position in shares of Apple by 25,934.1% in the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker’s stock valued at $133,425,490,000 after purchasing an additional 59,835,676 shares during the last quarter. Vanguard Group Inc. raised its position in Apple by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker’s stock worth $349,532,608,000 after buying an additional 49,168,843 shares during the last quarter. Proficio Capital Partners LLC raised its position in Apple by 23,555.4% during the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker’s stock worth $5,272,653,000 after buying an additional 20,966,232 shares during the last quarter. Finally, Northern Trust Corp raised its position in Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker’s stock worth $42,918,365,000 after buying an additional 20,079,472 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of recent research reports. Monness Crespi & Hardt raised their price target on shares of Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Raymond James Financial reissued an “outperform” rating and set a $240.00 price target (up from $230.00) on shares of Apple in a research report on Friday, August 1st. Evercore ISI raised their price target on shares of Apple to $250.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. DA Davidson reissued a “buy” rating and set a $250.00 price target on shares of Apple in a research report on Friday, August 1st. Finally, TD Cowen reduced their price target on shares of Apple from $290.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $237.60.

Apple Stock Up 4.2%

NASDAQ AAPL opened at $229.35 on Monday. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The business’s fifty day simple moving average is $206.84 and its 200-day simple moving average is $213.07. The firm has a market cap of $3.40 trillion, a PE ratio of 34.80, a P/E/G ratio of 2.40 and a beta of 1.16.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%. The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. During the same quarter in the previous year, the firm earned $1.40 EPS. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, equities analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple’s payout ratio is 15.78%.

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.