Lord Abbett & CO. LLC Cuts Holdings in Apple Inc. (NASDAQ:AAPL)

Lord Abbett & CO. LLC reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,539,253 shares of the iPhone maker’s stock after selling 56,864 shares during the quarter. Apple comprises about 1.5% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its 2nd largest holding. Lord Abbett & CO. LLC’s holdings in Apple were worth $452,000,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of AAPL. Korea Investment CORP raised its position in Apple by 6.3% in the fourth quarter. Korea Investment CORP now owns 3,753,051 shares of the iPhone maker’s stock worth $1,102,083,000 after acquiring an additional 221,800 shares in the last quarter. Atlas Private Wealth Management bought a new stake in Apple in the fourth quarter worth about $4,730,000. Blair William & Co. IL raised its position in Apple by 2.0% in the fourth quarter. Blair William & Co. IL now owns 2,568,117 shares of the iPhone maker’s stock worth $754,128,000 after acquiring an additional 49,316 shares in the last quarter. Altshuler Shaham Ltd raised its position in Apple by 2,180.0% in the fourth quarter. Altshuler Shaham Ltd now owns 114 shares of the iPhone maker’s stock worth $33,000 after acquiring an additional 109 shares in the last quarter. Finally, AMG National Trust Bank raised its position in Apple by 2.7% in the fourth quarter. AMG National Trust Bank now owns 5,974 shares of the iPhone maker’s stock worth $1,754,000 after acquiring an additional 155 shares in the last quarter. Institutional investors and hedge funds own 60.69% of the company’s stock.

A number of equities analysts recently weighed in on AAPL shares. Maxim Group raised Apple from a “sell” rating to a “hold” rating in a research note on Wednesday, January 29th. China Renaissance Securities started coverage on Apple in a research note on Monday, December 9th. They issued a “buy” rating and a $342.00 price target on the stock. Bank of America reissued a “buy” rating and issued a $350.00 price target on shares of Apple in a research note on Friday, March 6th. DZ Bank reissued a “buy” rating on shares of Apple in a research note on Monday. Finally, Argus reissued a “buy” rating and issued a $350.00 price target (up previously from $300.00) on shares of Apple in a research note on Friday, January 10th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirty have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $305.00.

In related news, Director Arthur D. Levinson sold 1,429 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $304.11, for a total value of $434,573.19. Following the completion of the sale, the director now owns 1,134,712 shares of the company’s stock, valued at approximately $345,077,266.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.05% of the company’s stock.

NASDAQ:AAPL opened at $245.52 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.60 and a quick ratio of 1.56. Apple Inc. has a fifty-two week low of $170.27 and a fifty-two week high of $327.85. The stock’s 50-day moving average is $289.96 and its two-hundred day moving average is $270.14. The stock has a market cap of $1,080.22 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.80 and a beta of 1.30.

Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, January 28th. The iPhone maker reported $4.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.54 by $0.45. The company had revenue of $91.80 billion for the quarter, compared to analysts’ expectations of $88.41 billion. Apple had a return on equity of 60.19% and a net margin of 21.49%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.18 EPS. On average, equities research analysts anticipate that Apple Inc. will post 13.05 earnings per share for the current year.

Apple 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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