TD Asset Management Inc Strengthens Its Stake in Apple Inc.

TD Asset Management Inc has bolstered its investment in Apple Inc. (NASDAQ:AAPL) by 10.3% during the second quarter of the year, as revealed in its latest filing with the Securities and Exchange Commission (SEC). After adding 1,557,848 shares to its holdings, the institutional investor now owns a total of 16,745,201 shares of Apple. This investment represents about 3.3% of TD Asset Management's portfolio, positioning Apple as its fourth largest holding. The total value of TD Asset Management's stake in Apple at the end of the last quarter was approximately $3.53 billion.

In addition to TD Asset Management, several other institutional investors have also recently adjusted their positions in Apple. For instance, Swedbank AB acquired a new stake in Apple during the first quarter, valued at approximately $3.03 billion. Global Assets Advisory LLC dramatically increased its investment in Apple by 23,076.4% during the same quarter, now owning 9,240,214 shares valued at around $1.58 billion after purchasing 9,200,345 additional shares. Canada Pension Plan Investment Board raised its stake by 158.3%, owning 11,532,438 shares worth about $1.98 billion after acquiring an extra 7,067,379 shares. Furthermore, Lazard Asset Management LLC grew its holdings by 161.2%, now possessing 8,759,445 shares valued at $1.50 billion, having bought 5,405,542 additional shares. Natixis also increased its stake by 127.7%, owning 4,632,987 shares valued at approximately $794 million after purchasing another 2,598,742 shares. Currently, institutional investors hold 60.41% of Apple's stock.

Insider Transactions

In recent insider trading news, Chris Kondo, an insider at the company, sold 5,178 shares on August 9th, with an average sale price of $216.50 per share, totaling $1,121,037. Following this transaction, Kondo retains ownership of 24,125 shares valued at about $5.22 million. Separately, on October 2nd, CEO Timothy D. Cook sold 223,986 shares at an average price of $224.46, amounting to a total of approximately $50.28 million. After this sale, Cook possesses around 3,280,180 shares, valued at $736.27 million. Over the last 90 days, insiders have collectively sold 517,924 shares valued at $114.79 million, while insider ownership stands at just 0.06% of the company’s overall stock.

Analyst Ratings

Analysts have expressed mixed opinions regarding Apple’s stock. Evercore ISI has reaffirmed a “buy” rating, setting a $250 price target for the shares. Following suit, Raymond James increased its price target from $200 to $250 while rating the stock as “outperform”. JPMorgan Chase maintained an “overweight” rating with a $265 price target, while Rosenblatt Securities also reiterated a “buy” rating at $261. Piper Sandler Companies provided a “neutral” rating adjusting its target to $225 from a previous $190. Overall, among various analysts, one rated the stock as a sell, thirteen offered hold ratings, while twenty-two assigned buy ratings, and one gave a strong buy. Currently, the consensus rating stands at “Moderate Buy” with an average price target of $239.27, according to MarketBeat.com.

Latest Stock Performance

As of Friday, Apple’s stock opened at $235.00. The company boasts a market capitalization of around $3.60 trillion, with a P/E ratio of 36.55, PEG ratio of 2.40, and a beta of 1.24. In financial ratios, Apple has a debt-to-equity ratio of 1.29, a current ratio of 0.95, and a quick ratio of 0.91. Over the past year, the stock has fluctuated between a low of $164.07 and a high of $237.49. The 50-day moving average price rests at $225.78, while the 200-day moving average is $208.11.

Quarterly Earnings and Dividends

Apple recently disclosed its quarterly earnings on August 1st, reporting $1.40 earnings per share (EPS) for the quarter, which surpassed the expected consensus estimate of $1.34 by $0.06. The company's total revenue for the quarter was $85.78 billion, exceeding analyst predictions of $84.43 billion. Apple experienced a net margin of 26.44% and a remarkably high return on equity of 147.15%. This current quarter's revenue reflects a 4.9% increase compared to the same period last year, where the EPS was $1.26. Analysts predict that Apple will report an EPS of about $6.65 for the ongoing fiscal year.

Dividend Announcement

Additionally, Apple recently declared its quarterly dividend, which was paid on August 15th. Shareholders on record as of August 12th received a dividend of $0.25 per share, reflecting an annualized dividend of $1.00 and a yield of 0.43%. The ex-dividend date for this payout was also August 12th. Currently, Apple maintains a dividend payout ratio of 15.55%.

About Apple Inc.

(Free Report)

Apple Inc. is engaged in designing, manufacturing, and marketing a diverse range of technology products including smartphones, personal computers, tablets, wearables, and accessories worldwide. Its product lineup features the iPhone smartphones, Mac personal computers, iPads, and various wearables like AirPods and Apple Watch, among others.

TD, Apple, Investment