Ohio Retirement Fund Increases Apple Holdings by 0.3%

The Public Employees Retirement System of Ohio has increased its stake in Apple Inc. (NASDAQ:AAPL) by 0.3% during the second quarter of 2023. This move is reflected in the fund’s latest filing with the Securities and Exchange Commission, revealing that it now owns 6,444,197 shares of the technology giant after acquiring an additional 18,122 shares during this period. Apple constitutes approximately 4.5% of the retirement system’s total holdings, making it the third-largest investment in its portfolio, valued at around $1.32 billion.

Several other institutional investors have also adjusted their stakes in Apple recently. For instance, Ryan Investment Management Inc. acquired a new stake worth $31,000 in the second quarter. ROSS JOHNSON & Associates LLC notably increased its position in Apple by 1,800% during the first quarter, now holding 190 shares valued at $42,000. Additionally, Conquis Financial LLC and LSV Asset Management both acquired new stakes in the fourth quarter, valued at approximately $63,000 and $65,000, respectively. In total, hedge funds and institutional investors control 67.73% of Apple’s stock.

Apple’s Stock Performance and Financial Metrics

As of Tuesday, shares of Apple opened at $256.69. The company maintains a quick ratio of 0.83, a current ratio of 0.87, and a debt-to-equity ratio of 1.25. Over the past year, Apple’s stock has fluctuated significantly, with a fifty-two week low of $169.21 and a high of $260.10. The company has a market capitalization of $3.81 trillion, a price-to-earnings ratio of 38.95, and a price-to-earnings-growth ratio of 2.51.

Apple recently announced its earnings results for the quarter ending on July 31, 2023, reporting earnings per share (EPS) of $1.57, exceeding analysts’ expectations of $1.43 by $0.14. The company’s revenue for the quarter totaled $94.04 billion, surpassing analyst forecasts of $88.64 billion. Year-over-year, Apple’s revenue increased by 9.6%, up from $1.40 EPS in the same quarter the previous year. Analysts predict that Apple will report an EPS of $7.28 for the current fiscal year.

Dividend Declaration and Insider Transactions

In a recent development, Apple declared a quarterly dividend of $0.26, which was paid to investors on August 14, 2023. The dividend represents an annualized payment of $1.04, yielding 0.4%. Currently, Apple’s dividend payout ratio stands at 15.78%.

In other news concerning Apple, CEO Timothy D. Cook sold 129,963 shares on October 2, 2023, at an average price of $256.81, totaling approximately $33.38 million. Following this transaction, Cook retains 3,280,295 shares, valued at around $842.41 million. This sale indicates a 3.81% reduction in his holdings. Similarly, Senior Vice President Katherine L. Adams sold 47,125 shares on the same day, resulting in a total transaction of approximately $12.10 million and a 20.83% decrease in her position.

Over the last ninety days, insiders have sold 254,922 shares, worth approximately $64.32 million, while 0.06% of the stock remains owned by insiders.

Analysts Adjust Price Targets

Apple’s stock has been the subject of various research reports from financial analysts. Loop Capital recently lowered its target price from $230.00 to $226.00, maintaining a “hold” rating. Conversely, Raymond James Financial reiterated an “outperform” rating, raising its price target to $240.00. Phillip Securities downgraded its rating from “hold” to “moderate sell,” setting a target at $200.00. HSBC issued a target of $220.00 with a “hold” rating, while Moffett Nathanson upgraded its position from “sell” to “neutral,” with a target of $225.00. Currently, consensus ratings indicate three analysts rate the stock as a “Strong Buy,” fifteen as “Buy,” thirteen as “Hold,” and two as “Sell,” with an average target price of $247.49.

As Apple continues to navigate the competitive technology landscape, its financial performance and investor interest remain critical to its ongoing success.