TD Asset Management Inc Increases Apple Investment to $3.53 Billion

TD Asset Management Inc has raised its investment in Apple Inc. (NASDAQ:AAPL) by 10.3% during the second quarter, as stated in their latest filing with the Securities and Exchange Commission (SEC). After adding 1,557,848 shares, the firm now holds a total of 16,745,201 shares in the renowned smartphone manufacturer. This investment now accounts for roughly 3.3% of TD Asset Management's overall portfolio, positioning Apple as the 4th largest holding for the firm. The value of TD Asset Management's stake in Apple is approximately $3,526,874,000 as of the end of the last quarter.

Numerous other institutional investors have also adjusted their positions in Apple recently. For instance, Swedbank AB acquired new shares worth about $3,026,492,000 in the first quarter. Furthermore, Global Assets Advisory LLC grew its holdings in Apple by an astonishing 23,076.4% during the same period, now owning 9,240,214 shares valued at about $1,584,512,000. Similarly, the Canada Pension Plan Investment Board raised its stake by 158.3%, becoming the owner of 11,532,438 shares worth approximately $1,977,582,000 after a purchase of 7,067,379 additional shares. Lazard Asset Management LLC also increased its share count by 161.2%, owning 8,759,445 shares valued at $1,502,068,000. Lastly, Natixis enhanced its investment by 127.7%, now holding 4,632,987 shares worth around $794,465,000. Collectively, institutional investors hold 60.41% of Apple’s stock.

Recent Insider Transactions

On another note, there have been movements among company insiders. For example, Chris Kondo sold 5,178 shares of Apple on August 9, at an average price of $216.50, totaling $1,121,037. Following this transaction, Kondo's remaining shares are valued at approximately $5,223,062.50. Additionally, CEO Timothy D. Cook sold 223,986 shares on October 2 at an average price of $224.46, which amounted to about $50,275,897.56. After this sale, Cook retains about 3,280,180 shares worth approximately $736,269,202. It’s notable that these transactions did not affect the overall ownership in a significant way. Over the past 90 days, a total of 517,924 shares have been sold by insiders, amounting to $114,786,399. Currently, insiders own only 0.06% of the company's stock.

Analyst Recommendations

A number of financial analysts have recently provided their assessments of Apple’s stock. Evercore ISI reiterated a “buy” rating, setting a target price of $250.00 for the shares. Similarly, Raymond James increased its price target from $200.00 to $250.00, offering an “outperform” rating. JPMorgan Chase & Co. reaffirmed an “overweight” rating alongside a price target of $265.00, while Rosenblatt Securities also maintained a “buy” rating at a price target of $261.00. Piper Sandler Companies reaffirmed a “neutral” stance, increasing the price target to $225.00 from $190.00. In total, one analyst has issued a sell rating, while thirteen have recommended holding, twenty-two have suggested buying, and one has given a strong buy recommendation. The consensus rating for Apple is currently categorized as “Moderate Buy” with an average price target of $239.27.

Apple Stock Performance

The trading price of Apple stock rose by 1.2%, starting at $235.00 on Friday. The company possesses a market capitalization of $3.60 trillion, with a price-to-earnings (P/E) ratio of 36.55 and a PEG ratio of 2.40. Apple has experienced a one-year low of $164.07 and a high of $237.49. At present, the 50-day moving average price is $225.78, whereas the 200-day moving average price stands at $208.11.

On August 1, Apple reported its quarterly earnings, stating earnings of $1.40 per share, surpassing the consensus estimate of $1.34. The company's revenue reached $85.78 billion for the quarter, exceeding the expected $84.43 billion. Apple's net margin is calculated at 26.44%, with a return on equity of 147.15%. Compared to the same quarter last year, Apple's revenue has increased by 4.9%. Analysts are forecasting average earnings of 6.65 per share for the current fiscal year.

Dividend Declaration

Recently, Apple declared a quarterly dividend, which was paid out on August 15. Investors on record as of August 12 received a dividend of $0.25. This translates to an annual dividend of $1.00, reflecting a yield of 0.43%. The ex-dividend date for this distribution was also August 12, and Apple currently maintains a dividend payout ratio of 15.55%.

About Apple Inc.

Apple Inc. is a global leader in the design, manufacturing, and marketing of personal electronics. It offers a diverse range of products including the iPhone, a collection of smartphones, the Mac line of personal computers, the iPad series of tablets, and wearable technology such as the Apple Watch along with accessories like AirPods, and Apple TV.

Investments, Apple, Finance