TD Asset Management Inc Boosts Investment in Apple Inc. to $3.53 Billion

TD Asset Management Inc has increased its investment in Apple Inc. (NASDAQ:AAPL) by 10.3% during the second quarter, according to its latest filing with the Securities and Exchange Commission (SEC). As a result, the institutional investor now holds 16,745,201 shares of the well-known iPhone manufacturer after acquiring an additional 1,557,848 shares in that quarter. Apple represents approximately 3.3% of TD Asset Management's overall investment portfolio, making it the firm's fourth-largest holding. As of the end of the last quarter, TD Asset Management held about 0.11% of Apple, with a total value estimated at $3,526,874,000.

In addition to TD Asset Management, several other institutional investors have recently adjusted their positions in Apple. Swedbank AB made headlines by purchasing a new stake in Apple valued at approximately $3,026,492,000 during the first quarter. Meanwhile, Global Assets Advisory LLC significantly increased its stake in Apple by 23,076.4% in the same period. Following this remarkable acquisition, they now own 9,240,214 shares valued at $1,584,512,000—an increase of 9,200,345 shares last quarter.

The Canada Pension Plan Investment Board also significantly boosted its Apple holdings by 158.3% during the first quarter, bringing its total to 11,532,438 shares worth $1,977,582,000, thanks to an additional purchase of 7,067,379 shares. Similarly, Lazard Asset Management LLC increased its stake by 161.2% in the same quarter, resulting in a total of 8,759,445 Apple shares valued at $1,502,068,000 after acquiring an extra 5,405,542 shares. Natixis also upped its involvement with a 127.7% increase, owning 4,632,987 shares worth $794,465,000 after buying an additional 2,598,742 shares. Currently, institutional investors hold about 60.41% of Apple’s stock.

Insider Transactions

In related insider trading news, Chris Kondo, an insider at Apple, sold 5,178 shares on August 9th at an average price of $216.50, totaling $1,121,037. Following this transaction, Kondo's remaining shares in Apple are valued at approximately $5,223,062.50. Similarly, CEO Timothy D. Cook sold 223,986 shares on October 2nd, generating $50,275,897.56 at an average price of $224.46, while retaining 3,280,180 shares valued at around $736,269,202.80 post-sale. This activity indicates a slight decrease in their respective ownership stakes. In the preceding 90 days, insiders sold a cumulative total of 517,924 shares valued at $114,786,399, with insiders owning 0.06% of the company's stock.

Analyst Ratings

Analysts have shared a variety of insights into Apple’s stock performance. Evercore ISI maintained a “buy” rating with a price target of $250.00 per share in a research note issued on September 26th. Raymond James increased its target from $200.00 to $250.00, rating Apple as “outperform” on July 26th. Likewise, JPMorgan Chase reaffirmed an “overweight” rating with a price target of $265.00 in a report on September 10th, while Rosenblatt Securities reiterated a “buy” rating with a $261.00 price target on the same day. Piper Sandler maintained a “neutral” rating with a revised target price of $225.00, previously $190.00, on July 9th. The consensus among analysts indicates one sell rating, thirteen hold ratings, twenty-two buy ratings, and one strong buy rating, leading to a moderate buy rating overall. The average target price across analysts stands at $239.27.

Apple Stock Performance

As of Friday, Apple shares opened at $235.00. The company boasts a market capitalization of $3.60 trillion, with a price-to-earnings (P/E) ratio of 36.55 and a price-to-earnings growth (PEG) ratio of 2.40. The stock has fluctuated within a one-year range of $164.07 to $237.49, with a 50-day moving average price of $225.78 and a 200-day moving average price of $208.11.

Apple last reported its quarterly earnings on August 1st, revealing earnings per share (EPS) of $1.40, surpassing the consensus estimate of $1.34 by $0.06. The company reported quarterly revenue of $85.78 billion, which was above analysts' expectations of $84.43 billion. The impressive results are reflected in a net margin of 26.44% and a return on equity of 147.15%. Compared to the same quarter last year, Apple’s revenue rose by 4.9%, with the previous year's EPS recorded at $1.26. Analysts forecast that Apple will achieve an EPS of 6.65 for the current fiscal year.

Apple Dividend Announcement

Furthermore, Apple announced a quarterly dividend that was paid on August 15th. Shareholders on record as of August 12th received a dividend of $0.25 per share, marking an annualized dividend of $1.00 which corresponds to a yield of 0.43%. The ex-dividend date was also recorded on August 12th. Apple's dividend payout ratio currently stands at 15.55%.

About Apple Inc.

Apple Inc. designs, manufactures, and markets a wide range of technology products, including smartphones, personal computers, tablets, wearables, and accessories worldwide. The popular products include the iPhone, Mac computers, iPads, and various wearables like AirPods and Apple Watch, alongside devices such as Apple TV and HomePod.

investment, Apple, stocks