RFG Advisory LLC significantly increased its stake in Apple Inc. (NASDAQ:AAPL) during the second quarter, boosting its holdings by 17.2%. According to the latest 13F filing with the SEC, the fund now owns 241,545 shares of the iPhone maker, valued at $69,893,000. This positions Apple as the 10th largest holding in RFG Advisory LLC's portfolio, accounting for about 1.1% of its total assets.
Other major institutional investors also made substantial moves in Apple stock during the quarter. Berkshire Hathaway Inc. acquired a new position worth approximately $65,950,297,000, while Bank of America Corp DE purchased a stake valued at $36,986,090,000. Legal & General Group Plc, Deutsche Bank AG, and Mitsubishi UFJ Asset Management Co. Ltd. also bought new positions in Apple, with values ranging from $10.6 billion to $30.4 billion. Collectively, institutional investors and hedge funds own 67.73% of Apple's stock.
Meanwhile, Apple insiders have been selling shares. CEO Timothy D. Cook sold 191,753 shares on October 2nd for $63,846,078.88, reducing his ownership by 5.55%. CEO John Ternus sold 25,412 shares for $8,460,671.28, decreasing his ownership by 29.90%. The sales were made to cover tax withholding obligations related to vesting equity awards. Insiders have sold a total of 279,383 shares worth $92,912,517 in the last ninety days, with insiders owning just 0.06% of the stock.
Apple's stock opened at $336.64 on October 6th, with a market capitalization of $4.91 trillion. The company reported strong earnings for the recent quarter, with $2.02 earnings per share, beating estimates by $0.13. Revenue was $109.42 billion, up 16.4% year-over-year. Analysts have set a consensus target price of $340.02 for Apple, with a moderate buy rating.