Select Equity Group L.P. Reduces Stock Holdings in Apollo Global Management, Inc. (NYSE:APO)

Select Equity Group L.P. reduced its holdings in Apollo Global Management, Inc. (NYSE:APO) by 59.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 944,125 shares of the financial services provider’s stock after selling 1,398,847 shares during the period. Select Equity Group L.P. owned about 0.17% of Apollo Global Management worth $155,932,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in APO. Geode Capital Management LLC boosted its holdings in shares of Apollo Global Management by 64.6% in the 4th quarter. Geode Capital Management LLC now owns 9,413,245 shares of the financial services provider’s stock valued at $1,550,316,000 after acquiring an additional 3,695,979 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Apollo Global Management by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 45,135,384 shares of the financial services provider’s stock valued at $7,454,560,000 after acquiring an additional 3,691,700 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Apollo Global Management by 245.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,653,160 shares of the financial services provider’s stock valued at $438,196,000 after acquiring an additional 1,886,146 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Apollo Global Management by 36.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,452,004 shares of the financial services provider’s stock valued at $1,065,615,000 after acquiring an additional 1,739,807 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Apollo Global Management by 50.0% during the fourth quarter. Northern Trust Corp now owns 4,382,740 shares of the financial services provider’s stock worth $723,853,000 after buying an additional 1,460,689 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Martin Kelly sold 4,000 shares of Apollo Global Management stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $132.57, for a total value of $530,280.00. Following the completion of the transaction, the chief financial officer now owns 373,164 shares in the company, valued at $49,470,351.48. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Leon D. Black sold 500,000 shares of Apollo Global Management stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $142.00, for a total transaction of $71,000,000.00. Following the completion of the transaction, the insider now owns 34,604,773 shares of the company’s stock, valued at $4,913,877,766. This represents a 1.42% decrease in their position. The disclosure for this sale can be found here. 8.20% of the stock is owned by insiders.

Apollo Global Management Price Performance

Shares of NYSE APO opened at $143.80 on Friday. The firm has a 50-day simple moving average of $132.95 and a 200-day simple moving average of $152.46. The stock has a market capitalization of $82.04 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 1.17 and a beta of 1.67. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. Apollo Global Management, Inc. has a 52 week low of $95.11 and a 52 week high of $189.49.

Apollo Global Management (NYSE:APO) last released its quarterly earnings data on Friday, May 2nd. The financial services provider reported $1.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.02). The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $977.14 million. Apollo Global Management had a return on equity of 13.97% and a net margin of 17.53%. Apollo Global Management’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.72 earnings per share. On average, equities analysts predict that Apollo Global Management, Inc. will post 8 earnings per share for the current fiscal year.

Apollo Global Management Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $2.04 dividend on an annualized basis and a yield of 1.42%. This is an increase from Apollo Global Management’s previous quarterly dividend of $0.46. Apollo Global Management’s payout ratio is currently 35.73%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. TD Cowen lowered their price target on shares of Apollo Global Management from $214.00 to $144.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Keefe, Bruyette & Woods lowered their price target on shares of Apollo Global Management from $196.00 to $194.00 and set an “outperform” rating on the stock in a report on Wednesday, February 5th. Morgan Stanley lowered their price target on shares of Apollo Global Management from $170.00 to $131.00 and set an “equal weight” rating on the stock in a report on Monday, April 14th. Barclays increased their price target on shares of Apollo Global Management from $145.00 to $156.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Finally, Wells Fargo & Company lowered their price target on shares of Apollo Global Management from $177.00 to $139.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $157.89.

About Apollo Global Management

Apollo Global Management, Inc is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets. The firm’s private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.