Cercano Management LLC Reduces Holdings in Apollo Global Management Inc. $APO

Cercano Management LLC lessened its holdings in shares of Apollo Global Management Inc. (NYSE:APO) by 8.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 272,049 shares of the financial services provider’s stock after selling 25,936 shares during the quarter. Apollo Global Management comprises approximately 1.1% of Cercano Management LLC’s portfolio, making the stock its 23rd biggest holding. Cercano Management LLC’s holdings in Apollo Global Management were worth $38,596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Boston Partners bought a new position in shares of Apollo Global Management in the first quarter worth approximately $370,543,000. Nuveen LLC purchased a new position in shares of Apollo Global Management during the first quarter valued at about $342,335,000. Vanguard Group Inc. increased its stake in Apollo Global Management by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 46,028,812 shares of the financial services provider’s stock worth $6,303,186,000 after acquiring an additional 893,428 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Apollo Global Management by 24.6% during the first quarter. Goldman Sachs Group Inc. now owns 3,581,732 shares of the financial services provider’s stock valued at $490,482,000 after purchasing an additional 706,181 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Apollo Global Management by 33.0% during the 1st quarter. Alliancebernstein L.P. now owns 2,473,614 shares of the financial services provider’s stock valued at $338,737,000 after buying an additional 613,124 shares in the last quarter. 77.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Apollo Global Management

In other news, insider Leon D. Black sold 915,000 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $134.03, for a total transaction of $122,637,450.00. Following the transaction, the insider owned 4,526,000 shares in the company, valued at $606,619,780. This trade represents a 16.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 8.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

APO has been the subject of a number of analyst reports. Citigroup lowered their price target on Apollo Global Management from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Apollo Global Management in a research note on Wednesday, October 8th. Morgan Stanley cut their target price on shares of Apollo Global Management from $154.00 to $151.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 21st. Wall Street Zen upgraded Apollo Global Management from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Apollo Global Management in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $162.00.

Apollo Global Management Stock Performance

NYSE APO opened at $130.56 on Friday. The stock has a 50-day simple moving average of $130.66 and a two-hundred day simple moving average of $136.24. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.27 and a current ratio of 1.27. The firm has a market capitalization of $74.68 billion, a P/E ratio of 24.40, a PEG ratio of 1.42 and a beta of 1.63. Apollo Global Management Inc. has a fifty-two week low of $102.58 and a fifty-two week high of $189.49.

Apollo Global Management Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Monday, November 17th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $2.04 dividend on an annualized basis and a yield of 1.6%. Apollo Global Management’s dividend payout ratio is presently 29.82%.

Apollo Global Management Company Profile

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.