State of Michigan Retirement System 13F: Cuts AAPL Stake by $31M

On October 27, 2026, the State of Michigan Retirement System trimmed its position in Apple Inc. (AAPL) by 93,900 shares, valued at about $31.3 million. This change was disclosed in a filing with the SEC. After the adjustment, the fund now holds 3,736,499 shares of Apple, a 2.5% decrease from its previous 3,830,399 shares.

AAPL Apple Inc.

$347.10 ▲ +28.43% year to date

1M 3M YTD

Daily close · Oct 27, 2026

Where Apple Fits in State of Michigan Retirement System's Portfolio

Apple represents 11.3% of the State of Michigan Retirement System's total reported value of approximately $11 billion. The fund ranks second among its 966 reported positions, indicating a significant reliance on Apple as a key investment.

Other Institutional Activity in Apple

Several other institutional investors also adjusted their stakes in Apple recently. Chicago Partners Investment Group grew its holdings by 16,209 shares, bringing its total to 353,007 shares worth about $122.7 million. Asset Management One added 122,709 shares, increasing their position to 6,829,769 shares valued at approximately $2.27 billion. Berkshire Hathaway, Inc. maintained its position at 227,917,808 shares, valued at about $79.1 billion.

Apple Inc. Stock Down 0.2%

Apple shares closed at $347.10 on October 27, 2026, and recently traded around $347.08 as of October 28, which is about equal to the closing price. The stock is currently trading above its 50-day moving average by about 5.1% and its 200-day moving average by 17.7%. However, it is slightly below its 52-week high of $351.73.

Recent Earnings

For the trailing twelve months, Apple reported revenue of approximately $466.8 billion and earnings per share (EPS) of $8.72. The company has a robust net margin of 27.6% and a return on equity (ROE) of 148.8%. The next earnings report is expected on November 2, 2026.

Dividend

Apple pays an annual dividend of $1.08 per share, yielding approximately 0.31%. The dividend payout ratio is 12.0%, indicating a sustainable return to shareholders.

Insider Buying and Selling at Apple Inc.

Recently, several insiders sold shares of Apple. Jennifer Newstead, General Counsel, sold 2,399 shares on October 6, 2026, at an average price of $332.01, totaling about $796,492. Kevan Parekh, Chief Financial Officer, sold 1,392 shares on October 16, 2026, valued at about $480,315. Ben Borders, another officer, sold 1,280 shares on the same day for approximately $442,108. On October 20, 2026, Newstead sold another 2,399 shares at $339.62, worth around $814,748.

Analysts Set New Price Targets

On October 1, 2026, Morgan Stanley maintained an Overweight rating on Apple with a price target of $355. JP Morgan also maintained an Overweight rating on October 12, with a target of $360. MoffettNathanson kept a Neutral rating with a target of $283 on October 20. Loop Capital downgraded its rating to Hold with a target of $330 on the same day. The consensus recommendation for Apple remains a buy with a target mean price of $329.25 from 39 analysts.

About Apple Inc.

Apple Inc. designs, manufactures, and markets a wide range of technology products, including smartphones, personal computers, tablets, wearables, and accessories. Its flagship products include the iPhone, Mac computers, and iPads, along with various accessories like AirPods and Apple Watch. The company's consistent innovation and robust financial performance make it a leading player in the technology sector.

Bottom Line

Investors will be watching for Apple's upcoming earnings report on November 2, 2026. Additionally, the recent moves by institutional investors highlight ongoing interest in Apple, with many funds adjusting their positions amid the stock's performance.