Legacy Bridge LLC Reduces Stake in Apple Inc. (NASDAQ:AAPL)

Legacy Bridge LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 4.7% in the 2nd quarter, Holdings Channel reports. The firm owned 8,916 shares of the iPhone maker’s stock after selling 438 shares during the quarter. Apple accounts for 1.1% of Legacy Bridge LLC’s holdings, making the stock its 23rd largest position. Legacy Bridge LLC’s holdings in Apple were worth $1,878,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AAPL. TAP Consulting LLC grew its holdings in shares of Apple by 2.9% during the 2nd quarter. TAP Consulting LLC now owns 23,103 shares of the iPhone maker’s stock valued at $4,866,000 after purchasing an additional 645 shares during the last quarter. Chartist Inc. CA purchased a new stake in Apple in the 2nd quarter worth approximately $227,000. Clearwater Capital Advisors LLC raised its holdings in shares of Apple by 2.2% during the second quarter. Clearwater Capital Advisors LLC now owns 50,469 shares of the iPhone maker’s stock valued at $10,630,000 after acquiring an additional 1,087 shares in the last quarter. Varma Mutual Pension Insurance Co increased its position in Apple by 4.7% during the 2nd quarter. Varma Mutual Pension Insurance Co now owns 2,856,094 shares of the iPhone maker’s stock valued at $601,551,000 after purchasing an additional 129,341 shares during the period. Finally, YCG LLC raised its stake in Apple by 0.3% in the second quarter. YCG LLC now owns 197,025 shares of the iPhone maker’s stock worth $41,497,000 after buying an additional 538 shares in the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on AAPL shares. TD Cowen upped their price objective on shares of Apple from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Piper Sandler Companies reaffirmed a “neutral” rating and issued a $225.00 price objective (up from $190.00) on shares of Apple in a research report on Tuesday, July 9th. Tigress Financial upped their price target on Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 28th. KeyCorp lowered shares of Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price target for the company. in a research note on Friday. Finally, Jefferies Financial Group downgraded shares of Apple from a “buy” rating to a “hold” rating and increased their price objective for the company from $205.00 to $212.92 in a research report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $235.91.

Insider Buying and Selling at Apple

In other news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the sale, the senior vice president now directly owns 191,543 shares in the company, valued at approximately $39,542,136.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Apple news, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction on Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the transaction, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Kondo sold 5,178 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the completion of the sale, the insider now directly owns 24,125 shares in the company, valued at approximately $5,223,062.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 517,924 shares of company stock worth $114,786,399 over the last 90 days. 0.06% of the stock is owned by insiders.

Apple Stock Up 0.4 %

Shares of AAPL opened at $231.41 on Friday. The business’s 50 day moving average is $226.75 and its 200 day moving average is $209.62. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.49. The company has a market capitalization of $3.55 trillion, a PE ratio of 35.99, a price-to-earnings-growth ratio of 2.40 and a beta of 1.24.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The firm had revenue of $85.78 billion during the quarter, compared to analyst estimates of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. Apple’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.26 earnings per share. Research analysts expect that Apple Inc. will post 6.65 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date was Monday, August 12th. Apple’s payout ratio is 15.55%.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.