Apple Inc. (NASDAQ:AAPL) is Hutchinson Capital Management CA’s 2nd Largest Position

Hutchinson Capital Management CA lessened its holdings in Apple Inc. (NASDAQ:AAPL) by 1.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,834 shares of the iPhone maker’s stock after selling 2,751 shares during the period. Apple accounts for approximately 6.5% of Hutchinson Capital Management CA’s portfolio, making the stock its 2nd largest holding. Hutchinson Capital Management CA’s holdings in Apple were worth $31,979,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Chesapeake Capital Corp IL acquired a new stake in Apple during the 2nd quarter valued at $690,000. Provident Investment Management Inc. lifted its position in shares of Apple by 26.0% in the second quarter. Provident Investment Management Inc. now owns 9,099 shares of the iPhone maker’s stock valued at $1,916,000 after acquiring an additional 1,877 shares in the last quarter. Sachetta LLC boosted its stake in shares of Apple by 0.8% during the second quarter. Sachetta LLC now owns 33,016 shares of the iPhone maker’s stock valued at $7,224,000 after acquiring an additional 260 shares during the last quarter. Bright Futures Wealth Management LLC. increased its position in Apple by 0.8% during the 2nd quarter. Bright Futures Wealth Management LLC. now owns 39,672 shares of the iPhone maker’s stock worth $8,722,000 after purchasing an additional 304 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC raised its stake in Apple by 9.1% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 190,739 shares of the iPhone maker’s stock valued at $40,173,000 after purchasing an additional 15,851 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on AAPL. Morgan Stanley reiterated an “overweight” rating and set a $273.00 price target on shares of Apple in a report on Tuesday, September 10th. The Goldman Sachs Group lifted their target price on shares of Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. StockNews.com raised Apple from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. KeyCorp lowered Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 target price for the company. in a research note on Friday. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $265.00 price target on shares of Apple in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $235.91.

Insider Activity

In other Apple 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 value of $20,644,000.00. Following the completion of the transaction, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $206.44, for a total value 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the sale, the insider now owns 15,419 shares in the company, valued at approximately $3,469,275. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 517,924 shares of company stock valued at $114,786,399. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

AAPL opened at $231.41 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. The company’s 50-day moving average price is $226.86 and its 200 day moving average price is $210.64. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.49. The firm has a market cap of $3.55 trillion, a price-to-earnings ratio of 35.99, a price-to-earnings-growth ratio of 2.40 and a beta of 1.24.

Apple (NASDAQ:AAPL) last announced its quarterly 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. Apple had a return on equity of 147.15% and a net margin of 26.44%. The business had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. During the same period in the prior year, the firm earned $1.26 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Apple Inc. will post 6.65 earnings per share for the current year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were paid a $0.25 dividend. 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 Company 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.