Allen Investment Management LLC Sells 6,155 Shares of Apple Inc. (NASDAQ:AAPL)

Allen Investment Management LLC lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 289,755 shares of the iPhone maker’s stock after selling 6,155 shares during the quarter. Apple comprises approximately 0.7% of Allen Investment Management LLC’s portfolio, making the stock its 24th biggest holding. Allen Investment Management LLC’s holdings in Apple were worth $61,028,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Access Investment Management LLC bought a new position in shares of Apple in the first quarter valued at approximately $140,000. Hoese & Co LLP boosted its position in shares of Apple by 6.7% in the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after acquiring an additional 57 shares during the period. Sage Financial Group Inc. bought a new position in shares of Apple in the second quarter valued at approximately $206,000. Benchmark Wealth Management LLC bought a new position in shares of Apple in the second quarter valued at approximately $208,000. Finally, Sequent Asset Management LLC bought a new stake in Apple during the second quarter valued at approximately $214,000. Institutional investors own 60.41% of the company’s stock.

Insider Buying and Selling at Apple

In other Apple news, COO Jeffrey E. Williams sold 59,730 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the transaction, the chief operating officer now owns 489,944 shares in the company, valued at approximately $111,148,695.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president now owns 191,543 shares in the company, valued at $39,542,136.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jeffrey E. Williams sold 59,730 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the completion of the transaction, the chief operating officer now owns 489,944 shares in the company, valued at $111,148,695.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 517,924 shares of company stock worth $114,786,399. Company insiders own 0.06% of the company’s stock.

Apple Stock Performance

Shares of AAPL stock opened at $222.91 on Friday. Apple Inc. has a one year low of $164.07 and a one year high of $237.49. The company’s 50-day moving average is $227.18 and its 200 day moving average is $212.03. The company has a market capitalization of $3.39 trillion, a price-to-earnings ratio of 33.93, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.49 by $0.15. Apple had a net margin of 26.44% and a return on equity of 147.15%. The company had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. During the same period in the prior year, the firm posted $1.46 EPS. Apple’s revenue for the quarter was up 6.1% on a year-over-year basis. Sell-side analysts expect that Apple Inc. will post 6.6 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 11th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Monday, November 11th. Apple’s dividend payout ratio is currently 15.22%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. New Street Research reiterated a “neutral” rating and set a $225.00 target price on shares of Apple in a research report on Wednesday, September 25th. Piper Sandler reissued a “neutral” rating and set a $225.00 price target on shares of Apple in a research note on Wednesday, October 9th. KeyCorp downgraded shares of Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price target on the stock. in a research note on Friday, October 25th. Wedbush reissued an “outperform” rating and set a $285.00 price target on shares of Apple in a research note on Monday, September 9th. Finally, Monness Crespi & Hardt reissued a “buy” rating and set a $245.00 price target on shares of Apple in a research note on Monday, September 9th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Apple has an average rating of “Moderate Buy” and an average price target of $236.23.

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.