AlTi Global Inc. Lowers Position in Apple Inc. (NASDAQ:AAPL)

AlTi Global Inc. lowered its position in Apple Inc. (NASDAQ:AAPL) by 10.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 310,510 shares of the iPhone maker’s stock after selling 37,866 shares during the quarter. Apple accounts for 1.8% of AlTi Global Inc.’s investment portfolio, making the stock its 12th biggest position. AlTi Global Inc.’s holdings in Apple were worth $65,400,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AAPL. Granite Investment Partners LLC lifted its holdings in Apple by 2.7% in the 2nd quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock worth $60,958,000 after buying an additional 7,606 shares in the last quarter. Bellwether Advisors LLC raised its holdings in shares of Apple by 387.3% during the second quarter. Bellwether Advisors LLC now owns 24,349 shares of the iPhone maker’s stock worth $5,128,000 after purchasing an additional 19,352 shares during the period. Gentry Private Wealth LLC acquired a new position in Apple in the second quarter valued at approximately $876,000. Independent Advisor Alliance raised its position in shares of Apple by 0.9% during the 2nd quarter. Independent Advisor Alliance now owns 920,737 shares of the iPhone maker’s stock worth $193,926,000 after purchasing an additional 8,028 shares during the period. Finally, WT Asset Management Ltd acquired a new position in Apple during the 2nd quarter valued at approximately $80,057,000. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AAPL shares. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $265.00 target price on shares of Apple in a research note on Tuesday, September 10th. Moffett Nathanson assumed coverage on shares of Apple in a research note on Monday, August 19th. They issued a “neutral” rating and a $211.00 price target on the stock. Maxim Group increased their price target on Apple from $203.00 to $215.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. TD Cowen lifted their price objective on shares of Apple from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $260.00 price target on shares of Apple in a research report on Friday, November 1st. Two investment 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.51.

Apple Price Performance

Shares of Apple stock opened at $224.23 on Wednesday. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $237.49. The business has a fifty day simple moving average of $226.72 and a 200 day simple moving average of $215.06. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The stock has a market cap of $3.39 trillion, a PE ratio of 36.88, a price-to-earnings-growth ratio of 2.22 and a beta of 1.24.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. The business had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. Apple’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. Research analysts predict that Apple Inc. will post 7.43 EPS for the current year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 11th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, November 8th. Apple’s dividend payout ratio (DPR) is 16.45%.

Insider Activity at Apple

In other news, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the transaction, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Apple news, CFO Luca Maestri sold 59,305 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $226.52, for a total transaction of $13,433,768.60. Following the sale, the chief financial officer now directly owns 107,788 shares of the company’s stock, valued at approximately $24,416,137.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 223,986 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the sale, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 412,746 shares of company stock worth $93,021,362 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

About Apple

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.