SOL Capital Management CO reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 8.1% in the third quarter, HoldingsChannel.com reports. The fund owned 93,813 shares of the iPhone maker’s stock after selling 8,283 shares during the quarter. Apple accounts for 2.4% of SOL Capital Management CO’s holdings, making the stock its 4th biggest position. SOL Capital Management CO’s holdings in Apple were worth $21,858,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in AAPL. High Net Worth Advisory Group LLC grew its stake in shares of Apple by 1.7% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 64,015 shares of the iPhone maker’s stock valued at $14,916,000 after buying an additional 1,066 shares during the period. Granite Investment Partners LLC increased its holdings in Apple by 2.7% during the 2nd quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock worth $60,958,000 after purchasing an additional 7,606 shares in the last quarter. Truist Financial Corp raised its stake in shares of Apple by 1.8% in the second quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock worth $1,473,224,000 after purchasing an additional 126,210 shares during the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Apple by 5.2% in the second quarter. EP Wealth Advisors LLC now owns 1,928,110 shares of the iPhone maker’s stock valued at $406,099,000 after purchasing an additional 95,235 shares in the last quarter. Finally, CHICAGO TRUST Co NA grew its holdings in Apple by 15.2% during the third quarter. CHICAGO TRUST Co NA now owns 149,219 shares of the iPhone maker’s stock worth $34,768,000 after buying an additional 19,670 shares in the last quarter. 67.73% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several analysts have recently commented on the stock. StockNews.com downgraded shares of Apple from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Melius Research reiterated a “buy” rating and issued a $265.00 price objective on shares of Apple in a research note on Tuesday, August 27th. Loop Capital cut their target price on Apple from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Jefferies Financial Group downgraded Apple from a “buy” rating to a “hold” rating and upped their price objective for the company from $205.00 to $212.92 in a research note on Monday, October 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $260.00 price objective on shares of Apple in a report on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $236.78.
Apple Stock Performance
NASDAQ AAPL opened at $254.49 on Friday. The company’s 50 day simple moving average is $234.97 and its two-hundred day simple moving average is $225.48. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $255.00. The stock has a market capitalization of $3.85 trillion, a PE ratio of 41.86, a P/E/G ratio of 2.41 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. The company had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. During the same quarter last year, the company earned $1.46 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Analysts predict that Apple Inc. will post 7.43 earnings per share for the current fiscal year.
Apple Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Friday, November 8th. Apple’s payout ratio is 16.45%.
Insider Buying and Selling
In other news, insider Chris Kondo sold 4,130 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the completion of the transaction, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. This represents a 21.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Katherine L. Adams sold 61,019 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $226.20, for a total value of $13,802,497.80. Following the transaction, the senior vice president now owns 187,043 shares in the company, valued at $42,309,126.60. This trade represents a 24.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 508,170 shares of company stock worth $117,004,745. Insiders own 0.06% of the company’s stock.
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.
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