Groesbeck Investment Management Corp NJ Sells 399 Shares of Apple Inc. (NASDAQ:AAPL)

Groesbeck Investment Management Corp NJ decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.9% in the 3rd quarter, Holdings Channel reports. The fund owned 13,371 shares of the iPhone maker’s stock after selling 399 shares during the period. Apple accounts for 4.3% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 4th largest holding. Groesbeck Investment Management Corp NJ’s holdings in Apple were worth $3,115,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in Apple by 20,372.7% during the 3rd quarter. International Assets Investment Management LLC now owns 94,347,510 shares of the iPhone maker’s stock worth $219,829,700,000 after acquiring an additional 93,886,664 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Apple by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 52,981,808 shares of the iPhone maker’s stock valued at $11,160,183,000 after purchasing an additional 2,785,807 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Apple by 6.7% during the second quarter. Ameriprise Financial Inc. now owns 51,765,589 shares of the iPhone maker’s stock worth $10,909,457,000 after purchasing an additional 3,245,281 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Apple by 3.2% in the second quarter. American Century Companies Inc. now owns 34,619,614 shares of the iPhone maker’s stock valued at $7,291,583,000 after buying an additional 1,065,759 shares during the period. Finally, Swedbank AB raised its holdings in Apple by 13.4% in the 2nd quarter. Swedbank AB now owns 20,008,650 shares of the iPhone maker’s stock valued at $4,214,222,000 after buying an additional 2,359,409 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on AAPL. KeyCorp cut 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 report on Friday, October 25th. Piper Sandler reaffirmed a “neutral” rating and set a $225.00 target price on shares of Apple in a research report on Wednesday, October 9th. Bank of America upped their price target on Apple to $256.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Moffett Nathanson lowered their price objective on Apple from $211.00 to $202.00 and set a “neutral” rating for the company in a research report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $265.00 price objective on shares of Apple in a research note on Tuesday, September 10th. Two research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $236.78.

Apple Stock Up 1.1 %

Apple stock opened at $258.20 on Thursday. The firm has a market capitalization of $3.90 trillion, a price-to-earnings ratio of 42.47, a price-to-earnings-growth ratio of 2.41 and a beta of 1.23. The firm’s fifty day moving average price is $235.93 and its two-hundred day moving average price is $226.77. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $258.21. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51.

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 the consensus estimate of $1.60 by $0.04. The business had revenue of $94.93 billion for the quarter, compared to analysts’ expectations of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 EPS. On average, equities research analysts predict that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 11th were given a dividend of $0.25 per share. The ex-dividend date was Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 0.39%. Apple’s payout ratio is 16.45%.

Insider Buying and Selling

In related news, insider Chris Kondo sold 4,130 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the transaction, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. The trade was a 21.13 % decrease in their ownership of the stock. 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 transaction of $13,802,497.80. Following the completion of the sale, the senior vice president now owns 187,043 shares of the company’s stock, valued at approximately $42,309,126.60. This trade represents a 24.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 508,170 shares of company stock worth $117,004,745. 0.06% of the stock is owned by corporate insiders.

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.