Apple Inc. (NASDAQ:AAPL) Stake Lessened by CGC Financial Services LLC

CGC Financial Services LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 10.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,054 shares of the iPhone maker’s stock after selling 1,624 shares during the quarter. Apple comprises 1.3% of CGC Financial Services LLC’s portfolio, making the stock its 9th largest position. CGC Financial Services LLC’s holdings in Apple were worth $2,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. James J. Burns & Company LLC increased its position in shares of Apple by 491.3% during the second quarter. James J. Burns & Company LLC now owns 111,451 shares of the iPhone maker’s stock valued at $23,474,000 after buying an additional 92,603 shares during the period. Highland Financial Advisors LLC boosted its stake in Apple by 11.5% during the second quarter. Highland Financial Advisors LLC now owns 6,617 shares of the iPhone maker’s stock worth $1,394,000 after acquiring an additional 680 shares in the last quarter. Phoenix Wealth Advisors boosted its stake in Apple by 160.9% during the second quarter. Phoenix Wealth Advisors now owns 84,096 shares of the iPhone maker’s stock worth $17,712,000 after acquiring an additional 51,860 shares in the last quarter. Strid Group LLC boosted its stake in Apple by 7.1% during the second quarter. Strid Group LLC now owns 9,744 shares of the iPhone maker’s stock worth $2,052,000 after acquiring an additional 647 shares in the last quarter. Finally, Muhlenkamp & Co. Inc. boosted its stake in Apple by 0.4% during the second quarter. Muhlenkamp & Co. Inc. now owns 62,839 shares of the iPhone maker’s stock worth $13,235,000 after acquiring an additional 235 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Stock Up 1.2 %

AAPL opened at $222.66 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $237.23. The company has a market capitalization of $3.41 trillion, a PE ratio of 34.63, a PEG ratio of 2.60 and a beta of 1.24. The firm’s 50 day simple moving average is $223.19 and its two-hundred day simple moving average is $198.06.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 147.15%. The business had revenue of $85.78 billion for the quarter, compared to the consensus estimate of $84.43 billion. During the same period last year, the firm earned $1.26 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, equities analysts forecast that Apple Inc. will post 6.7 EPS for the current year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.45%. Apple’s payout ratio is 15.55%.

Analyst Upgrades and Downgrades

AAPL has been the topic of several research reports. Evercore ISI reissued an “outperform” rating and set a $250.00 price objective on shares of Apple in a research note on Tuesday, August 27th. Robert W. Baird boosted their price objective on shares of Apple from $200.00 to $240.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. UBS Group boosted their price objective on shares of Apple from $190.00 to $236.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Loop Capital upgraded shares of Apple from a “hold” rating to a “buy” rating and increased their price target for the company from $170.00 to $300.00 in a report on Monday, July 15th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $265.00 price target on shares of Apple in a report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.62.

Insider Activity

In other news, insider Chris Kondo sold 5,178 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the sale, the insider now directly owns 24,125 shares in the company, valued at approximately $5,223,062.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Chris Kondo sold 5,178 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the sale, the insider now directly owns 24,125 shares in the company, valued at approximately $5,223,062.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction on Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the sale, the senior vice president now owns 191,543 shares in the company, valued at $39,542,136.92. The disclosure for this sale can be found here. Insiders have sold 113,884 shares of company stock worth $23,723,887 in the last three months. Company 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.