Apple Inc. (NASDAQ:AAPL) Stake Cut by AMI Asset Management Corp

AMI Asset Management Corp decreased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 1.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 560,856 shares of the iPhone maker’s stock after selling 9,171 shares during the period. Apple accounts for 6.4% of AMI Asset Management Corp’s investment portfolio, making the stock its 2nd largest position. AMI Asset Management Corp’s holdings in Apple were worth $118,127,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in AAPL. Foresight Capital Management Advisors Inc. increased its holdings in shares of Apple by 0.3% in the second quarter. Foresight Capital Management Advisors Inc. now owns 19,005 shares of the iPhone maker’s stock valued at $4,003,000 after purchasing an additional 55 shares during the last quarter. Altus Wealth Management LLC lifted its holdings in shares of Apple by 0.6% in the second quarter. Altus Wealth Management LLC now owns 9,508 shares of the iPhone maker’s stock worth $2,002,000 after acquiring an additional 55 shares during the last quarter. Hoese & Co LLP lifted its holdings in shares of Apple by 6.7% in the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock worth $175,000 after acquiring an additional 57 shares during the last quarter. Stableford Capital II LLC raised its holdings in Apple by 0.3% in the 1st quarter. Stableford Capital II LLC now owns 17,156 shares of the iPhone maker’s stock valued at $2,942,000 after buying an additional 59 shares during the last quarter. Finally, Whitcomb & Hess Inc. raised its holdings in Apple by 1.7% in the 2nd quarter. Whitcomb & Hess Inc. now owns 3,540 shares of the iPhone maker’s stock valued at $746,000 after buying an additional 59 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the sale, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Chris Kondo sold 8,706 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,884 shares of company stock worth $23,723,887. 0.06% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Sanford C. Bernstein increased their target price on shares of Apple from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Citigroup reaffirmed a “buy” rating and set a $255.00 price objective on shares of Apple in a research report on Tuesday, August 27th. Piper Sandler Companies reaffirmed a “neutral” rating and set a $225.00 price objective (up previously from $190.00) on shares of Apple in a research report on Tuesday, July 9th. New Street Research reissued a “neutral” rating and issued a $225.00 price target on shares of Apple in a research report on Wednesday. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $265.00 price target on shares of Apple in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $238.76.

Apple Stock Up 0.1 %

AAPL stock opened at $227.79 on Friday. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.23. The business’s 50-day moving average is $222.19 and its two-hundred day moving average is $202.16. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. The company has a market cap of $3.49 trillion, a price-to-earnings ratio of 35.43, a P/E/G ratio of 2.66 and a beta of 1.24.

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

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s dividend payout ratio is currently 15.55%.

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.