Apple Inc. (NASDAQ:AAPL) Stock Position Cut by CIBC Asset Management Inc

CIBC Asset Management Inc cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,600,521 shares of the iPhone maker’s stock after selling 33,924 shares during the period. Apple comprises about 2.7% of CIBC Asset Management Inc’s portfolio, making the stock its 6th biggest position. CIBC Asset Management Inc’s holdings in Apple were worth $758,330,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Fidelis Capital Partners LLC grew its position in shares of Apple by 17.9% during the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after buying an additional 31,278 shares in the last quarter. Access Investment Management LLC acquired a new position in Apple in the first quarter valued at approximately $140,000. Hoese & Co LLP boosted its holdings in Apple by 6.7% in the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after purchasing an additional 57 shares in the last quarter. Benchmark Wealth Management LLC acquired a new position in Apple in the second quarter valued at approximately $208,000. Finally, Compass Financial Group Inc. acquired a new position in Apple in the first quarter valued at approximately $210,000. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Apple Stock Down 0.9 %

AAPL stock opened at $231.78 on Thursday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.95 and a quick ratio of 0.91. The stock has a market capitalization of $3.55 trillion, a P/E ratio of 36.05, a P/E/G ratio of 2.40 and a beta of 1.24. The business has a 50-day moving average of $225.03 and a 200-day moving average of $207.22. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.49.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.06. The firm had revenue of $85.78 billion for the quarter, compared to analyst estimates of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.26 earnings per share. On average, sell-side analysts anticipate that Apple Inc. will post 6.65 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s dividend payout ratio is presently 15.55%.

Analyst Upgrades and Downgrades

AAPL has been the subject of a number of research analyst reports. Barclays reaffirmed an “underweight” rating and issued a $186.00 price target on shares of Apple in a report on Tuesday, October 1st. UBS Group reaffirmed a “hold” rating and issued a $236.00 price target on shares of Apple in a report on Wednesday. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $265.00 price target on shares of Apple in a report on Tuesday, September 10th. Robert W. Baird upped their price target on Apple from $200.00 to $240.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Raymond James boosted their price objective on Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $239.27.

Insider Buying and Selling at Apple

In related news, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the transaction, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at $39,542,136.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the completion of the sale, the senior vice president now directly owns 191,543 shares in the company, valued at $39,542,136.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction dated 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 transaction, the chief executive officer now owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 517,924 shares of company stock valued at $114,786,399. 0.06% of the stock is currently owned by corporate insiders.

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.