Narwhal Capital Management Sells 7,549 Shares of Apple Inc. (NASDAQ:AAPL)

Narwhal Capital Management decreased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 270,080 shares of the iPhone maker’s stock after selling 7,549 shares during the quarter. Apple comprises approximately 5.4% of Narwhal Capital Management’s investment portfolio, making the stock its 4th largest holding. Narwhal Capital Management’s holdings in Apple were worth $56,884,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AAPL. Bellwether Advisors LLC increased its stake in Apple by 387.3% in the second quarter. Bellwether Advisors LLC now owns 24,349 shares of the iPhone maker’s stock valued at $5,128,000 after purchasing an additional 19,352 shares in the last quarter. WT Asset Management Ltd acquired a new stake in shares of Apple in the 2nd quarter valued at about $80,057,000. Councilmark Asset Management LLC bought a new position in shares of Apple in the 1st quarter worth $11,776,000. TD Asset Management Inc lifted its stake in shares of Apple by 10.3% in the second quarter. TD Asset Management Inc now owns 16,745,201 shares of the iPhone maker’s stock valued at $3,526,874,000 after buying an additional 1,557,848 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Apple by 62.0% during the second quarter. Larson Financial Group LLC now owns 151,991 shares of the iPhone maker’s stock worth $32,012,000 after acquiring an additional 58,153 shares in the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Apple Price Performance

AAPL stock opened at $235.86 on Wednesday. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $237.49. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $3.62 trillion, a P/E ratio of 36.68, a price-to-earnings-growth ratio of 2.40 and a beta of 1.24. The firm has a 50 day moving average of $226.46 and a 200-day moving average of $209.33.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The business 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 company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.26 EPS. As a group, sell-side analysts predict that Apple Inc. will post 6.65 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were given a dividend of $0.25 per share. The ex-dividend date was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 0.42%. Apple’s payout ratio is 15.55%.

Insider Buying and Selling at Apple

In other Apple news, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the transaction, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at approximately $736,269,202.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Katherine L. Adams sold 100,000 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now owns 191,543 shares in the company, valued at $39,542,136.92. The trade was 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 link. Also, CEO Timothy D. Cook sold 223,986 shares of the company’s stock in a transaction that occurred on 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 directly owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 517,924 shares of company stock worth $114,786,399 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

AAPL has been the topic of several recent research reports. UBS Group reaffirmed a “hold” rating and issued a $236.00 price target on shares of Apple in a research report on Wednesday, October 16th. Piper Sandler restated a “neutral” rating and issued a $225.00 target price on shares of Apple in a report on Wednesday, October 9th. Loop Capital upped their price target on Apple to $300.00 and gave the stock a “buy” rating in a report on Monday. Oppenheimer restated a “buy” rating and set a $250.00 price target on shares of Apple in a report on Tuesday, October 1st. Finally, Cfra lifted their target price on shares of Apple from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $239.27.

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.