Cim Investment Management Inc. Sells 664 Shares of Apple Inc. (NASDAQ:AAPL)

Cim Investment Management Inc. trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 1.3% in the second quarter, Holdings Channel reports. The fund owned 51,359 shares of the iPhone maker’s stock after selling 664 shares during the period. Apple accounts for about 3.3% of Cim Investment Management Inc.’s portfolio, making the stock its 6th biggest position. Cim Investment Management Inc.’s holdings in Apple were worth $10,817,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Verus Financial Partners Inc. increased its position in shares of Apple by 0.3% in the second quarter. Verus Financial Partners Inc. now owns 16,929 shares of the iPhone maker’s stock worth $3,566,000 after purchasing an additional 48 shares during the period. Brown Financial Advisory lifted its holdings in shares of Apple by 3.8% during the 2nd quarter. Brown Financial Advisory now owns 1,364 shares of the iPhone maker’s stock worth $287,000 after acquiring an additional 50 shares during the period. Core Wealth Management Inc. boosted its holdings in shares of Apple by 1.7% in the 2nd quarter. Core Wealth Management Inc. now owns 2,968 shares of the iPhone maker’s stock valued at $625,000 after purchasing an additional 50 shares in the last quarter. Lowery Thomas LLC increased its stake in shares of Apple by 0.7% in the 2nd quarter. Lowery Thomas LLC now owns 7,607 shares of the iPhone maker’s stock valued at $1,602,000 after purchasing an additional 50 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. lifted its position in shares of Apple by 1.1% during the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 4,505 shares of the iPhone maker’s stock worth $949,000 after buying an additional 51 shares during the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AAPL shares. Raymond James boosted their price objective on Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Robert W. Baird lifted their price objective on Apple from $200.00 to $240.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Bank of America reissued a “buy” rating and set a $256.00 target price on shares of Apple in a research note on Thursday, October 3rd. Jefferies Financial Group downgraded Apple from a “buy” rating to a “hold” rating and increased their price target for the stock from $205.00 to $212.92 in a report on Monday, October 7th. Finally, Barclays cut their price target on Apple from $186.00 to $184.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.51.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $228.22 on Friday. The firm has a market capitalization of $3.45 trillion, a PE ratio of 37.54, a P/E/G ratio of 2.20 and a beta of 1.24. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The company has a 50-day moving average price of $226.84 and a two-hundred day moving average price of $215.52. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.49.

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. Apple had a return on equity of 152.94% and a net margin of 23.97%. The company had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. During the same period in the previous year, the business earned $1.46 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts forecast that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.44%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio is presently 16.45%.

Insider Transactions at Apple

In other Apple news, CFO Luca Maestri sold 59,305 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $226.52, for a total value of $13,433,768.60. Following the completion of the transaction, the chief financial officer now owns 107,788 shares of the company’s stock, valued at $24,416,137.76. The trade was a 35.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jeffrey E. Williams sold 59,730 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the sale, the chief operating officer now owns 489,944 shares in the company, valued at approximately $111,148,695.84. This trade represents a 10.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 404,040 shares of company stock valued at $91,062,512. 0.06% of the stock is currently owned by company insiders.

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.