Wallace Capital Management Inc. Sells 450 Shares of Apple Inc. (NASDAQ:AAPL)

Wallace Capital Management Inc. lessened its stake in Apple Inc. (NASDAQ:AAPL) by 3.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,021 shares of the iPhone maker’s stock after selling 450 shares during the period. Apple comprises about 0.3% of Wallace Capital Management Inc.’s holdings, making the stock its 25th largest holding. Wallace Capital Management Inc.’s holdings in Apple were worth $2,532,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Access Investment Management LLC purchased a new stake in Apple in the first quarter worth about $140,000. Hoese & Co LLP raised its stake in Apple by 6.7% during the 2nd quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after purchasing an additional 57 shares during the period. Sage Financial Group Inc. purchased a new position in Apple during the 2nd quarter valued at approximately $206,000. Benchmark Wealth Management LLC purchased a new stake in Apple during the second quarter valued at approximately $208,000. Finally, SMH Capital Advisors Inc. purchased a new stake in shares of Apple in the second quarter valued at $209,000. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Apple

In other news, CFO Luca Maestri sold 59,305 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $226.52, for a total value of $13,433,768.60. Following the transaction, the chief financial officer now owns 107,788 shares of the company’s stock, valued at $24,416,137.76. This trade represents a 35.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 223,986 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the transaction, the chief executive officer now owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. The trade was a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 404,040 shares of company stock worth $91,062,512 over the last quarter. 0.06% of the stock is owned by corporate insiders.

Apple Price Performance

Shares of NASDAQ AAPL opened at $225.00 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87. The firm’s 50-day simple moving average is $226.96 and its 200 day simple moving average is $215.60. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.49. The stock has a market cap of $3.40 trillion, a price-to-earnings ratio of 37.01, a PEG ratio of 2.21 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. Apple had a net margin of 23.97% and a return on equity of 152.94%. The business had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. During the same period in the previous year, the business earned $1.46 EPS. Apple’s revenue was up 6.1% compared to the same quarter last year. As a group, research analysts anticipate that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were paid 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 Friday, November 8th. Apple’s dividend payout ratio (DPR) is 16.45%.

Analyst Ratings Changes

AAPL has been the subject of several research reports. Loop Capital lowered their target price on Apple from $300.00 to $275.00 and set a “buy” rating for the company in a report on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and set a $260.00 price target on shares of Apple in a research report on Friday, November 1st. Rosenblatt Securities boosted their price objective on Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Evercore ISI restated a “buy” rating and issued a $250.00 price target on shares of Apple in a research report on Thursday, September 26th. Finally, The Goldman Sachs Group increased their price target on shares of Apple from $265.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and an average price target of $235.51.

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.