Stone Asset Management Inc. lowered its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 32.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,639 shares of the iPhone maker’s stock after selling 3,193 shares during the period. Apple comprises approximately 0.6% of Stone Asset Management Inc.’s investment portfolio, making the stock its 29th biggest position. Stone Asset Management Inc.’s holdings in Apple were worth $908,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of AAPL. Cardinal Capital Management Inc. increased its stake in shares of Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares in the last quarter. Shore Point Advisors LLC purchased a new stake in shares of Apple in the 4th quarter valued at approximately $41,000. CFS Investment Advisory Services LLC lifted its holdings in shares of Apple by 18,263.5% in the 1st quarter. CFS Investment Advisory Services LLC now owns 7,457,053 shares of the iPhone maker’s stock worth $47,000 after acquiring an additional 7,416,445 shares during the last quarter. Spence Asset Management acquired a new position in shares of Apple in the 2nd quarter worth approximately $49,000. Finally, HBC Financial Services PLLC lifted its holdings in shares of Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after acquiring an additional 80 shares during the last quarter. Institutional investors and hedge funds own 57.72% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on AAPL shares. Monness Crespi & Hardt started coverage on shares of Apple in a report on Thursday, September 8th. They set a “buy” rating and a $174.00 target price on the stock. Credit Suisse Group set a $201.00 target price on shares of Apple in a report on Thursday, September 8th. set a $175.00 target price on shares of Apple in a report on Friday, July 29th. Citigroup increased their target price on shares of Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Finally, Deutsche Bank Aktiengesellschaft set a $175.00 price objective on shares of Apple in a report on Monday, August 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $181.68.
Apple Trading Down 2.0 %
Apple (NASDAQ:AAPL – Get Rating) last released its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The firm had revenue of $82.96 billion during the quarter, compared to analyst estimates of $82.97 billion. During the same quarter in the previous year, the firm earned $1.30 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities research analysts predict that Apple Inc. will post 6.11 EPS for the current fiscal year.
Apple Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were given a dividend of $0.23 per share. The ex-dividend date was Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.60%. Apple’s dividend payout ratio is currently 15.18%.
Insider Transactions at Apple
In other news, CFO Luca Maestri sold 96,735 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the transaction, the chief financial officer now owns 110,673 shares in the company, valued at $19,362,241.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now owns 427,334 shares in the company, valued at approximately $70,411,823.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Luca Maestri sold 96,735 shares of the stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the transaction, the chief financial officer now owns 110,673 shares of the company’s stock, valued at approximately $19,362,241.35. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.
Apple Company Profile
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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