Congress Asset Management Co. MA Reduces Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Congress Asset Management Co. MA lessened its stake in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 0.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,365,395 shares of the iPhone maker’s stock after selling 4,030 shares during the period. Apple comprises about 1.8% of Congress Asset Management Co. MA’s holdings, making the stock its 3rd biggest position. Congress Asset Management Co. MA’s holdings in Apple were worth $186,677,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in AAPL. Spence Asset Management purchased a new position in shares of Apple in the second quarter worth about $49,000. Emerson Wealth LLC increased its stake in shares of Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after purchasing an additional 320 shares in the last quarter. Econ Financial Services Corp increased its stake in shares of Apple by 29.1% in the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after purchasing an additional 95 shares in the last quarter. HBC Financial Services PLLC increased its stake in shares of Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after purchasing an additional 80 shares in the last quarter. Finally, Darrow Company Inc. purchased a new position in shares of Apple in the second quarter worth about $107,000. Hedge funds and other institutional investors own 57.72% of the company’s stock.

Apple Price Performance

Shares of Apple stock opened at $150.72 on Friday. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The stock has a market capitalization of $2.40 trillion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 1.90 and a beta of 1.25. The company has a fifty day moving average of $147.21 and a 200-day moving average of $150.00. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.85 and a current ratio of 0.88.

Apple (NASDAQ:AAPLGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The iPhone maker reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. Apple had a net margin of 25.31% and a return on equity of 160.90%. The company had revenue of $90.15 billion during the quarter, compared to analysts’ expectations of $88.77 billion. During the same quarter in the prior year, the company earned $1.24 EPS. The firm’s revenue was up 7.8% on a year-over-year basis. Equities research analysts expect that Apple Inc. will post 6.31 EPS for the current year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Monday, November 7th were given a dividend of $0.23 per share. The ex-dividend date was Friday, November 4th. This represents a $0.92 annualized dividend and a yield of 0.61%. Apple’s payout ratio is currently 15.06%.

Insider Buying and Selling at Apple

In other Apple news, SVP Deirdre O’brien sold 8,053 shares of the stock in a transaction on Monday, October 17th. The shares were sold at an average price of $142.45, for a total transaction of $1,147,149.85. Following the completion of the sale, the senior vice president now owns 136,290 shares of the company’s stock, valued at approximately $19,414,510.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Apple news, SVP Deirdre O’brien sold 8,053 shares of the stock in a transaction on Monday, October 17th. The shares were sold at an average price of $142.45, for a total transaction of $1,147,149.85. Following the completion of the sale, the senior vice president now owns 136,290 shares of the company’s stock, valued at approximately $19,414,510.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Luca Maestri sold 176,299 shares of the company’s stock in a transaction on Friday, October 28th. The stock was sold at an average price of $155.95, for a total transaction of $27,493,829.05. Following the completion of the transaction, the chief financial officer now owns 110,673 shares of the company’s stock, valued at $17,259,454.35. The disclosure for this sale can be found here. Insiders sold 360,651 shares of company stock valued at $53,703,645 in the last quarter. Company insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

AAPL has been the subject of several recent research reports. set a $175.00 target price on shares of Apple in a research note on Friday, July 29th. Sanford C. Bernstein set a $170.00 target price on shares of Apple in a research note on Monday, September 12th. Barclays cut their price objective on shares of Apple from $156.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, November 7th. KeyCorp restated a “buy” rating and issued a $175.00 price objective on shares of Apple in a research report on Tuesday, November 8th. Finally, Bank Of America (Bofa) lowered shares of Apple from a “buy” rating to a “neutral” rating and cut their price objective for the company from $189.00 to $160.00 in a research report on Friday, September 30th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $176.26.

About Apple

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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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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