Baker Avenue Asset Management LP Buys 7,858 Shares of Apple Inc. (NASDAQ:AAPL)

Baker Avenue Asset Management LP lifted its stake in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 365,633 shares of the iPhone maker’s stock after purchasing an additional 7,858 shares during the period. Apple makes up about 3.3% of Baker Avenue Asset Management LP’s investment portfolio, making the stock its 5th biggest position. Baker Avenue Asset Management LP’s holdings in Apple were worth $49,989,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. CFS Investment Advisory Services LLC raised its holdings in Apple by 18,263.5% in the first quarter. CFS Investment Advisory Services LLC now owns 7,457,053 shares of the iPhone maker’s stock worth $47,000 after purchasing an additional 7,416,445 shares during the period. Spence Asset Management acquired a new stake in Apple in the second quarter worth $49,000. HBC Financial Services PLLC raised its holdings in 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 during the period. Emerson Wealth LLC raised its holdings in Apple by 27.0% in the second quarter. Emerson Wealth LLC now owns 518 shares of the iPhone maker’s stock worth $71,000 after purchasing an additional 110 shares during the period. Finally, Darrow Company Inc. acquired a new stake in Apple in the second quarter worth $107,000. 57.72% of the stock is currently owned by institutional investors and hedge funds.

Apple Trading Up 1.5 %

Shares of Apple stock opened at $150.18 on Wednesday. The firm has a market capitalization of $2.39 trillion, a PE ratio of 24.58, a price-to-earnings-growth ratio of 1.93 and a beta of 1.25. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.95. The firm’s 50 day moving average is $146.70 and its 200 day moving average is $149.66. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last announced its quarterly earnings results on Thursday, October 27th. The iPhone maker reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. The company had revenue of $90.15 billion for the quarter, compared to analyst estimates of $88.77 billion. Apple had a net margin of 25.31% and a return on equity of 160.90%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.24 EPS. Equities research analysts forecast that Apple Inc. will post 6.26 earnings per share for the current fiscal year.

Apple Dividend Announcement

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

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AAPL shares. Robert W. Baird lowered their price objective on shares of Apple from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, October 28th. Wedbush lowered their price objective on shares of Apple from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, October 28th. KeyCorp reissued a “buy” rating and set a $175.00 price objective on shares of Apple in a research report on Tuesday, November 8th. The Goldman Sachs Group reissued a “neutral” rating and set a $139.00 price objective on shares of Apple in a research report on Thursday, September 8th. Finally, Credit Suisse Group set a $184.00 target price on shares of Apple in a research report on Thursday, November 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $176.26.

Apple Profile

(Get Rating)

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.

Further Reading

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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