Apple Inc. (NASDAQ:AAPL) is Truist Financial Corp’s 3rd Largest Position

Truist Financial Corp cut its holdings in Apple Inc. (NASDAQ:AAPL) by 2.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,515,772 shares of the iPhone maker’s stock after selling 213,261 shares during the quarter. Apple accounts for approximately 2.4% of Truist Financial Corp’s investment portfolio, making the stock its 3rd largest position. Truist Financial Corp’s holdings in Apple were worth $1,457,834,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of AAPL. IFM Investors Pty Ltd boosted its stake in Apple by 20.0% during the first quarter. IFM Investors Pty Ltd now owns 2,615,701 shares of the iPhone maker’s stock worth $456,728,000 after buying an additional 435,891 shares during the period. Ironwood Wealth Management LLC. boosted its stake in Apple by 0.4% during the first quarter. Ironwood Wealth Management LLC. now owns 240,628 shares of the iPhone maker’s stock worth $42,016,000 after buying an additional 1,040 shares during the period. Markel Corp boosted its stake in Apple by 0.7% during the first quarter. Markel Corp now owns 1,206,990 shares of the iPhone maker’s stock worth $210,752,000 after buying an additional 8,450 shares during the period. Camden Capital LLC lifted its position in shares of Apple by 9.2% during the first quarter. Camden Capital LLC now owns 156,364 shares of the iPhone maker’s stock worth $27,305,000 after purchasing an additional 13,200 shares during the last quarter. Finally, Harbor Island Capital LLC lifted its position in shares of Apple by 0.3% during the first quarter. Harbor Island Capital LLC now owns 135,325 shares of the iPhone maker’s stock worth $23,629,000 after purchasing an additional 400 shares during the last quarter. 58.51% of the stock is owned by hedge funds and other institutional investors.

Apple Price Performance

Shares of NASDAQ AAPL opened at $189.69 on Monday. The business’s 50 day moving average price is $176.91 and its 200 day moving average price is $180.85. The firm has a market cap of $2.95 trillion, a P/E ratio of 31.00, a P/E/G ratio of 2.60 and a beta of 1.30. Apple Inc. has a 52 week low of $124.17 and a 52 week high of $198.23. The company has a quick ratio of 0.94, a current ratio of 0.99 and a debt-to-equity ratio of 1.53.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, November 2nd. The iPhone maker reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07. The firm had revenue of $89.50 billion for the quarter, compared to analyst estimates of $89.34 billion. Apple had a return on equity of 160.78% and a net margin of 25.31%. Apple’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.29 earnings per share. On average, sell-side analysts expect that Apple Inc. will post 6.56 earnings per share for the current year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 13th were given a $0.24 dividend. The ex-dividend date was Friday, November 10th. This represents a $0.96 dividend on an annualized basis and a yield of 0.51%. Apple’s dividend payout ratio is currently 15.69%.

Insider Activity at Apple

In related news, SVP Deirdre O’brien sold 65,536 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $172.11, for a total value of $11,279,400.96. Following the sale, the senior vice president now owns 136,445 shares in the company, valued at $23,483,548.95. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Apple news, insider Chris Kondo sold 4,806 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $184.04, for a total value of $884,496.24. Following the sale, the insider now owns 34,687 shares in the company, valued at approximately $6,383,795.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Deirdre O’brien sold 65,536 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $172.11, for a total value of $11,279,400.96. Following the completion of the sale, the senior vice president now owns 136,445 shares in the company, valued at approximately $23,483,548.95. The disclosure for this sale can be found here. Insiders have sold a total of 444,391 shares of company stock worth $77,370,046 over the last quarter. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Wedbush reiterated an “outperform” rating and set a $240.00 target price on shares of Apple in a research report on Wednesday, November 1st. Raymond James lifted their target price on Apple from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, August 4th. Barclays decreased their target price on Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a research report on Monday, October 30th. The Goldman Sachs Group decreased their target price on Apple from $222.00 to $216.00 and set a “buy” rating for the company in a research report on Wednesday, September 13th. Finally, Rosenblatt Securities decreased their target price on Apple from $198.00 to $189.00 and set a “neutral” rating for the company in a research report on Friday, November 3rd. Ten equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $198.25.

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.