Addenda Capital Inc. Trims Stake in Apple Inc. (NASDAQ:AAPL)

Addenda Capital Inc. reduced its position in shares of Apple Inc. (NASDAQ:AAPLFree Report) by 6.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 130,868 shares of the iPhone maker’s stock after selling 8,419 shares during the quarter. Apple comprises about 1.1% of Addenda Capital Inc.’s portfolio, making the stock its 27th biggest position. Addenda Capital Inc.’s holdings in Apple were worth $22,441,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Capital Square LLC increased its holdings in shares of Apple by 1.5% in the 3rd quarter. Capital Square LLC now owns 14,857 shares of the iPhone maker’s stock valued at $2,613,000 after acquiring an additional 216 shares during the period. Concorde Asset Management LLC increased its holdings in shares of Apple by 1.4% in the 3rd quarter. Concorde Asset Management LLC now owns 13,318 shares of the iPhone maker’s stock valued at $2,280,000 after acquiring an additional 190 shares during the period. WCG Wealth Advisors LLC purchased a new position in shares of Apple in the 3rd quarter valued at $41,109,000. Prudential PLC increased its holdings in shares of Apple by 0.5% in the 3rd quarter. Prudential PLC now owns 814,106 shares of the iPhone maker’s stock valued at $139,383,000 after acquiring an additional 4,350 shares during the period. Finally, Soundwatch Capital LLC increased its holdings in shares of Apple by 10.2% in the 3rd quarter. Soundwatch Capital LLC now owns 64,062 shares of the iPhone maker’s stock valued at $10,968,000 after acquiring an additional 5,931 shares during the period. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Jeffrey E. Williams sold 59,162 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the transaction, the chief operating officer now directly owns 489,944 shares in the company, valued at $84,378,155.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Jeffrey E. Williams sold 59,162 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $172.22, for a total value of $10,188,879.64. Following the transaction, the chief operating officer now owns 489,944 shares in the company, valued at $84,378,155.68. The disclosure for this sale can be found here. Insiders sold 192,355 shares of company stock worth $34,771,329 over the last three months. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

AAPL has been the topic of a number of analyst reports. Rosenblatt Securities upgraded Apple from a “neutral” rating to a “buy” rating and lifted their price target for the company from $196.00 to $260.00 in a report on Wednesday, June 26th. DA Davidson upgraded Apple from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $200.00 to $230.00 in a research note on Tuesday, June 11th. Erste Group Bank upgraded Apple from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. Citigroup dropped their target price on Apple from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Finally, Maxim Group boosted their target price on Apple from $178.00 to $195.00 and gave the stock a “hold” rating in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $215.71.

Check Out Our Latest Report on AAPL

Apple Price Performance

Shares of Apple stock opened at $226.34 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $226.45. The business has a 50-day moving average price of $197.44 and a 200 day moving average price of $186.24. The firm has a market cap of $3.47 trillion, a PE ratio of 35.20, a P/E/G ratio of 2.69 and a beta of 1.24.

Apple (NASDAQ:AAPLGet Free Report) last released its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The business had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same quarter last year, the business posted $1.52 earnings per share. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. Sell-side analysts predict that Apple Inc. will post 6.59 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has authorized a stock buyback program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were issued a dividend of $0.25 per share. This is a positive change from Apple’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.44%. Apple’s dividend payout ratio is presently 15.55%.

Apple Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPLFree Report).

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.