Apple Inc. (NASDAQ:AAPL) Stake Cut by Seven Mile Advisory

Seven Mile Advisory lowered its stake in Apple Inc. (NASDAQ:AAPL) by 13.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,968 shares of the iPhone maker’s stock after selling 4,535 shares during the quarter. Apple makes up about 4.6% of Seven Mile Advisory’s holdings, making the stock its 3rd biggest position. Seven Mile Advisory’s holdings in Apple were worth $6,312,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in AAPL. Sar Wealth Management Group LLC increased its holdings in Apple by 10.8% in the 1st quarter. Sar Wealth Management Group LLC now owns 10,402 shares of the iPhone maker’s stock valued at $1,784,000 after purchasing an additional 1,013 shares in the last quarter. Agate Pass Investment Management LLC boosted its stake in Apple by 2.5% in the first quarter. Agate Pass Investment Management LLC now owns 45,212 shares of the iPhone maker’s stock valued at $7,753,000 after acquiring an additional 1,098 shares during the period. Franklin Street Advisors Inc. NC boosted its stake in Apple by 0.7% in the first quarter. Franklin Street Advisors Inc. NC now owns 418,593 shares of the iPhone maker’s stock valued at $71,780,000 after acquiring an additional 3,057 shares during the period. Viking Fund Management LLC boosted its position in shares of Apple by 15.0% during the first quarter. Viking Fund Management LLC now owns 23,000 shares of the iPhone maker’s stock worth $3,944,000 after buying an additional 3,000 shares during the period. Finally, ERn Financial LLC boosted its position in shares of Apple by 2.0% during the first quarter. ERn Financial LLC now owns 41,893 shares of the iPhone maker’s stock worth $7,184,000 after buying an additional 809 shares during the period. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Insider Activity

In other news, CEO Timothy D. Cook sold 223,986 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the sale, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Apple news, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the transaction, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the transaction, the chief executive officer now directly owns 3,280,180 shares in the company, valued at approximately $736,269,202.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 517,924 shares of company stock valued at $114,786,399 over the last three months. 0.06% of the stock is owned by insiders.

Apple Trading Down 1.3 %

Apple stock opened at $222.91 on Friday. The stock has a market cap of $3.39 trillion, a P/E ratio of 33.93, a P/E/G ratio of 2.45 and a beta of 1.24. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $237.49. The company’s fifty day simple moving average is $227.18 and its 200-day simple moving average is $212.03. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.15. The company had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 earnings per share. As a group, sell-side analysts forecast that Apple Inc. will post 6.6 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 11th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.45%. The ex-dividend date is Monday, November 11th. Apple’s dividend payout ratio (DPR) is presently 15.22%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Morgan Stanley reiterated an “overweight” rating and set a $273.00 price objective on shares of Apple in a research report on Tuesday, September 10th. Jefferies Financial Group downgraded Apple from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $205.00 to $212.92 in a research report on Monday, October 7th. The Goldman Sachs Group boosted their price objective on Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Moffett Nathanson began coverage on Apple in a research report on Monday, August 19th. They set a “neutral” rating and a $211.00 price objective for the company. Finally, New Street Research restated a “neutral” rating and issued a $225.00 target price on shares of Apple in a research report on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average price target of $236.23.

Apple Company 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.