Apple Inc. (NASDAQ:AAPL) Shares Sold by Groesbeck Investment Management Corp NJ

Groesbeck Investment Management Corp NJ reduced its holdings in Apple Inc. (NASDAQ:AAPL) by 2.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,371 shares of the iPhone maker’s stock after selling 399 shares during the period. Apple makes up about 4.3% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 4th biggest position. Groesbeck Investment Management Corp NJ’s holdings in Apple were worth $3,115,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. High Net Worth Advisory Group LLC increased its position in shares of Apple by 1.7% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 64,015 shares of the iPhone maker’s stock valued at $14,916,000 after buying an additional 1,066 shares in the last quarter. Granite Investment Partners LLC grew its holdings in shares of Apple by 2.7% during the second quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock worth $60,958,000 after buying an additional 7,606 shares in the last quarter. Truist Financial Corp grew its stake in shares of Apple by 1.8% during the 2nd quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock worth $1,473,224,000 after acquiring an additional 126,210 shares in the last quarter. Sterling Investment Counsel LLC lifted its position in shares of Apple by 3.8% in the third quarter. Sterling Investment Counsel LLC now owns 69,824 shares of the iPhone maker’s stock worth $16,269,000 after purchasing an additional 2,565 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its holdings in Apple by 5.2% during the second quarter. EP Wealth Advisors LLC now owns 1,928,110 shares of the iPhone maker’s stock worth $406,099,000 after purchasing an additional 95,235 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Apple Price Performance

NASDAQ:AAPL opened at $258.20 on Thursday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $258.21. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87. The firm’s 50-day simple moving average is $235.93 and its 200 day simple moving average is $226.77. The firm has a market cap of $3.90 trillion, a price-to-earnings ratio of 42.47, a P/E/G ratio of 2.41 and a beta of 1.23.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.60 by $0.04. The company had revenue of $94.93 billion for the quarter, compared to analysts’ expectations of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.46 earnings per share. As a group, sell-side analysts predict that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.39%. Apple’s payout ratio is 16.45%.

Insider Activity

In other news, CEO Timothy D. Cook sold 223,986 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the transaction, the chief executive officer now directly owns 3,280,180 shares in the company, valued at approximately $736,269,202.80. The trade was a 6.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey E. Williams sold 100,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the sale, the chief operating officer now owns 389,944 shares in the company, valued at $97,474,301.68. This represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 508,170 shares of company stock worth $117,004,745. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Loop Capital cut their price target on shares of Apple from $300.00 to $275.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. KeyCorp lowered Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 target price on the stock. in a report on Friday, October 25th. Moffett Nathanson reduced their price target on Apple from $211.00 to $202.00 and set a “neutral” rating for the company in a research report on Tuesday, November 19th. Wedbush reaffirmed an “outperform” rating and set a $300.00 price target on shares of Apple in a research report on Friday, November 29th. Finally, Barclays cut their price objective on Apple from $186.00 to $184.00 and set an “underweight” rating for the company in a report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $236.78.

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.