Apple Inc. (NASDAQ:AAPL) Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. lessened its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 80,110 shares of the iPhone maker’s stock after selling 2,361 shares during the quarter. Cidel Asset Management Inc.’s holdings in Apple were worth $17,795,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Advanced Portfolio Management LLC boosted its position in Apple by 0.3% in the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock valued at $3,260,000 after buying an additional 47 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its position in Apple by 0.3% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker’s stock valued at $4,178,000 after buying an additional 48 shares in the last quarter. Salus Financial Advisors LLC boosted its position in Apple by 3.9% in the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker’s stock valued at $291,000 after buying an additional 49 shares in the last quarter. Scarborough Advisors LLC boosted its position in Apple by 0.3% in the fourth quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker’s stock valued at $3,992,000 after buying an additional 51 shares in the last quarter. Finally, Disciplined Investments LLC grew its stake in shares of Apple by 0.7% during the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker’s stock valued at $1,794,000 after purchasing an additional 51 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 34,821 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Apple from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Scotiabank cut shares of Apple to a “market perform” rating in a research note on Friday, May 2nd. Needham & Company LLC reissued a “hold” rating on shares of Apple in a research note on Friday, July 25th. Wedbush reissued an “outperform” rating and set a $270.00 price target on shares of Apple in a research note on Thursday, August 7th. Finally, Bank of America increased their price target on shares of Apple from $240.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $237.60.

Apple Stock Down 0.5%

Shares of AAPL stock opened at $231.59 on Friday. The firm has a fifty day moving average of $209.69 and a 200-day moving average of $213.14. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a market capitalization of $3.44 trillion, a price-to-earnings ratio of 35.14, a P/E/G ratio of 2.42 and a beta of 1.16.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter in the prior year, the firm earned $1.40 earnings per share. The firm’s revenue was up 9.6% compared to the same quarter last year. As a group, equities research analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has approved a stock buyback program on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a dividend of $0.26 per share. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio is presently 15.78%.

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.