Covenant Asset Management LLC Sells 1,717 Shares of Apple Inc. $AAPL

Covenant Asset Management LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,710 shares of the iPhone maker’s stock after selling 1,717 shares during the period. Apple accounts for approximately 4.5% of Covenant Asset Management LLC’s portfolio, making the stock its 3rd biggest holding. Covenant Asset Management LLC’s holdings in Apple were worth $20,594,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in AAPL. Norges Bank acquired a new position in Apple during the fourth quarter worth approximately $46,868,648,000. GAMMA Investing LLC increased its holdings in shares of Apple by 25,934.1% in the first quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker’s stock valued at $133,425,490,000 after purchasing an additional 59,835,676 shares during the period. Vanguard Group Inc. increased its holdings in shares of Apple by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker’s stock valued at $349,532,608,000 after purchasing an additional 49,168,843 shares during the period. Proficio Capital Partners LLC increased its holdings in shares of Apple by 23,555.4% in the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker’s stock valued at $5,272,653,000 after purchasing an additional 20,966,232 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Apple by 13.3% in the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker’s stock valued at $42,918,365,000 after purchasing an additional 20,079,472 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Down 0.2%

AAPL opened at $232.14 on Tuesday. The business’s fifty day moving average is $216.40 and its two-hundred day moving average is $212.63. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The company has a market cap of $3.45 trillion, a price-to-earnings ratio of 35.23, a PEG ratio of 2.42 and a beta of 1.11. Apple Inc. has a one year low of $169.21 and a one year high of $260.10.

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

Apple Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on AAPL shares. Bank of America reissued a “buy” rating and issued a $250.00 target price on shares of Apple in a report on Monday, August 25th. Monness Crespi & Hardt boosted their target price on Apple from $245.00 to $270.00 and gave the company a “buy” rating in a report on Friday, August 1st. Wedbush reissued an “outperform” rating and issued a $270.00 target price on shares of Apple in a report on Thursday, August 7th. Loop Capital dropped their target price on Apple from $230.00 to $226.00 and set a “hold” rating on the stock in a report on Thursday, August 21st. Finally, BMO Capital Markets reissued a “buy” rating on shares of Apple in a report on Wednesday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $237.37.

Insider Buying and Selling

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

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.