Apple Inc. $AAPL Shares Sold by Renaissance Investment Group LLC

Renaissance Investment Group LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 0.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,239 shares of the iPhone maker’s stock after selling 523 shares during the period. Apple makes up approximately 3.1% of Renaissance Investment Group LLC’s holdings, making the stock its 11th biggest holding. Renaissance Investment Group LLC’s holdings in Apple were worth $14,206,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of AAPL. ROSS JOHNSON & Associates LLC lifted its stake in shares of Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after buying an additional 180 shares during the period. Life Planning Partners Inc acquired a new stake in shares of Apple during the fourth quarter worth $47,000. Elite Financial Inc. acquired a new stake in shares of Apple during the first quarter worth $58,000. Conquis Financial LLC acquired a new stake in shares of Apple during the fourth quarter worth $63,000. Finally, LSV Asset Management acquired a new stake in shares of Apple during the fourth quarter worth $65,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Up 4.3%

Shares of NASDAQ AAPL opened at $256.08 on Tuesday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The stock has a market cap of $3.80 trillion, a PE ratio of 38.86, a P/E/G ratio of 2.55 and a beta of 1.11. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The company has a 50-day moving average of $225.30 and a 200 day moving average of $212.22.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.40 EPS. As a group, sell-side analysts predict 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 issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple’s payout ratio is presently 15.78%.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several research reports. The Goldman Sachs Group reiterated a “buy” rating and set a $266.00 price objective on shares of Apple in a research note on Tuesday, August 26th. Jefferies Financial Group boosted their target price on shares of Apple from $190.67 to $205.82 and gave the company a “hold” rating in a research report on Monday, September 8th. Evercore ISI boosted their target price on shares of Apple from $250.00 to $260.00 and gave the company an “outperform” rating in a research report on Wednesday, September 10th. UBS Group restated a “neutral” rating on shares of Apple in a research report on Monday, September 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Apple from $255.00 to $280.00 and gave the company an “overweight” rating in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus target price of $244.03.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares in the company, valued at $30,508,538.40. The trade was a 20.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.06% of the stock is owned by insiders.

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.