Apple Inc. $AAPL Shares Sold by Hidden Cove Wealth Management LLC

Hidden Cove Wealth Management LLC reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 3.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,925 shares of the iPhone maker’s stock after selling 958 shares during the quarter. Apple accounts for about 3.7% of Hidden Cove Wealth Management LLC’s holdings, making the stock its 6th biggest position. Hidden Cove Wealth Management LLC’s holdings in Apple were worth $5,114,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Ryan Investment Management Inc. acquired a new position in shares of Apple during the second quarter valued at about $31,000. ROSS JOHNSON & Associates LLC grew its holdings 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 valued at $42,000 after buying an additional 180 shares during the last quarter. Life Planning Partners Inc bought a new position in shares of Apple during the fourth quarter valued at about $47,000. Elite Financial Inc. bought a new position in shares of Apple during the first quarter valued at about $58,000. Finally, Conquis Financial LLC bought a new position in shares of Apple during the fourth quarter valued at about $63,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $258.02 on Friday. The company has a 50 day moving average of $233.09 and a 200 day moving average of $214.69. The stock has a market cap of $3.83 trillion, a P/E ratio of 39.15, a P/E/G ratio of 2.50 and a beta of 1.09. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 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 for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.40 earnings per share. As a group, sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

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

Insider Activity at Apple

In related news, SVP Deirdre O’brien sold 43,013 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the completion of the transaction, the senior vice president owned 136,687 shares of the company’s stock, valued at approximately $35,181,866.93. The trade was a 23.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 129,963 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the transaction, the chief executive officer directly owned 3,280,295 shares of the company’s stock, valued at approximately $842,412,558.95. This represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 254,922 shares of company stock valued at $64,320,190. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on AAPL shares. Barclays raised their price target on shares of Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research report on Friday, August 1st. Bank of America raised their price target on shares of Apple from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Tigress Financial raised their price target on shares of Apple from $300.00 to $305.00 and gave the company a “strong-buy” rating in a research report on Wednesday, September 17th. Sanford C. Bernstein started coverage on shares of Apple in a research report on Monday, September 15th. They set an “outperform” rating and a $290.00 price target on the stock. Finally, DA Davidson reissued a “neutral” rating and set a $250.00 price target on shares of Apple in a research report on Thursday, September 11th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $247.49.

About Apple

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.