Apple Inc. $AAPL Stock Position Trimmed by Fortitude Family Office LLC

Fortitude Family Office LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 69,362 shares of the iPhone maker’s stock after selling 66 shares during the quarter. Apple comprises approximately 4.7% of Fortitude Family Office LLC’s portfolio, making the stock its 3rd biggest holding. Fortitude Family Office LLC’s holdings in Apple were worth $14,231,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Ryan Investment Management Inc. acquired a new stake in Apple during the second quarter worth about $31,000. ROSS JOHNSON & Associates LLC increased its stake in 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 acquiring an additional 180 shares during the last quarter. Life Planning Partners Inc acquired a new stake in Apple during the fourth quarter worth about $47,000. Elite Financial Inc. acquired a new stake in Apple during the first quarter worth about $58,000. Finally, Conquis Financial LLC acquired a new stake in Apple during the fourth quarter worth about $63,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AAPL shares. Citigroup restated a “buy” rating on shares of Apple in a research note on Wednesday, September 10th. HSBC set a $220.00 price target on Apple and gave the stock a “hold” rating in a research note on Monday, September 8th. Moffett Nathanson upgraded Apple from a “sell” rating to a “neutral” rating and set a $225.00 price target for the company in a research note on Thursday, September 4th. BMO Capital Markets restated a “buy” rating on shares of Apple in a research note on Wednesday, August 13th. Finally, Jefferies Financial Group lowered Apple from a “hold” rating to an “underperform” rating and lowered their target price for the company from $205.82 to $205.16 in a research note on Friday. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $247.49.

Insider Transactions at Apple

In other news, SVP Deirdre O’brien sold 43,013 shares of Apple stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 47,125 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the sale, the senior vice president directly owned 179,158 shares in the company, valued at approximately $46,005,982.82. This trade represents a 20.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 254,922 shares of company stock worth $64,320,190. 0.06% of the stock is currently owned by corporate insiders.

Apple Price Performance

Shares of AAPL opened at $258.02 on Friday. The firm has a market cap of $3.83 trillion, a price-to-earnings ratio of 39.15, a PEG ratio of 2.50 and a beta of 1.09. The stock has a 50 day moving average of $233.09 and a 200-day moving average of $214.69. 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 Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

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

Apple Announces Dividend

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

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.