First City Capital Management Inc. Sells 3,208 Shares of Apple Inc. $AAPL

First City Capital Management Inc. trimmed its stake in shares of Apple Inc. (NASDAQ:AAPL) by 19.1% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 13,558 shares of the iPhone maker’s stock after selling 3,208 shares during the quarter. Apple comprises about 1.6% of First City Capital Management Inc.’s portfolio, making the stock its 15th biggest holding. First City Capital Management Inc.’s holdings in Apple were worth $2,782,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC lifted its position in shares of Apple by 573,627.2% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 205,692,660 shares of the iPhone maker’s stock worth $39,065,374,000 after buying an additional 205,656,808 shares during the last quarter. Nuveen LLC bought a new stake in shares of Apple during the 1st quarter worth $17,472,482,000. GAMMA Investing LLC lifted its position in shares of Apple by 25,934.1% during the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker’s stock worth $133,425,490,000 after buying an additional 59,835,676 shares during the last quarter. Northern Trust Corp lifted its position in shares of Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker’s stock worth $42,918,365,000 after buying an additional 20,079,472 shares during the last quarter. Finally, Amundi lifted its position in shares of Apple by 27.4% during the 1st quarter. Amundi now owns 68,190,569 shares of the iPhone maker’s stock worth $13,870,795,000 after buying an additional 14,651,321 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AAPL has been the subject of several recent analyst reports. Seaport Res Ptn upgraded Apple to a “strong-buy” rating in a research report on Wednesday, October 1st. Rosenblatt Securities increased their price target on Apple from $223.00 to $241.00 and gave the company a “neutral” rating in a research note on Wednesday, September 10th. Tigress Financial increased their price target on Apple from $300.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Wednesday, September 17th. Wedbush set a $310.00 price target on Apple and gave the company an “outperform” rating in a research note on Monday, September 22nd. Finally, Evercore ISI set a $290.00 price target on Apple and gave the company an “outperform” rating in a research note on Friday, September 26th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $248.29.

Insider Buying and Selling at Apple

In related news, SVP Deirdre O’brien sold 43,013 shares of Apple stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Katherine L. Adams sold 47,125 shares of Apple stock in a transaction 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 sale, the senior vice president owned 179,158 shares in the company, valued at $46,005,982.82. This trade represents a 20.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,922 shares of company stock worth $64,320,190. Corporate insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $258.06 on Thursday. 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 stock’s fifty day simple moving average is $235.82 and its two-hundred day simple moving average is $215.55. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The stock has a market cap of $3.83 trillion, a PE ratio of 39.16, a price-to-earnings-growth ratio of 2.50 and a beta of 1.09.

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

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid 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 (DPR) is 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.