Penn Davis Mcfarland Inc. cut its holdings in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 0.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 183,118 shares of the iPhone maker’s stock after selling 1,429 shares during the quarter. Apple comprises 4.2% of Penn Davis Mcfarland Inc.’s portfolio, making the stock its 6th biggest holding. Penn Davis Mcfarland Inc.’s holdings in Apple were worth $37,570,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Ryan Investment Management Inc. acquired a new position in Apple in the 2nd quarter valued at $31,000. ROSS JOHNSON & Associates LLC grew its holdings in Apple by 1,800.0% in the 1st 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 in the last quarter. Elite Financial Inc. acquired a new position in Apple in the 1st quarter valued at $58,000. Conquis Financial LLC acquired a new position in Apple in the 4th quarter valued at $63,000. Finally, LSV Asset Management acquired a new position in Apple in the 4th quarter valued at $65,000. 67.73% of the stock is owned by institutional investors and hedge funds.
Apple Stock Performance
Shares of AAPL stock opened at $258.06 on Thursday. The business’s 50-day moving average price is $235.82 and its 200-day moving average price is $215.55. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The firm has a market capitalization of $3.83 trillion, a price-to-earnings ratio of 39.16, a PEG ratio of 2.50 and a beta of 1.09. 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 Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio (DPR) is presently 15.78%.
Analysts Set New Price Targets
A number of research analysts have commented on AAPL shares. UBS Group reaffirmed a “neutral” rating on shares of Apple in a report on Monday, September 8th. Melius Research set a $290.00 price objective on Apple and gave the company a “buy” rating in a report on Wednesday, September 10th. BMO Capital Markets reaffirmed a “buy” rating on shares of Apple in a report on Wednesday, August 13th. Monness Crespi & Hardt increased their target price on Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Finally, Evercore ISI set a $290.00 target price on Apple and gave the stock an “outperform” rating in a report on Friday, September 26th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $248.29.
Read Our Latest Stock Analysis on AAPL
Insider Activity
In other news, CEO Timothy D. Cook sold 129,963 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the completion of the transaction, the chief executive officer directly owned 3,280,295 shares in the company, valued at $842,412,558.95. This trade represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Katherine L. Adams sold 47,125 shares of Apple 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 transaction, the senior vice president directly owned 179,158 shares in the company, valued at approximately $46,005,982.82. This represents a 20.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,922 shares of company stock valued at $64,320,190. 0.06% of the stock is currently owned by corporate insiders.
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.
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