Congress Asset Management Co. Decreases Position in Apple Inc. $AAPL

Congress Asset Management Co. lowered its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,421,677 shares of the iPhone maker’s stock after selling 21,001 shares during the period. Apple comprises about 2.0% of Congress Asset Management Co.’s portfolio, making the stock its 3rd biggest position. Congress Asset Management Co.’s holdings in Apple were worth $291,685,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bank Pictet & Cie Europe AG grew its position in Apple by 6.1% during the 2nd quarter. Bank Pictet & Cie Europe AG now owns 315,639 shares of the iPhone maker’s stock worth $64,760,000 after acquiring an additional 18,033 shares during the last quarter. Morangie Management LLC grew its position in Apple by 11.0% during the 2nd quarter. Morangie Management LLC now owns 24,276 shares of the iPhone maker’s stock worth $4,981,000 after acquiring an additional 2,403 shares during the last quarter. Fischer Financial Services Inc. grew its position in shares of Apple by 0.3% in the 2nd quarter. Fischer Financial Services Inc. now owns 127,705 shares of the iPhone maker’s stock valued at $26,149,000 after buying an additional 371 shares during the last quarter. MBE Wealth Management LLC grew its position in shares of Apple by 4.4% in the 2nd quarter. MBE Wealth Management LLC now owns 5,851 shares of the iPhone maker’s stock valued at $1,200,000 after buying an additional 244 shares during the last quarter. Finally, Old North State Wealth Management LLC grew its position in shares of Apple by 6.6% in the 2nd quarter. Old North State Wealth Management LLC now owns 31,244 shares of the iPhone maker’s stock valued at $6,422,000 after buying an additional 1,936 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Stock Down 1.6%

AAPL opened at $254.04 on Friday. The company has a market cap of $3.77 trillion, a P/E ratio of 38.55, a P/E/G ratio of 2.51 and a beta of 1.09. The business’s 50-day moving average price is $236.75 and its 200-day moving average price is $215.77. 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 12 month low of $169.21 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL) last released its quarterly earnings data 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 firm had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.40 earnings per share. On average, equities analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued 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 payout ratio is currently 15.78%.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of analyst reports. Wedbush set a $310.00 price target on Apple and gave the company an “outperform” rating in a research report on Monday, September 22nd. Bank of America upped their target price on Apple from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. BMO Capital Markets restated a “buy” rating on shares of Apple in a research report on Wednesday, August 13th. Loop Capital cut their target price on Apple from $230.00 to $226.00 and set a “hold” rating on the stock in a research report on Thursday, August 21st. Finally, Sanford C. Bernstein assumed coverage on Apple in a research report on Monday, September 15th. They set an “outperform” rating and a $290.00 target price on the stock. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $248.29.

Insider Transactions at Apple

In related news, SVP Katherine L. Adams sold 47,125 shares of the firm’s stock in a transaction dated 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 directly owned 179,158 shares of the company’s stock, valued at $46,005,982.82. This trade represents a 20.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Deirdre O’brien sold 43,013 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president directly owned 136,687 shares in the company, valued at $35,181,866.93. The trade was a 23.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 254,922 shares of company stock worth $64,320,190. Company insiders own 0.06% of the company’s stock.

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.