Flower City Capital Has $3.43 Million Position in Apple Inc. $AAPL

Flower City Capital cut its holdings in Apple Inc. (NASDAQ:AAPL) by 2.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 16,739 shares of the iPhone maker’s stock after selling 364 shares during the period. Apple comprises approximately 2.0% of Flower City Capital’s holdings, making the stock its 7th biggest position. Flower City Capital’s holdings in Apple were worth $3,434,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Kirr Marbach & Co. LLC IN grew its holdings in shares of Apple by 10.5% during the second quarter. Kirr Marbach & Co. LLC IN now owns 1,572 shares of the iPhone maker’s stock valued at $322,000 after purchasing an additional 150 shares during the last quarter. NovaPoint Capital LLC boosted its position in Apple by 1.7% during the 2nd quarter. NovaPoint Capital LLC now owns 52,911 shares of the iPhone maker’s stock valued at $10,856,000 after purchasing an additional 886 shares during the period. Cove Private Wealth LLC grew its stake in Apple by 49.3% during the 2nd quarter. Cove Private Wealth LLC now owns 110,917 shares of the iPhone maker’s stock worth $22,757,000 after buying an additional 36,631 shares during the last quarter. One Plus One Wealth Management LLC increased its position in Apple by 3.4% in the second quarter. One Plus One Wealth Management LLC now owns 13,481 shares of the iPhone maker’s stock worth $2,766,000 after buying an additional 437 shares during the period. Finally, Patton Fund Management Inc. bought a new stake in Apple in the second quarter valued at $216,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insider Buying and Selling

In other news, CEO Timothy D. Cook sold 129,963 shares of the business’s stock in a transaction 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 in the company, valued at $842,412,558.95. The trade was a 3.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 sale, the senior vice president directly owned 136,687 shares of the company’s stock, valued at $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 254,922 shares of company stock worth $64,320,190. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. CLSA upgraded shares of Apple to a “strong-buy” rating in a research report on Sunday, October 5th. Barclays increased their price objective on Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a report on Friday, August 1st. Rosenblatt Securities lifted their target price on Apple from $223.00 to $241.00 and gave the company a “neutral” rating in a research note on Wednesday, September 10th. Needham & Company LLC reissued a “hold” rating on shares of Apple in a report on Friday, July 25th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $250.00 price objective on shares of Apple in a report on Thursday, September 11th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $248.29.

Apple Stock Down 3.5%

Shares of NASDAQ:AAPL opened at $245.27 on Friday. The company has a market cap of $3.64 trillion, a PE ratio of 37.22, a price-to-earnings-growth ratio of 2.39 and a beta of 1.09. The firm has a 50 day simple moving average of $237.61 and a 200 day simple moving average of $215.88. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. The firm had revenue of $94.04 billion during 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 business’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.40 EPS. As a group, research analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were given a $0.26 dividend. 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 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.