Overbrook Management Corp Sells 10,118 Shares of Apple Inc. $AAPL

Overbrook Management Corp trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 13.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,811 shares of the iPhone maker’s stock after selling 10,118 shares during the quarter. Apple accounts for 2.6% of Overbrook Management Corp’s portfolio, making the stock its 16th largest holding. Overbrook Management Corp’s holdings in Apple were worth $13,913,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Salus Financial Advisors LLC raised its position in Apple by 3.9% in the 1st quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker’s stock valued at $291,000 after buying an additional 49 shares during the last quarter. Sharpepoint LLC raised its position in Apple by 3.5% in the 1st quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker’s stock valued at $322,000 after buying an additional 51 shares during the last quarter. Redwood Financial Network Corp raised its position in Apple by 0.6% in the 4th quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker’s stock valued at $2,184,000 after buying an additional 53 shares during the last quarter. Mission Hills Financial Advisory LLC raised its position in Apple by 1.3% in the 1st quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker’s stock valued at $892,000 after buying an additional 53 shares during the last quarter. Finally, Virginia Wealth Management Group Inc. raised its position in Apple by 0.3% in the 2nd quarter. Virginia Wealth Management Group Inc. now owns 20,946 shares of the iPhone maker’s stock valued at $4,298,000 after buying an additional 53 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Apple Stock Up 0.6%

AAPL opened at $249.34 on Thursday. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The stock’s fifty day simple moving average is $240.12 and its 200 day simple moving average is $216.49. 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 has a market cap of $3.70 trillion, a PE ratio of 37.84, a price-to-earnings-growth ratio of 2.41 and a beta of 1.09.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the business earned $1.40 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, research analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio is currently 15.78%.

Insider Buying and Selling at Apple

In other Apple news, SVP Katherine L. Adams sold 47,125 shares of the company’s 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 transaction, the senior vice president directly owned 179,158 shares of the company’s stock, valued at $46,005,982.82. This represents a 20.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Deirdre O’brien sold 43,013 shares of the company’s stock in a transaction on Thursday, October 2nd. The shares were 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 directly owned 136,687 shares in the company, valued at approximately $35,181,866.93. This represents a 23.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,922 shares of company stock valued at $64,320,190 in the last ninety days. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AAPL has been the topic of several recent analyst reports. DA Davidson reaffirmed a “neutral” rating and set a $250.00 price target on shares of Apple in a research report on Thursday, September 11th. JPMorgan Chase & Co. boosted their price target on Apple from $255.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday, September 19th. Evercore ISI set a $290.00 price target on Apple and gave the stock an “outperform” rating in a research report on Friday, September 26th. BMO Capital Markets reaffirmed a “buy” rating on shares of Apple in a research report on Wednesday, August 13th. Finally, Moffett Nathanson raised Apple from a “sell” rating to a “neutral” rating and set a $225.00 price target on the stock in a research report on Thursday, September 4th. 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 issued a Sell rating to the company. According to MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $248.29.

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.