Elevate Capital Advisors LLC Sells 4,412 Shares of Apple Inc. $AAPL

Elevate Capital Advisors LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 23.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,021 shares of the iPhone maker’s stock after selling 4,412 shares during the period. Apple accounts for approximately 2.3% of Elevate Capital Advisors LLC’s holdings, making the stock its 13th largest holding. Elevate Capital Advisors LLC’s holdings in Apple were worth $2,877,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AAPL. Kingstone Capital Partners Texas LLC grew its holdings in shares of Apple by 573,627.2% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 205,692,660 shares of the iPhone maker’s stock valued at $39,065,374,000 after buying an additional 205,656,808 shares during the period. Nuveen LLC acquired a new position in shares of Apple in the 1st quarter valued at $17,472,482,000. Northern Trust Corp boosted its stake in Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker’s stock worth $42,918,365,000 after purchasing an additional 20,079,472 shares during the period. Amundi boosted its stake in Apple by 27.4% in the 1st quarter. Amundi now owns 68,190,569 shares of the iPhone maker’s stock worth $13,870,795,000 after purchasing an additional 14,651,321 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Apple by 14.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker’s stock worth $26,220,566,000 after purchasing an additional 13,137,968 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AAPL has been the subject of a number of recent research reports. DA Davidson restated a “neutral” rating and set a $250.00 price objective on shares of Apple in a research note on Thursday, September 11th. Seaport Res Ptn raised shares of Apple to a “strong-buy” rating in a report on Wednesday, October 1st. Raymond James Financial reaffirmed an “outperform” rating and set a $240.00 target price (up from $230.00) on shares of Apple in a report on Friday, August 1st. UBS Group reaffirmed a “neutral” rating on shares of Apple in a report on Monday, September 8th. Finally, Wells Fargo & Company raised their target price on shares of Apple from $245.00 to $290.00 and gave the stock an “overweight” rating in a report on Tuesday, October 21st. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $252.47.

Insider Activity at Apple

In other Apple news, SVP Katherine L. Adams sold 47,125 shares of Apple stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the sale, the senior vice president directly owned 179,158 shares of the company’s stock, valued at approximately $46,005,982.82. The trade was a 20.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevan Parekh sold 4,199 shares of Apple stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $247.39, for a total transaction of $1,038,790.61. Following the transaction, the chief financial officer owned 8,765 shares of the company’s stock, valued at $2,168,373.35. This represents a 32.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,121 shares of company stock valued at $65,358,981. 0.06% of the stock is currently owned by company insiders.

Apple Stock Performance

Shares of Apple stock opened at $262.82 on Friday. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $265.29. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The firm has a market capitalization of $3.90 trillion, a P/E ratio of 39.88, a P/E/G ratio of 2.56 and a beta of 1.09. The company’s 50 day moving average price is $244.15 and its two-hundred day moving average price is $219.51.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating 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 net margin of 24.30% and a return on equity of 170.91%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.40 earnings per share. On average, equities analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s 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.