DAVENPORT & Co LLC Acquires 7,318 Shares of Apple Inc. $AAPL

DAVENPORT & Co LLC boosted its holdings in Apple Inc. (NASDAQ:AAPL) by 0.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,238,490 shares of the iPhone maker’s stock after buying an additional 7,318 shares during the period. Apple makes up about 1.4% of DAVENPORT & Co LLC’s investment portfolio, making the stock its 9th biggest position. DAVENPORT & Co LLC’s holdings in Apple were worth $253,483,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AAPL. Burkett Financial Services LLC increased its position in shares of Apple by 0.6% during the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock worth $3,199,000 after acquiring an additional 93 shares in the last quarter. Avid Wealth Partners LLC increased its position in shares of Apple by 28.3% during the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock worth $935,000 after acquiring an additional 930 shares in the last quarter. Bell & Brown Wealth Advisors LLC increased its position in shares of Apple by 0.4% during the first quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker’s stock worth $13,772,000 after acquiring an additional 240 shares in the last quarter. American National Bank & Trust increased its position in shares of Apple by 2.4% during the second quarter. American National Bank & Trust now owns 195,482 shares of the iPhone maker’s stock worth $40,107,000 after acquiring an additional 4,543 shares in the last quarter. Finally, Andina Capital Management LLC increased its position in shares of Apple by 209.2% during the first quarter. Andina Capital Management LLC now owns 6,786 shares of the iPhone maker’s stock worth $1,507,000 after acquiring an additional 4,591 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Apple

In other news, SVP Deirdre O’brien sold 43,013 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the completion of the sale, the senior vice president owned 136,687 shares in the company, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Katherine L. Adams sold 47,125 shares of Apple stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the completion of the sale, the senior vice president owned 179,158 shares of the company’s stock, valued at $46,005,982.82. This trade represents a 20.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 259,121 shares of company stock worth $65,358,981. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

NASDAQ AAPL opened at $268.81 on Tuesday. The firm has a 50-day moving average of $244.91 and a 200-day moving average of $220.14. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The stock has a market cap of $3.99 trillion, a PE ratio of 40.79, a P/E/G ratio of 2.56 and a beta of 1.09. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $269.12.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.40 EPS. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

The business also recently announced 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 was Monday, August 11th. Apple’s dividend payout ratio (DPR) is currently 15.78%.

Analysts Set New Price Targets

A number of research firms recently weighed in on AAPL. Phillip Securities downgraded shares of Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 target price for the company. in a research report on Thursday, September 11th. Barclays raised their target price on shares of Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research report on Friday, August 1st. Seaport Res Ptn raised shares of Apple to a “strong-buy” rating in a research report on Wednesday, October 1st. Citigroup reaffirmed a “buy” rating on shares of Apple in a research report on Wednesday, September 10th. Finally, Tigress Financial raised their target price on shares of Apple from $300.00 to $305.00 and gave the company a “strong-buy” rating in a research report on Wednesday, September 17th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $252.83.

Apple Company Profile

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.