Gemmer Asset Management LLC Purchases 4,019 Shares of Apple Inc. $AAPL

Gemmer Asset Management LLC increased its position in Apple Inc. (NASDAQ:AAPL) by 7.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,132 shares of the iPhone maker’s stock after purchasing an additional 4,019 shares during the period. Apple makes up approximately 1.0% of Gemmer Asset Management LLC’s holdings, making the stock its 27th biggest position. Gemmer Asset Management LLC’s holdings in Apple were worth $11,517,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Salus Financial Advisors LLC boosted its stake in Apple by 3.9% in the 1st quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker’s stock worth $291,000 after purchasing an additional 49 shares in the last quarter. SigFig Wealth Management LLC boosted its stake in Apple by 2.8% in the 2nd quarter. SigFig Wealth Management LLC now owns 1,830 shares of the iPhone maker’s stock worth $368,000 after purchasing an additional 50 shares in the last quarter. Sharpepoint LLC boosted its stake in Apple by 3.5% in the 1st quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker’s stock worth $322,000 after purchasing an additional 51 shares in the last quarter. Mission Hills Financial Advisory LLC boosted its stake 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 worth $892,000 after purchasing an additional 53 shares in the last quarter. Finally, Virginia Wealth Management Group Inc. boosted its stake 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 worth $4,298,000 after purchasing an additional 53 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Price Performance

NASDAQ AAPL opened at $268.81 on Tuesday. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $269.12. The stock has a market cap of $3.99 trillion, a price-to-earnings ratio of 40.79, a PEG ratio of 2.56 and a beta of 1.09. The company’s 50 day moving average is $244.91 and its two-hundred day moving average is $220.14. 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 (NASDAQ:AAPL) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter last year, the business earned $1.40 EPS. The firm’s revenue was up 9.6% compared to the same quarter last year. As a group, research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

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

Insider Activity

In other Apple news, CEO Timothy D. Cook sold 129,963 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 3,280,295 shares of the company’s stock, valued at $842,412,558.95. This trade represents a 3.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kevan Parekh sold 4,199 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 8,765 shares of the company’s stock, valued at approximately $2,168,373.35. This trade represents a 32.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,121 shares of company stock worth $65,358,981 in the last quarter. 0.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AAPL. Citigroup restated a “buy” rating on shares of Apple in a research note on Wednesday, September 10th. JPMorgan Chase & Co. upped their target price on shares of Apple from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Monday. Cowen restated a “buy” rating on shares of Apple in a research note on Monday. Bank of America upped their target price on shares of Apple from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Finally, Sanford C. Bernstein began coverage on shares of Apple in a research note 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, seventeen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $252.83.

Apple 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.