Legacy Trust Cuts Stock Holdings in Apple Inc. $AAPL

Legacy Trust cut its stake in Apple Inc. (NASDAQ:AAPL) by 8.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,571 shares of the iPhone maker’s stock after selling 7,512 shares during the period. Apple comprises about 3.9% of Legacy Trust’s investment portfolio, making the stock its 3rd largest position. Legacy Trust’s holdings in Apple were worth $15,915,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Salus Financial Advisors LLC grew its holdings in shares of Apple by 3.9% in the first 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 during the last quarter. SigFig Wealth Management LLC lifted its stake in Apple by 2.8% in the second quarter. SigFig Wealth Management LLC now owns 1,830 shares of the iPhone maker’s stock worth $368,000 after acquiring an additional 50 shares during the period. Sharpepoint LLC lifted its stake in Apple by 3.5% in the first quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker’s stock worth $322,000 after acquiring an additional 51 shares during the period. Mission Hills Financial Advisory LLC lifted its stake in Apple by 1.3% in the first quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker’s stock worth $892,000 after acquiring an additional 53 shares during the period. Finally, Virginia Wealth Management Group Inc. lifted its stake in Apple by 0.3% in the second quarter. Virginia Wealth Management Group Inc. now owns 20,946 shares of the iPhone maker’s stock worth $4,298,000 after acquiring an additional 53 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Insider Activity at Apple

In related news, 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 value of $1,038,790.61. Following the completion of the transaction, the chief financial officer directly owned 8,765 shares of the company’s stock, valued at $2,168,373.35. This trade represents a 32.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Katherine L. Adams sold 47,125 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the completion of the transaction, the senior vice president directly owned 179,158 shares of the company’s stock, valued at $46,005,982.82. The trade was a 20.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 259,121 shares of company stock valued at $65,358,981. Company insiders own 0.06% of the company’s stock.

Apple Stock Performance

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

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 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 analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm posted $1.40 EPS. Sell-side analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio (DPR) is presently 15.78%.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of research reports. Bank of America upped their price objective on shares of Apple from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. CLSA raised shares of Apple to a “strong-buy” rating in a research note on Sunday, October 5th. Melius Research set a $290.00 price objective on shares of Apple and gave the stock a “buy” rating in a research note on Wednesday, September 10th. JPMorgan Chase & Co. upped their price objective on shares of Apple from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Raymond James Financial reissued an “outperform” rating and set a $240.00 price target (up from $230.00) on shares of Apple in a research report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and an average price target of $252.83.

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.