Sitrin Capital Management LLC Sells 3,727 Shares of Apple Inc. $AAPL

Sitrin Capital Management LLC lessened its stake in Apple Inc. (NASDAQ:AAPL) by 7.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 46,486 shares of the iPhone maker’s stock after selling 3,727 shares during the period. Apple accounts for about 4.9% of Sitrin Capital Management LLC’s holdings, making the stock its 2nd biggest position. Sitrin Capital Management LLC’s holdings in Apple were worth $9,538,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Salus Financial Advisors LLC increased 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 acquiring an additional 49 shares during the period. Red Tortoise LLC increased its stake in shares of Apple by 0.9% during the second quarter. Red Tortoise LLC now owns 5,717 shares of the iPhone maker’s stock worth $1,173,000 after acquiring an additional 49 shares during the period. SigFig Wealth Management LLC increased its stake in shares of Apple by 2.8% during 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. Shariaportfolio Inc. increased its stake in shares of Apple by 1.3% during the second quarter. Shariaportfolio Inc. now owns 3,999 shares of the iPhone maker’s stock worth $820,000 after acquiring an additional 50 shares during the period. Finally, Sharpepoint LLC raised its stake in shares of Apple by 3.5% during the 1st quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker’s stock worth $322,000 after buying an additional 51 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Down 0.4%

Shares of NASDAQ AAPL opened at $270.37 on Monday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $277.32. The company has a market capitalization of $4.01 trillion, a PE ratio of 41.03, a price-to-earnings-growth ratio of 2.62 and a beta of 1.09. 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’s 50-day moving average is $248.34 and its two-hundred day moving average is $222.34.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.11. The company had revenue of $102.47 billion during the quarter, compared to the consensus estimate of $101.65 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.Apple’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.64 earnings per share. Equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Shareholders of record on Monday, November 10th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio (DPR) is presently 13.92%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AAPL. Cowen reissued a “buy” rating on shares of Apple in a research note on Monday, October 27th. The Goldman Sachs Group increased their target price on Apple from $279.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday. Wedbush reissued an “outperform” rating on shares of Apple in a research note on Tuesday, October 21st. Loop Capital raised Apple from a “hold” rating to a “buy” rating and increased their target price for the stock from $226.00 to $315.00 in a research note on Monday, October 20th. Finally, Evercore ISI increased their target price on Apple from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $276.39.

Insider Buying and Selling

In other Apple news, SVP Deirdre O’brien sold 43,013 shares of the firm’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the completion of the transaction, the senior vice president owned 136,687 shares of the company’s stock, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Katherine L. Adams sold 47,125 shares of the firm’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. The trade was a 20.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 259,121 shares of company stock worth $65,358,981. 0.06% of the stock is currently owned by corporate insiders.

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.