Alta Capital Management LLC Sells 7,488 Shares of Apple Inc. $AAPL

Alta Capital Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL) by 2.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 350,715 shares of the iPhone maker’s stock after selling 7,488 shares during the period. Apple accounts for about 4.1% of Alta Capital Management LLC’s holdings, making the stock its 5th biggest position. Alta Capital Management LLC’s holdings in Apple were worth $71,956,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Verisail Partners LLC raised its stake in shares of Apple by 15.6% in the second quarter. Verisail Partners LLC now owns 3,180 shares of the iPhone maker’s stock worth $652,000 after purchasing an additional 430 shares during the last quarter. Variant Private Wealth LLC raised its position in Apple by 1.0% in the 2nd quarter. Variant Private Wealth LLC now owns 39,967 shares of the iPhone maker’s stock valued at $8,200,000 after buying an additional 396 shares during the last quarter. Uptick Partners LLC lifted its stake in Apple by 43.7% during the 2nd quarter. Uptick Partners LLC now owns 22,794 shares of the iPhone maker’s stock valued at $4,677,000 after acquiring an additional 6,934 shares in the last quarter. Nexus Investment Management ULC boosted its holdings in Apple by 333.3% during the 2nd quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock worth $53,000 after acquiring an additional 200 shares during the last quarter. Finally, Rheos Capital Works Inc. boosted its holdings in Apple by 16.0% during the 2nd quarter. Rheos Capital Works Inc. now owns 101,500 shares of the iPhone maker’s stock worth $20,825,000 after acquiring an additional 14,000 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Insiders Place Their Bets

In other Apple news, SVP Katherine L. Adams sold 47,125 shares of Apple 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 sale, the senior vice president directly owned 179,158 shares in the company, valued at $46,005,982.82. The trade was a 20.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Deirdre O’brien sold 43,013 shares of the business’s stock in a transaction that occurred 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 directly owned 136,687 shares of the company’s stock, valued at approximately $35,181,866.93. This represents a 23.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 228,052 shares of company stock valued at $58,604,588 over the last three months. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Down 0.2%

AAPL opened at $272.95 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a one year low of $169.21 and a one year high of $277.32. The firm has a market capitalization of $4.03 trillion, a P/E ratio of 41.42, a price-to-earnings-growth ratio of 2.62 and a beta of 1.08. The company has a fifty day moving average price of $255.27 and a 200-day moving average price of $226.41.

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

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Monday, November 10th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, November 10th. Apple’s dividend payout ratio is 13.92%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AAPL. TD Cowen upped their price objective on shares of Apple from $275.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Weiss Ratings upgraded Apple from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, November 7th. Bank of America increased their price target on Apple from $270.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Wells Fargo & Company set a $300.00 price objective on Apple and gave the stock an “overweight” rating in a research report on Friday, October 31st. Finally, DA Davidson upped their price objective on Apple from $250.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $278.22.

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.