Convergence Investment Partners LLC Has $3.76 Million Stock Position in Apple Inc. $AAPL

Convergence Investment Partners LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 25.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,327 shares of the iPhone maker’s stock after selling 6,186 shares during the period. Apple accounts for approximately 1.0% of Convergence Investment Partners LLC’s holdings, making the stock its 20th largest holding. Convergence Investment Partners LLC’s holdings in Apple were worth $3,760,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. First National Bank of Hutchinson increased its position in shares of Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock valued at $8,845,000 after buying an additional 6,982 shares in the last quarter. Eagle Capital Management LLC lifted its holdings in Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after acquiring an additional 272 shares in the last quarter. Brighton Jones LLC grew its stake in Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock valued at $134,554,000 after acquiring an additional 69,207 shares during the period. Revolve Wealth Partners LLC increased its holdings in shares of Apple by 4.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock worth $16,742,000 after acquiring an additional 2,695 shares in the last quarter. Finally, Highview Capital Management LLC DE raised its position in shares of Apple by 2.4% during the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock worth $12,587,000 after purchasing an additional 1,155 shares during the period. Institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Tigress Financial increased their target price on Apple from $300.00 to $305.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, September 17th. UBS Group upped their price target on shares of Apple from $220.00 to $280.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Cowen restated a “buy” rating on shares of Apple in a report on Monday, October 27th. Wedbush reaffirmed an “outperform” rating on shares of Apple in a research report on Tuesday, October 21st. Finally, Barclays increased their target price on Apple from $180.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $278.22.

Insider Activity

In related news, insider Chris Kondo sold 3,752 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $271.23, for a total transaction of $1,017,654.96. Following the transaction, the insider directly owned 15,098 shares in the company, valued at approximately $4,095,030.54. The trade was a 19.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 129,963 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the sale, the chief executive officer directly owned 3,280,295 shares in the company, valued at $842,412,558.95. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 228,052 shares of company stock worth $58,604,588. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Up 0.4%

Apple stock opened at $278.63 on Friday. 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 Inc. has a 1-year low of $169.21 and a 1-year high of $280.38. The company has a fifty day simple moving average of $263.27 and a 200 day simple moving average of $231.59. The company has a market cap of $4.12 trillion, a P/E ratio of 42.28, a price-to-earnings-growth ratio of 2.62 and a beta of 1.09.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, October 30th. The iPhone maker reported $1.85 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 24.30% and a return on equity of 170.91%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.64 EPS. Research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Shareholders of record on Monday, November 10th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, November 10th. Apple’s dividend payout ratio (DPR) is currently 13.92%.

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.