Apple Inc. $AAPL Shares Bought by Convergence Financial LLC

Convergence Financial LLC grew its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 7.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,373 shares of the iPhone maker’s stock after buying an additional 3,168 shares during the period. Apple accounts for about 1.5% of Convergence Financial LLC’s holdings, making the stock its 19th largest holding. Convergence Financial LLC’s holdings in Apple were worth $8,899,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Ryan Investment Management Inc. acquired a new position in shares of Apple in the 2nd quarter valued at $31,000. ROSS JOHNSON & Associates LLC lifted its position in Apple by 1,800.0% in the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after acquiring an additional 180 shares during the last quarter. Nexus Investment Management ULC boosted its stake in Apple by 333.3% in the second quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock valued at $53,000 after acquiring an additional 200 shares in the last quarter. Elite Financial Inc. acquired a new position in Apple in the first quarter valued at $58,000. Finally, LSV Asset Management purchased a new position in shares of Apple during the fourth quarter worth about $65,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Buying and Selling

In related news, insider Chris Kondo sold 3,752 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $271.23, for a total value of $1,017,654.96. Following the completion of the sale, the insider owned 15,098 shares in the company, valued at $4,095,030.54. This trade represents a 19.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy D. Cook sold 129,963 shares of the business’s stock in a transaction dated 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 approximately $842,412,558.95. This represents a 3.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 228,052 shares of company stock valued at $58,604,588 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Apple Trading Down 0.7%

NASDAQ AAPL opened at $284.15 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $4.20 trillion, a P/E ratio of 38.04, a P/E/G ratio of 2.64 and a beta of 1.10. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $288.62. The firm has a 50-day moving average price of $265.09 and a 200 day moving average price of $233.25.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.11. The company had revenue of $102.47 billion for the quarter, compared to analysts’ expectations of $101.65 billion. Apple had a return on equity of 164.05% and a net margin of 26.92%.The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.64 EPS. Equities research analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Phillip Securities downgraded Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 target price for the company. in a report on Thursday, September 11th. Moffett Nathanson raised Apple from a “sell” rating to a “neutral” rating and set a $225.00 price target on the stock in a research report on Thursday, September 4th. Seaport Res Ptn raised Apple to a “strong-buy” rating in a report on Wednesday, October 1st. Robert W. Baird set a $300.00 target price on shares of Apple in a research report on Friday, October 31st. Finally, Argus set a $325.00 target price on shares of Apple and gave the company a “buy” rating in a report on Friday, October 31st. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $278.53.

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.