Cullinan Associates Inc. grew its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 9.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 658,439 shares of the iPhone maker’s stock after buying an additional 54,713 shares during the quarter. Apple accounts for 5.5% of Cullinan Associates Inc.’s holdings, making the stock its 2nd largest holding. Cullinan Associates Inc.’s holdings in Apple were worth $90,022,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Elk River Wealth Management LLC grew its stake in shares of Apple by 49.0% in the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock valued at $29,181,000 after buying an additional 54,989 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Apple by 8.3% in the first quarter. EverSource Wealth Advisors LLC now owns 74,619 shares of the iPhone maker’s stock valued at $13,029,000 after buying an additional 5,703 shares in the last quarter. Piscataqua Savings Bank grew its stake in shares of Apple by 1.5% in the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after buying an additional 684 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Apple in the first quarter valued at $171,000. Finally, Chico Wealth RIA acquired a new position in Apple during the 1st quarter worth $7,794,000. 57.72% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, CFO Luca Maestri sold 96,735 shares of the company’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $174.95, for a total value of $16,923,788.25. Following the sale, the chief financial officer now owns 110,673 shares of the company’s stock, valued at approximately $19,362,241.35. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the sale, the senior vice president now owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Luca Maestri sold 96,735 shares of the company’s stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total value of $16,923,788.25. Following the completion of the sale, the chief financial officer now directly owns 110,673 shares in the company, valued at approximately $19,362,241.35. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The business had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.30 EPS. As a group, equities analysts anticipate that Apple Inc. will post 6.11 EPS for the current fiscal year.
Apple Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, August 5th. Apple’s dividend payout ratio is currently 15.18%.
Analyst Upgrades and Downgrades
Several research analysts recently commented on AAPL shares. The Goldman Sachs Group reissued a “neutral” rating and set a $139.00 target price on shares of Apple in a research note on Thursday, September 8th. UBS Group set a $185.00 target price on Apple in a research note on Wednesday, September 14th. Credit Suisse Group set a $201.00 target price on Apple in a research note on Thursday, September 8th. Wedbush boosted their target price on Apple from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 17th. Finally, JPMorgan Chase & Co. set a $200.00 price target on Apple in a report on Monday, September 12th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $181.52.
Apple Company Profile
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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