Wedge Capital Management L L P NC Cuts Position in Apple Inc. (NASDAQ:AAPL)

Wedge Capital Management L L P NC cut its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 331,767 shares of the iPhone maker’s stock after selling 7,940 shares during the period. Apple makes up 0.7% of Wedge Capital Management L L P NC’s portfolio, making the stock its 14th largest position. Wedge Capital Management L L P NC’s holdings in Apple were worth $45,359,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Apple during the fourth quarter valued at about $25,228,507,000. Aaron Wealth Advisors LLC increased its position in shares of Apple by 30,391.8% during the first quarter. Aaron Wealth Advisors LLC now owns 26,075,085 shares of the iPhone maker’s stock valued at $149,333,000 after buying an additional 25,989,570 shares during the period. State Street Corp increased its position in shares of Apple by 1.8% during the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after buying an additional 10,951,705 shares during the period. Capital Research Global Investors grew its holdings in Apple by 31.7% in the first quarter. Capital Research Global Investors now owns 38,903,911 shares of the iPhone maker’s stock worth $6,793,041,000 after purchasing an additional 9,354,484 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Apple by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock worth $221,753,959,000 after purchasing an additional 8,734,393 shares during the period. 57.72% of the stock is owned by institutional investors.

Apple Trading Down 2.0 %

NASDAQ:AAPL opened at $153.72 on Thursday. The company has a market capitalization of $2.47 trillion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 2.00 and a beta of 1.23. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The stock has a fifty day simple moving average of $160.23 and a 200-day simple moving average of $155.88.

Apple (NASDAQ:AAPLGet Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The business’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.30 EPS. On average, equities research analysts expect that Apple Inc. will post 6.11 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.60%. The ex-dividend date was Friday, August 5th. Apple’s payout ratio is 15.18%.

Analyst Ratings Changes

AAPL has been the topic of a number of research analyst reports. Bank of America lowered their price objective on shares of Apple from $200.00 to $185.00 in a research report on Tuesday, July 26th. Sanford C. Bernstein set a $170.00 price objective on shares of Apple in a research report on Monday, September 12th. Morgan Stanley cut their target price on shares of Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a research note on Wednesday, July 20th. Deutsche Bank Aktiengesellschaft set a $175.00 price objective on shares of Apple in a report on Monday, August 1st. Finally, Barclays set a $169.00 price objective on shares of Apple in a report on Wednesday, September 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average price target of $181.68.

Insider Activity at Apple

In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Apple 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 completion of the transaction, the senior vice president now owns 427,334 shares in the company, valued at approximately $70,411,823.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction, the chief financial officer now directly owns 110,673 shares in the company, valued at $19,362,241.35. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.

Apple Company Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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