Kornitzer Capital Management Inc. KS Sells 17,983 Shares of Apple Inc. (NASDAQ:AAPL)

Kornitzer Capital Management Inc. KS lowered its position in Apple Inc. (NASDAQ:AAPLGet Rating) by 3.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 559,587 shares of the iPhone maker’s stock after selling 17,983 shares during the quarter. Apple makes up 1.5% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 3rd biggest position. Kornitzer Capital Management Inc. KS’s holdings in Apple were worth $76,507,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in AAPL. CFS Investment Advisory Services LLC raised its stake in shares of Apple by 18,263.5% in the 1st quarter. CFS Investment Advisory Services LLC now owns 7,457,053 shares of the iPhone maker’s stock valued at $47,000 after purchasing an additional 7,416,445 shares in the last quarter. Spence Asset Management acquired a new stake in shares of Apple in the 2nd quarter valued at about $49,000. HBC Financial Services PLLC raised its stake in shares of Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after purchasing an additional 80 shares in the last quarter. Emerson Wealth LLC raised its stake in shares of Apple by 27.0% in the 2nd quarter. Emerson Wealth LLC now owns 518 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 110 shares in the last quarter. Finally, Darrow Company Inc. acquired a new stake in shares of Apple in the 2nd quarter valued at about $107,000. Institutional investors and hedge funds own 57.72% of the company’s stock.

Apple Trading Up 1.5 %

Apple stock opened at $150.18 on Wednesday. The firm has a 50 day simple moving average of $146.70 and a 200-day simple moving average of $149.66. The company has a debt-to-equity ratio of 1.95, a current ratio of 0.88 and a quick ratio of 0.85. The stock has a market capitalization of $2.39 trillion, a PE ratio of 24.58, a price-to-earnings-growth ratio of 1.93 and a beta of 1.25. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last posted its quarterly earnings data on Thursday, October 27th. The iPhone maker reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.02. The business had revenue of $90.15 billion during the quarter, compared to analysts’ expectations of $88.77 billion. Apple had a net margin of 25.31% and a return on equity of 160.90%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm posted $1.24 earnings per share. As a group, equities research analysts expect that Apple Inc. will post 6.26 EPS for the current fiscal year.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Monday, November 7th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.61%. The ex-dividend date was Friday, November 4th. Apple’s dividend payout ratio is presently 15.06%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AAPL shares. set a $175.00 target price on shares of Apple in a research note on Friday, July 29th. Monness Crespi & Hardt assumed coverage on shares of Apple in a research report on Thursday, September 8th. They set a “buy” rating and a $174.00 price objective for the company. Morgan Stanley lowered their price objective on shares of Apple from $177.00 to $175.00 and set an “overweight” rating for the company in a research report on Tuesday, November 8th. Bank of America lowered their price objective on shares of Apple from $160.00 to $154.00 and set a “neutral” rating for the company in a research report on Monday, November 7th. Finally, Robert W. Baird lowered their price objective on shares of Apple from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, October 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $176.26.

Insider Activity at Apple

In related news, CFO Luca Maestri sold 176,299 shares of the stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $155.95, for a total transaction of $27,493,829.05. Following the completion of the sale, the chief financial officer now directly owns 110,673 shares of the company’s stock, valued at $17,259,454.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, SVP Deirdre O’brien sold 8,053 shares of the company’s stock in a transaction that occurred on Monday, October 17th. The shares were sold at an average price of $142.45, for a total value of $1,147,149.85. Following the completion of the sale, the senior vice president now owns 136,290 shares in the company, valued at approximately $19,414,510.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Luca Maestri sold 176,299 shares of the company’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $155.95, for a total transaction of $27,493,829.05. Following the completion of the sale, the chief financial officer now owns 110,673 shares of the company’s stock, valued at approximately $17,259,454.35. The disclosure for this sale can be found here. Insiders sold a total of 360,651 shares of company stock valued at $53,703,645 over the last ninety days. Insiders own 0.06% of the company’s stock.

About Apple

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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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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