AMI Asset Management Corp reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 638,131 shares of the iPhone maker’s stock after selling 21,739 shares during the quarter. Apple makes up about 6.4% of AMI Asset Management Corp’s holdings, making the stock its largest position. AMI Asset Management Corp’s holdings in Apple were worth $88,190,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of AAPL. MKT Advisors LLC boosted its stake in shares of Apple by 0.5% in the 2nd quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock worth $1,777,000 after buying an additional 60 shares during the last quarter. Your Advocates Ltd. LLP raised its holdings in Apple by 1.0% in the 2nd quarter. Your Advocates Ltd. LLP now owns 6,339 shares of the iPhone maker’s stock worth $867,000 after purchasing an additional 65 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Apple by 6.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 1,046 shares of the iPhone maker’s stock worth $143,000 after purchasing an additional 66 shares during the period. Aufman Associates Inc raised its holdings in Apple by 0.9% in the 2nd quarter. Aufman Associates Inc now owns 7,674 shares of the iPhone maker’s stock worth $1,049,000 after purchasing an additional 66 shares during the period. Finally, Lake Point Wealth Management raised its holdings in Apple by 1.7% during the second quarter. Lake Point Wealth Management now owns 4,025 shares of the iPhone maker’s stock valued at $550,000 after acquiring an additional 67 shares during the period. 57.60% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have recently weighed in on AAPL shares. Morgan Stanley cut their price objective on 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 dropped their price target on Apple from $160.00 to $154.00 and set a “neutral” rating for the company in a research report on Monday, November 7th. Sanford C. Bernstein dropped their target price on Apple from $170.00 to $125.00 in a research report on Monday, January 9th. BNP Paribas lowered Apple from an “outperform” rating to a “neutral” rating and set a $140.00 target price for the company. in a research report on Tuesday, January 3rd. Finally, Fundamental Research lifted their price target on shares of Apple to $168.50 and gave the company a “buy” rating in a research note on Tuesday, November 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $166.73.
Apple Trading Up 1.9 %
Apple (NASDAQ:AAPL – Get Rating) last issued its earnings results on Thursday, October 27th. The iPhone maker reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.03. Apple had a net margin of 25.31% and a return on equity of 160.90%. The company had revenue of $90.15 billion for the quarter, compared to analysts’ expectations of $88.77 billion. During the same period in the prior year, the company earned $1.24 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. As a group, research analysts expect that Apple Inc. will post 6.19 EPS for the current fiscal year.
Apple Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Stockholders of record on Monday, November 7th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, November 4th. This represents a $0.92 annualized dividend and a dividend yield of 0.67%. Apple’s dividend payout ratio (DPR) is 15.06%.
In other Apple news, insider Chris Kondo sold 20,200 shares of the firm’s stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $148.72, for a total value of $3,004,144.00. Following the completion of the transaction, the insider now directly owns 31,505 shares in the company, valued at $4,685,423.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Chris Kondo sold 20,200 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $148.72, for a total value of $3,004,144.00. Following the completion of the sale, the insider now directly owns 31,505 shares of the company’s stock, valued at $4,685,423.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Luca Maestri sold 176,299 shares of the firm’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 transaction, the chief financial officer now directly owns 110,673 shares in the company, valued at approximately $17,259,454.35. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.
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; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.
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