Edgemoor Investment Advisors Inc. Sells 1,762 Shares of Apple Inc. (NASDAQ:AAPL)

Edgemoor Investment Advisors Inc. trimmed its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.4% in the third quarter, HoldingsChannel reports. The firm owned 411,161 shares of the iPhone maker’s stock after selling 1,762 shares during the quarter. Apple accounts for about 7.6% of Edgemoor Investment Advisors Inc.’s holdings, making the stock its 2nd largest holding. Edgemoor Investment Advisors Inc.’s holdings in Apple were worth $56,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of AAPL. Robinson Value Management Ltd. acquired a new stake in Apple in the 3rd quarter worth about $28,000. Hanseatic Management Services Inc. boosted its stake in shares of Apple by 75.4% in the third quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock valued at $34,000 after buying an additional 107 shares during the period. Bluestem Financial Advisors LLC grew its position in Apple by 5,935.2% during the second quarter. Bluestem Financial Advisors LLC now owns 233,803 shares of the iPhone maker’s stock worth $35,000 after buying an additional 229,929 shares in the last quarter. HBC Financial Services PLLC increased its stake in Apple by 21.7% during the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after acquiring an additional 80 shares during the period. Finally, Ramsey Quantitative Systems acquired a new position in Apple in the 2nd quarter valued at $55,000. 57.60% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

Shares of AAPL opened at $153.83 on Tuesday. Apple Inc. has a one year low of $124.17 and a one year high of $179.61. The company has a market cap of $2.43 trillion, a PE ratio of 26.12, a P/E/G ratio of 2.00 and a beta of 1.30. The stock has a 50-day moving average of $142.26 and a 200-day moving average of $146.04. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.94 and a quick ratio of 0.89.

Apple (NASDAQ:AAPL – Get Rating) last issued its earnings results on Thursday, February 2nd. The iPhone maker reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.05). Apple had a return on equity of 163.45% and a net margin of 24.56%. The firm had revenue of $117.15 billion for the quarter, compared to analyst estimates of $121.67 billion. During the same period in the previous year, the company earned $2.10 earnings per share. Apple’s revenue for the quarter was down 5.5% compared to the same quarter last year. On average, equities research analysts predict that Apple Inc. will post 6.04 EPS for the current fiscal year.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 16th. Shareholders of record on Monday, February 13th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.60%. This is a positive change from Apple’s previous quarterly dividend of $0.17. The ex-dividend date was Friday, February 10th. Apple’s dividend payout ratio (DPR) is 15.62%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AAPL. Cowen decreased their price target on Apple from $200.00 to $195.00 and set an “outperform” rating on the stock in a research report on Friday, February 3rd. Oppenheimer dropped their target price on shares of Apple from $190.00 to $170.00 and set an “outperform” rating for the company in a research report on Monday, December 12th. Evercore ISI reiterated an “outperform” rating and set a $190.00 price target on shares of Apple in a research report on Monday, February 6th. Bank of America boosted their price objective on shares of Apple from $153.00 to $158.00 in a research report on Friday, February 3rd. Finally, UBS Group set a $180.00 target price on Apple in a report on Monday, February 20th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $167.94.

About Apple

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.