Bridgecreek Investment Management LLC Sells 19,375 Shares of Apple Inc. (NASDAQ:AAPL)

Bridgecreek Investment Management LLC trimmed its position in shares of Apple Inc. (NASDAQ:AAPLFree Report) by 9.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 181,802 shares of the iPhone maker’s stock after selling 19,375 shares during the quarter. Apple makes up 6.8% of Bridgecreek Investment Management LLC’s holdings, making the stock its 2nd biggest holding. Bridgecreek Investment Management LLC’s holdings in Apple were worth $35,002,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AAPL. Abundance Wealth Counselors acquired a new position in shares of Apple in the third quarter worth approximately $9,386,000. Waycross Investment Management Co lifted its stake in shares of Apple by 2.9% in the third quarter. Waycross Investment Management Co now owns 12,972 shares of the iPhone maker’s stock worth $2,221,000 after acquiring an additional 368 shares during the period. Wolff Financial Management LLC acquired a new position in shares of Apple in the third quarter worth approximately $2,948,000. Trevian Wealth Management LLC acquired a new position in shares of Apple in the third quarter worth approximately $1,496,000. Finally, Pathway Financial Advisors LLC lifted its stake in shares of Apple by 2.8% in the third quarter. Pathway Financial Advisors LLC now owns 18,645 shares of the iPhone maker’s stock worth $3,192,000 after acquiring an additional 503 shares during the period. 60.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on AAPL. Barclays boosted their price target on Apple from $158.00 to $164.00 and gave the company an “underweight” rating in a research note on Friday, May 3rd. UBS Group reissued a “hold” rating and issued a $190.00 price target on shares of Apple in a research note on Monday, March 25th. DZ Bank reissued a “hold” rating and issued a $180.00 price target on shares of Apple in a research note on Thursday, March 28th. Canaccord Genuity Group boosted their price target on Apple from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Finally, Loop Capital dropped their price target on Apple from $185.00 to $170.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $205.59.

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Apple Stock Down 1.9 %

AAPL stock opened at $193.12 on Tuesday. The stock’s fifty day simple moving average is $180.37 and its two-hundred day simple moving average is $183.39. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $199.62. The stock has a market cap of $2.96 trillion, a P/E ratio of 30.03, a P/E/G ratio of 2.40 and a beta of 1.25.

Apple (NASDAQ:AAPLGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The firm had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. During the same quarter in the prior year, the firm earned $1.52 EPS. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. Analysts expect that Apple Inc. will post 6.57 EPS for the current year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Friday, May 10th. This is a boost from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio is currently 15.55%.

Apple announced that its Board of Directors has initiated a share repurchase program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the transaction, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the sale, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 99,183 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the sale, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. Insiders have sold 346,270 shares of company stock valued at $60,880,196 in the last 90 days. Insiders own 0.06% of the company’s stock.

Apple Company Profile

(Free Report)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. 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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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