Cahaba Wealth Management Inc. Sells 606 Shares of Apple Inc. (NASDAQ:AAPL)

Cahaba Wealth Management Inc. cut its holdings in Apple Inc. (NASDAQ:AAPL) by 2.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,995 shares of the iPhone maker’s stock after selling 606 shares during the period. Apple comprises approximately 0.5% of Cahaba Wealth Management Inc.’s investment portfolio, making the stock its 19th biggest holding. Cahaba Wealth Management Inc.’s holdings in Apple were worth $6,290,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Harfst & Associates Inc. grew its stake in Apple by 2.0% in the third quarter. Harfst & Associates Inc. now owns 38,569 shares of the iPhone maker’s stock valued at $8,987,000 after purchasing an additional 756 shares in the last quarter. Clarity Wealth Advisors LLC raised its stake in shares of Apple by 0.4% during the 3rd quarter. Clarity Wealth Advisors LLC now owns 131,793 shares of the iPhone maker’s stock worth $30,708,000 after purchasing an additional 485 shares in the last quarter. Gries Financial LLC boosted its holdings in shares of Apple by 19.9% in the 3rd quarter. Gries Financial LLC now owns 32,145 shares of the iPhone maker’s stock valued at $7,490,000 after buying an additional 5,343 shares during the last quarter. Alpha Financial Advisors LLC grew its stake in shares of Apple by 11.5% in the third quarter. Alpha Financial Advisors LLC now owns 2,827 shares of the iPhone maker’s stock valued at $659,000 after buying an additional 292 shares in the last quarter. Finally, Legacy Financial Strategies LLC increased its holdings in Apple by 6.2% during the third quarter. Legacy Financial Strategies LLC now owns 31,438 shares of the iPhone maker’s stock worth $7,325,000 after buying an additional 1,825 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the transaction, the chief executive officer now owns 3,280,180 shares of the company’s stock, valued at approximately $736,269,202.80. This trade represents a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chris Kondo sold 4,130 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $228.87, for a total transaction of $945,233.10. Following the completion of the sale, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. This represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 408,170 shares of company stock worth $92,007,745. Insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of AAPL stock opened at $247.96 on Friday. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $250.80. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The business has a fifty day simple moving average of $231.63 and a 200 day simple moving average of $222.83. The company has a market cap of $3.75 trillion, a P/E ratio of 40.78, a P/E/G ratio of 2.42 and a beta of 1.23.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. Apple had a net margin of 23.97% and a return on equity of 152.94%. The firm had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. During the same quarter last year, the business posted $1.46 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis. On average, sell-side analysts forecast that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date was Friday, November 8th. Apple’s payout ratio is 16.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AAPL. UBS Group reiterated a “neutral” rating and issued a $236.00 price target on shares of Apple in a research note on Monday, December 2nd. Oppenheimer reissued a “buy” rating and set a $250.00 price target on shares of Apple in a research report on Tuesday, October 1st. KeyCorp cut Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price objective for the company. in a research report on Friday, October 25th. Maxim Group raised their price target on Apple from $203.00 to $215.00 and gave the company a “hold” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company increased their price objective on shares of Apple to $275.00 and gave the company a “buy” rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $236.78.

About Apple

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.