Davis Rare, Inc. cut its shares in Apple Inc. (NASDAQ:AAPL – Get Rating) by 50.8% in the third quarter, according to its latest disclosure to the Securities and Exchange Commission (SEC). The fund owned his 45,797 shares of the iPhone maker’s stock after selling his 47,229 shares during the period. Apple holds about 4.1% of Davis Rea LTD.’s stake, making the company’s stock his eighth largest. Davis Rea LTD.’s holdings in Apple were valued at $6,329,000 as of the latest SEC filing.
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Many other institutional investors and hedge funds have also recently changed their stock positions. Bluestem Financial Advisors LLC raised his Apple stock position by 5,935.2% in the second quarter. Bluestem Financial Advisors LLC now owns 233,803 shares of the iPhone maker worth $35,000 after he purchased an additional 229,929 shares during the previous quarter. HBC Financial Services PLLC increased its position in Apple stock by 21.7% in the first quarter. HBC Financial Services PLLC owns 448 shares of the iPhone maker worth $49,000 after purchasing an additional 80 shares during the previous quarter. Ramsey Quantitative Systems acquired approximately $55,000 worth of new Apple stock in the second quarter. Morgan Dempsey Capital Management LLC acquired approximately $55,000 worth of new Apple stock in the third quarter. Finally, Newfound Research LLC acquired a new position in Apple stock worth approximately $67,000 in the third quarter. Institutional investors and hedge funds own 57.60% of the company’s shares.
Apple shares up 1.0%
The NASDAQ AAPL opened at $134.76 on Tuesday. The stock has a 50-day simple moving average of $139.25 and a 200-day simple moving average of $148.30. Apple Inc. has a one-year low of $124.17 and a one-year high of $179.61. 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 company has a market capitalization of $2.14 trillion, a PE ratio of 22.06, a price/earnings ratio of 1.74, and a beta of 1.24.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, October 27th. The iPhone maker reported his earnings per share (EPS) of $1.29 for the quarter, beating his $1.26 consensus estimate by $0.03. Apple’s return on equity was 160.90% and net profit margin was 25.31%. The company’s revenue for the quarter was $90.15 billion, compared to consensus expectations of $88.77 billion. In the same quarter last year, the business earned his EPS of $1.24. Business revenue for the quarter increased by 7.8% compared to the same period last year. As a group, sell-side analysts expect Apple Inc. to post his 6.19 earnings per share for the current financial year.
Apple Dividend Announcement
The company recently announced its quarterly dividend, which was paid on Thursday, November 10th. Dividends of $0.23 per share were issued to shareholders of record on Monday, November 7. This represents an annualized dividend of $0.92 and a yield of 0.68%. The ex-dividend date was Friday, November 4. Apple’s dividend payout ratio is 15.06%.
Analyst upgrades and downgrades
AAPL has been the subject of several research analyst reports. Sanford C. Bernstein lowered Apple’s price target from his $170.00 to $125.00 in a research report on Monday, January 9. Bank Of America (Bofa) cut Apple’s rating from ‘buy’ to ‘neutral’ and lowered its price target on the company from $189.00 to $160.00, in its Friday Sept. 30 report. In a report on Friday, October 28, Robert W. Baird lowered Apple’s price target from $185.00 to $170.00 and set the company’s valuation to “Outperform.” Bank of America cut Apple’s price target from $160.00 to $154.00 and set the company’s rating to “neutral” in a report on Monday, November 7. Finally, Wedbush in his Wednesday, January 4 report lowered Apple’s price target from $200.00 to $175.00, setting the company’s valuation to “Outperform.” Equity research analysts rate the stock as 2 Sells, 8 Holds, 21 Buys and 1 Strong Buy. According to MarketBeat.com data, the company’s consensus rating is “moderate buy” with an average target price of $171.22.
In other Apple news, insider Chris Kondo sold 20,200 shares in the company on Tuesday, November 22nd. The shares were sold at an average price of $148.72 and the total transaction value he was $3,004,144.00. After the transaction, insiders now own 31,505 shares of the Company’s stock valued at approximately $4,685,423.60. The transaction was disclosed in documents filed with the SEC and can be accessed at this link. In other news, insider Chris Kondo sold his 20,200 shares in a deal on Tuesday, November 22nd. The shares sold at an average price of $148.72, bringing the total to his $3,004,144.00. After the transaction, insiders now own 31,505 shares of the Company’s stock valued at approximately $4,685,423.60. The deal is disclosed in documents filed with the SEC and can be accessed at the SEC’s website. Also, CFO Luca Maestri sold his 176,299 shares on Friday, October 28th. The shares sold for an average of $155.95, giving him a total of $27,493,829.05. Following the closing of the transaction, the Chief Financial Officer now directly owns 110,673 shares of the company’s stock valued at approximately $17,259,454.35. Please see here for the disclosure of this sale. A company insider owns his 0.06% of the company’s shares.
Apple Inc designs, manufactures and markets smartphones, computers, tablets, wearables and accessories worldwide. We also sell a variety of related services. In addition, the company offers his iPhone, a line of smartphones. Mac, personal computer line. iPad, a line of multi-purpose tablets. Wearables, home, and accessories consisting of AirPods, Apple TV, Apple Watch, Beats products, and HomePod.
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