Pettee Investors Inc. Has $7.75 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Pettee Investors Inc. reduced its stake in Apple Inc. (NASDAQ:AAPL) by 0.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,773 shares of the iPhone maker’s stock after selling 57 shares during the period. Apple makes up approximately 3.7% of Pettee Investors Inc.’s investment portfolio, making the stock its 3rd biggest position. Pettee Investors Inc.’s holdings in Apple were worth $7,745,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in AAPL. Access Investment Management LLC acquired a new position in Apple during the first quarter valued at approximately $140,000. Hoese & Co LLP raised its position in Apple by 6.7% during the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after purchasing an additional 57 shares in the last quarter. Benchmark Wealth Management LLC acquired a new position in shares of Apple during the second quarter worth $208,000. Sequent Asset Management LLC acquired a new position in shares of Apple during the second quarter worth $214,000. Finally, Savior LLC acquired a new position in shares of Apple during the second quarter worth $248,000. 60.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, COO Jeffrey E. Williams sold 59,730 shares of Apple stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total value of $13,550,347.80. Following the sale, the chief operating officer now owns 489,944 shares of the company’s stock, valued at approximately $111,148,695.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jeffrey E. Williams sold 59,730 shares of Apple stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the completion of the transaction, the chief operating officer now owns 489,944 shares of the company’s stock, valued at $111,148,695.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 517,924 shares of company stock valued at $114,786,399 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AAPL has been the subject of several research analyst reports. Citigroup reiterated a “buy” rating and set a $255.00 price target on shares of Apple in a report on Wednesday, October 2nd. Evercore ISI reiterated a “buy” rating and set a $250.00 price target on shares of Apple in a report on Thursday, September 26th. Robert W. Baird upped their price target on shares of Apple from $200.00 to $240.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. The Goldman Sachs Group upped their price target on shares of Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Piper Sandler Companies reiterated a “neutral” rating and set a $225.00 price target (up from $190.00) on shares of Apple in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $239.27.

Apple Price Performance

Apple stock opened at $235.00 on Friday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.49. The company’s 50 day moving average price is $225.78 and its two-hundred day moving average price is $207.84. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. The stock has a market cap of $3.60 trillion, a P/E ratio of 36.55, a P/E/G ratio of 2.40 and a beta of 1.24.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 147.15%. The firm had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. During the same quarter last year, the firm earned $1.26 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts predict that Apple Inc. will post 6.65 earnings per share for the current year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were given a dividend of $0.25 per share. The ex-dividend date was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.43%. Apple’s dividend payout ratio is currently 15.55%.

Apple Company Profile

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.