Avalon Global Asset Management LLC Has $16.50 Million Stake in Apple Inc. (NASDAQ:AAPL)

Avalon Global Asset Management LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 27.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 78,320 shares of the iPhone maker’s stock after selling 29,600 shares during the quarter. Apple comprises about 3.8% of Avalon Global Asset Management LLC’s investment portfolio, making the stock its 9th largest holding. Avalon Global Asset Management LLC’s holdings in Apple were worth $16,496,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of AAPL. Chico Wealth RIA grew its stake in Apple by 15.5% during the first quarter. Chico Wealth RIA now owns 6,161 shares of the iPhone maker’s stock worth $1,057,000 after buying an additional 826 shares in the last quarter. MGO Private Wealth LLC boosted its position in shares of Apple by 1.2% during the 1st quarter. MGO Private Wealth LLC now owns 26,744 shares of the iPhone maker’s stock worth $4,586,000 after acquiring an additional 309 shares in the last quarter. Hubbell Strickland Wealth Management LLC increased its stake in Apple by 1.3% in the first quarter. Hubbell Strickland Wealth Management LLC now owns 7,586 shares of the iPhone maker’s stock valued at $1,301,000 after acquiring an additional 100 shares during the last quarter. Miracle Mile Advisors LLC raised its position in Apple by 0.3% during the first quarter. Miracle Mile Advisors LLC now owns 517,929 shares of the iPhone maker’s stock valued at $88,815,000 after purchasing an additional 1,791 shares in the last quarter. Finally, CCG Wealth Management LLC lifted its stake in Apple by 9.2% during the first quarter. CCG Wealth Management LLC now owns 11,309 shares of the iPhone maker’s stock worth $1,939,000 after purchasing an additional 949 shares during the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on AAPL. Barclays decreased their price target on Apple from $186.00 to $184.00 and set an “underweight” rating on the stock in a research note on Friday, November 1st. Moffett Nathanson started coverage on Apple in a research note on Monday, August 19th. They set a “neutral” rating and a $211.00 target price for the company. Monness Crespi & Hardt restated a “buy” rating and issued a $245.00 price target on shares of Apple in a research note on Monday, September 9th. Evercore ISI reiterated a “buy” rating and set a $250.00 price objective on shares of Apple in a research report on Thursday, September 26th. Finally, Robert W. Baird raised their target price on shares of Apple from $200.00 to $240.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $235.51.

Apple Stock Down 0.1 %

Apple stock opened at $226.96 on Friday. The company has a market capitalization of $3.43 trillion, a PE ratio of 37.33, a PEG ratio of 2.18 and a beta of 1.24. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.49. The firm’s fifty day moving average is $226.82 and its 200 day moving average is $214.03. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, topping 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 company had revenue of $94.93 billion for the quarter, compared to analysts’ expectations of $94.52 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The business’s revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts predict that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 11th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. Apple’s dividend payout ratio is 16.45%.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction dated 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 directly owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Timothy D. Cook sold 223,986 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 3,280,180 shares in the company, valued at approximately $736,269,202.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Katherine L. Adams sold 61,019 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $226.20, for a total value of $13,802,497.80. Following the completion of the transaction, the senior vice president now directly owns 187,043 shares of the company’s stock, valued at approximately $42,309,126.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 412,746 shares of company stock valued at $93,021,362 over the last ninety days. 0.06% of the stock is owned by company insiders.

Apple 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.