Eagle Capital Management LLC Cuts Stock Position in Apple Inc. (NASDAQ:AAPL)

Eagle Capital Management LLC trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 1.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,889 shares of the iPhone maker’s stock after selling 871 shares during the quarter. Apple accounts for about 0.0% of Eagle Capital Management LLC’s portfolio, making the stock its 6th biggest holding. Eagle Capital Management LLC’s holdings in Apple were worth $11,350,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Foresight Capital Management Advisors Inc. lifted its holdings in Apple by 0.3% in the 2nd quarter. Foresight Capital Management Advisors Inc. now owns 19,005 shares of the iPhone maker’s stock valued at $4,003,000 after acquiring an additional 55 shares during the last quarter. Hoese & Co LLP lifted its stake 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 during the last quarter. Whitcomb & Hess Inc. boosted its holdings in Apple by 1.7% during the second quarter. Whitcomb & Hess Inc. now owns 3,540 shares of the iPhone maker’s stock worth $746,000 after buying an additional 59 shares in the last quarter. Davis Capital Management grew its position in Apple by 0.4% in the second quarter. Davis Capital Management now owns 14,740 shares of the iPhone maker’s stock worth $3,195,000 after buying an additional 61 shares during the last quarter. Finally, Ruedi Wealth Management Inc. increased its holdings in shares of Apple by 0.3% in the first quarter. Ruedi Wealth Management Inc. now owns 20,036 shares of the iPhone maker’s stock valued at $3,436,000 after buying an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Price Performance

NASDAQ AAPL opened at $224.23 on Wednesday. The company has a market cap of $3.39 trillion, a price-to-earnings ratio of 36.92, a PEG ratio of 2.22 and a beta of 1.24. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $237.49. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. The company has a 50 day moving average of $226.72 and a 200-day moving average of $215.06.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.04. The company had revenue of $94.93 billion during the quarter, compared to the consensus estimate of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.46 earnings per share. On average, equities research analysts expect that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 11th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Friday, November 8th. Apple’s payout ratio is presently 16.45%.

Insider Activity

In other Apple news, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the transaction, the insider now owns 15,419 shares in the company, valued at approximately $3,469,275. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Apple news, insider Chris Kondo sold 8,706 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares in the company, valued at approximately $3,469,275. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Luca Maestri sold 59,305 shares of Apple stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $226.52, for a total value of $13,433,768.60. Following the completion of the transaction, the chief financial officer now directly owns 107,788 shares of the company’s stock, valued at approximately $24,416,137.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 412,746 shares of company stock valued at $93,021,362. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Piper Sandler restated a “neutral” rating and set a $225.00 price target on shares of Apple in a research note on Wednesday, October 9th. Morgan Stanley reaffirmed an “overweight” rating and set a $273.00 price objective on shares of Apple in a research report on Tuesday, September 10th. New Street Research reissued a “neutral” rating and issued a $225.00 price target on shares of Apple in a report on Wednesday, September 25th. Tigress Financial lifted their price objective on Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 28th. Finally, Rosenblatt Securities boosted their target price on Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $235.51.

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.