Cim Investment Management Inc. Sells 664 Shares of Apple Inc. (NASDAQ:AAPL)

Cim Investment Management Inc. reduced its holdings in Apple Inc. (NASDAQ:AAPL) by 1.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 51,359 shares of the iPhone maker’s stock after selling 664 shares during the quarter. Apple makes up 3.3% of Cim Investment Management Inc.’s portfolio, making the stock its 6th biggest position. Cim Investment Management Inc.’s holdings in Apple were worth $10,817,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Granite Investment Partners LLC raised its holdings in shares of Apple by 2.7% during the second quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock valued at $60,958,000 after buying an additional 7,606 shares during the last quarter. Bellwether Advisors LLC raised its stake in shares of Apple by 387.3% during the second quarter. Bellwether Advisors LLC now owns 24,349 shares of the iPhone maker’s stock valued at $5,128,000 after purchasing an additional 19,352 shares in the last quarter. Gentry Private Wealth LLC acquired a new stake in Apple in the second quarter worth about $876,000. Independent Advisor Alliance boosted its holdings in shares of Apple by 0.9% in the second quarter. Independent Advisor Alliance now owns 920,737 shares of the iPhone maker’s stock valued at $193,926,000 after acquiring an additional 8,028 shares in the last quarter. Finally, WT Asset Management Ltd acquired a new position in shares of Apple during the second quarter valued at approximately $80,057,000. 60.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Apple

In other Apple news, CEO Timothy D. Cook sold 223,986 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value 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. This trade represents a 6.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Luca Maestri sold 59,305 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $226.52, for a total value of $13,433,768.60. Following the transaction, the chief financial officer now directly owns 107,788 shares in the company, valued at $24,416,137.76. This trade represents a 35.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 404,040 shares of company stock valued at $91,062,512. Corporate insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of AAPL stock opened at $228.22 on Friday. Apple Inc. has a 12 month low of $164.07 and a 12 month 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 stock has a 50 day moving average of $226.84 and a two-hundred day moving average of $215.52. The company has a market capitalization of $3.45 trillion, a P/E ratio of 37.54, a P/E/G ratio of 2.20 and a beta of 1.24.

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 the consensus estimate of $1.60 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. The firm had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. During the same period in the prior year, the company posted $1.46 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities analysts expect that Apple Inc. will post 7.43 EPS for the current year.

Apple Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AAPL. UBS Group boosted their price objective on Apple to $236.00 and gave the stock a “hold” rating in a research note on Tuesday. Citigroup boosted their price target on shares of Apple to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Tigress Financial raised their price objective on shares of Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 28th. Bank of America reaffirmed a “buy” rating and issued a $256.00 price objective on shares of Apple in a research note on Thursday, October 3rd. Finally, Rosenblatt Securities increased their target price on shares of Apple from $261.00 to $262.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $235.51.

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.