Coastal Bridge Advisors LLC Trims Position in Apple Inc. (NASDAQ:AAPL)

Coastal Bridge Advisors LLC decreased its position in Apple Inc. (NASDAQ:AAPL) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,409 shares of the iPhone maker’s stock after selling 432 shares during the quarter. Apple accounts for approximately 3.3% of Coastal Bridge Advisors LLC’s holdings, making the stock its 6th largest holding. Coastal Bridge Advisors LLC’s holdings in Apple were worth $13,145,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in Apple by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 52,981,808 shares of the iPhone maker’s stock worth $11,160,183,000 after purchasing an additional 2,785,807 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Apple by 6.7% during the second quarter. Ameriprise Financial Inc. now owns 51,765,589 shares of the iPhone maker’s stock worth $10,909,457,000 after buying an additional 3,245,281 shares during the last quarter. Capital International Investors raised its position in Apple by 7.1% in the first quarter. Capital International Investors now owns 37,146,325 shares of the iPhone maker’s stock valued at $6,369,852,000 after purchasing an additional 2,474,887 shares during the last quarter. American Century Companies Inc. boosted its position in Apple by 3.2% during the 2nd quarter. American Century Companies Inc. now owns 34,619,614 shares of the iPhone maker’s stock worth $7,291,583,000 after buying an additional 1,065,759 shares during the period. Finally, Jennison Associates LLC lifted its holdings in shares of Apple by 1.7% during the first quarter. Jennison Associates LLC now owns 29,515,371 shares of the iPhone maker’s stock worth $5,061,296,000 after purchasing an additional 485,873 shares during the period. 60.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AAPL has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 target price on shares of Apple in a research note on Friday, November 1st. Raymond James lifted their target price on Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Rosenblatt Securities increased their price objective on Apple from $261.00 to $262.00 and gave the company a “buy” rating in a report on Friday, November 1st. Oppenheimer reiterated a “buy” rating and issued a $250.00 target price on shares of Apple in a research note on Tuesday, October 1st. Finally, Maxim Group lifted their target price on Apple from $203.00 to $215.00 and gave the company a “hold” rating in a report on Friday, November 1st. Two equities research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.51.

Insider Buying and Selling

In related news, CFO Luca Maestri sold 59,305 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $24,416,137.76. This represents a 35.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Katherine L. Adams sold 61,019 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was 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 trade represents a 24.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 404,040 shares of company stock valued at $91,062,512. Insiders own 0.06% of the company’s stock.

Apple Stock Down 1.4 %

AAPL stock opened at $225.00 on Friday. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $237.49. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.87 and a quick ratio of 0.83. The firm has a market capitalization of $3.40 trillion, a P/E ratio of 37.01, a P/E/G ratio of 2.21 and a beta of 1.24. The company’s 50 day simple moving average is $226.96 and its 200-day simple moving average is $215.60.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share 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 company had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. During the same period in the prior year, the firm posted $1.46 EPS. The business’s revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

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

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.