Chapin Davis Inc. Decreases Stock Position in Apple Inc. (NASDAQ:AAPL)

Chapin Davis Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL) by 0.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 100,236 shares of the iPhone maker’s stock after selling 389 shares during the quarter. Apple comprises about 7.6% of Chapin Davis Inc.’s investment portfolio, making the stock its largest position. Chapin Davis Inc.’s holdings in Apple were worth $23,355,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Granite Investment Partners LLC raised its stake in shares of Apple by 2.7% in the second quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock worth $60,958,000 after acquiring an additional 7,606 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Apple by 1.8% in the second quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock valued at $1,473,224,000 after purchasing an additional 126,210 shares in the last quarter. EP Wealth Advisors LLC raised its position in Apple by 5.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,928,110 shares of the iPhone maker’s stock worth $406,099,000 after purchasing an additional 95,235 shares during the last quarter. Bellwether Advisors LLC lifted its holdings in Apple by 387.3% during the 2nd quarter. Bellwether Advisors LLC now owns 24,349 shares of the iPhone maker’s stock worth $5,128,000 after buying an additional 19,352 shares in the last quarter. Finally, Gentry Private Wealth LLC bought a new position in Apple in the 2nd quarter valued at $876,000. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Apple Price Performance

NASDAQ AAPL opened at $229.87 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $237.49. The stock has a market cap of $3.47 trillion, a price-to-earnings ratio of 37.81, a PEG ratio of 2.24 and a beta of 1.24. The company’s 50 day moving average is $227.73 and its two-hundred day moving average is $218.06.

Apple (NASDAQ:AAPL) last released its 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 firm had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. Apple had a return on equity of 152.94% and a net margin of 23.97%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the business posted $1.46 earnings per share. As a group, research analysts anticipate that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Announces Dividend

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

Insider Transactions at Apple

In related news, CEO Timothy D. Cook sold 223,986 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was 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 owns 3,280,180 shares in the company, valued at $736,269,202.80. The trade was a 6.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Kondo sold 4,130 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $228.87, for a total transaction of $945,233.10. Following the completion of the transaction, the insider now directly owns 15,419 shares in the company, valued at $3,528,946.53. This represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 408,170 shares of company stock worth $92,007,745 in the last three months. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Evercore ISI reaffirmed a “buy” rating and set a $250.00 price target on shares of Apple in a research note on Thursday, September 26th. Oppenheimer restated a “buy” rating and set a $250.00 target price on shares of Apple in a research report on Tuesday, October 1st. Needham & Company LLC reiterated a “buy” rating and set a $260.00 price target on shares of Apple in a research report on Friday, November 1st. Melius Research restated a “buy” rating and issued a $265.00 price objective on shares of Apple in a report on Tuesday, August 27th. Finally, 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 note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $235.25.

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.