Cahaba Wealth Management Inc. Sells 606 Shares of Apple Inc. (NASDAQ:AAPL)

Cahaba Wealth Management Inc. decreased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 26,995 shares of the iPhone maker’s stock after selling 606 shares during the quarter. Apple accounts for about 0.5% of Cahaba Wealth Management Inc.’s investment portfolio, making the stock its 19th biggest position. Cahaba Wealth Management Inc.’s holdings in Apple were worth $6,290,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. increased its holdings in Apple by 127.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 75,479 shares of the iPhone maker’s stock valued at $12,943,000 after buying an additional 42,282 shares during the period. Spreng Capital Management Inc. increased its stake in Apple by 5.0% in the first quarter. Spreng Capital Management Inc. now owns 43,857 shares of the iPhone maker’s stock valued at $7,521,000 after acquiring an additional 2,090 shares during the period. Brogan Financial Inc. raised its position in Apple by 5.6% in the first quarter. Brogan Financial Inc. now owns 15,216 shares of the iPhone maker’s stock worth $2,609,000 after purchasing an additional 809 shares in the last quarter. Signature Estate & Investment Advisors LLC lifted its stake in Apple by 5.2% during the first quarter. Signature Estate & Investment Advisors LLC now owns 308,396 shares of the iPhone maker’s stock worth $52,884,000 after purchasing an additional 15,160 shares during the period. Finally, Penobscot Investment Management Company Inc. boosted its holdings in Apple by 1.7% during the first quarter. Penobscot Investment Management Company Inc. now owns 290,550 shares of the iPhone maker’s stock valued at $49,824,000 after purchasing an additional 4,798 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Up 0.6 %

NASDAQ:AAPL opened at $247.96 on Friday. 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 Inc. has a 12-month low of $164.07 and a 12-month high of $250.80. The stock’s fifty day simple moving average is $231.63 and its 200-day simple moving average is $222.83. The firm has a market capitalization of $3.75 trillion, a P/E ratio of 40.78, a P/E/G ratio of 2.42 and a beta of 1.23.

Apple (NASDAQ:AAPL) last issued its earnings results 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. The firm had revenue of $94.93 billion for 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 company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.46 earnings per share. Equities research analysts expect that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 11th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio is currently 16.45%.

Insider Buying and Selling at Apple

In other Apple news, COO Jeffrey E. Williams sold 59,730 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $226.86, for a total value of $13,550,347.80. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares in the company, valued at $111,148,695.84. This represents a 10.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $50,275,897.56. Following the transaction, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 408,170 shares of company stock valued at $92,007,745. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Morgan Stanley reissued an “overweight” rating and issued a $273.00 target price on shares of Apple in a report on Monday, November 25th. Piper Sandler reissued a “neutral” rating and set a $225.00 price objective on shares of Apple in a report on Wednesday, October 9th. Rosenblatt Securities boosted 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. Oppenheimer reiterated a “buy” rating and set a $250.00 target price on shares of Apple in a research report on Tuesday, October 1st. Finally, Citigroup boosted their price target on shares of Apple to $185.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $236.78.

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.