Financial Management Professionals Inc. Lowers Stake in Apple Inc. (NASDAQ:AAPL)

Financial Management Professionals Inc. lessened its stake in Apple Inc. (NASDAQ:AAPL) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,068 shares of the iPhone maker’s stock after selling 458 shares during the period. Apple accounts for about 0.7% of Financial Management Professionals Inc.’s portfolio, making the stock its 29th largest position. Financial Management Professionals Inc.’s holdings in Apple were worth $5,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its holdings in shares of Apple by 20,372.7% in the third quarter. International Assets Investment Management LLC now owns 94,347,510 shares of the iPhone maker’s stock valued at $219,829,700,000 after acquiring an additional 93,886,664 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Apple by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 52,981,808 shares of the iPhone maker’s stock worth $11,160,183,000 after buying an additional 2,785,807 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Apple by 6.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 51,765,589 shares of the iPhone maker’s stock valued at $10,909,457,000 after acquiring an additional 3,245,281 shares in the last quarter. American Century Companies Inc. grew its stake in Apple by 3.2% in the second quarter. American Century Companies Inc. now owns 34,619,614 shares of the iPhone maker’s stock valued at $7,291,583,000 after purchasing an additional 1,065,759 shares during the last quarter. Finally, Swedbank AB raised its holdings in Apple by 13.4% in the second quarter. Swedbank AB now owns 20,008,650 shares of the iPhone maker’s stock worth $4,214,222,000 after purchasing an additional 2,359,409 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Trading Up 0.3 %

Shares of NASDAQ AAPL opened at $259.02 on Friday. Apple Inc. has a one year low of $164.07 and a one year high of $260.10. The business has a 50-day moving average price of $237.00 and a two-hundred day moving average price of $227.21. 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 firm has a market capitalization of $3.92 trillion, a PE ratio of 42.60, a PEG ratio of 2.41 and a beta of 1.23.

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, beating the consensus estimate of $1.60 by $0.04. Apple had a net margin of 23.97% and a return on equity of 152.94%. The firm had revenue of $94.93 billion during the quarter, compared to the consensus estimate of $94.52 billion. During the same period last year, the firm posted $1.46 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, analysts predict that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date was Friday, November 8th. Apple’s payout ratio is currently 16.45%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Monness Crespi & Hardt restated a “buy” rating and set a $245.00 price objective on shares of Apple in a report on Monday, September 9th. Rosenblatt Securities increased their price objective on shares of Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Evercore ISI reissued a “buy” rating and set a $250.00 target price on shares of Apple in a report on Thursday, September 26th. Piper Sandler reaffirmed a “neutral” rating and set a $225.00 target price on shares of Apple in a report on Wednesday, October 9th. Finally, Bank of America increased their price target on shares of Apple to $256.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $237.47.

Insider Activity

In other Apple news, insider Chris Kondo sold 4,130 shares of the 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 sale, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. This trade represents a 21.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jeffrey E. Williams sold 100,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total value of $24,997,000.00. Following the completion of the transaction, the chief operating officer now owns 389,944 shares in the company, valued at approximately $97,474,301.68. The trade was a 20.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 508,170 shares of company stock worth $117,004,745 over the last quarter. 0.06% of the stock is currently owned by company insiders.

Apple 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.