Cary Street Partners Asset Management LLC Lowers Position in Apple Inc. (NASDAQ:AAPL)

Cary Street Partners Asset Management LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,184 shares of the iPhone maker’s stock after selling 1,232 shares during the quarter. Apple comprises approximately 1.1% of Cary Street Partners Asset Management LLC’s investment portfolio, making the stock its 23rd biggest position. Cary Street Partners Asset Management LLC’s holdings in Apple were worth $8,431,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AAPL. Bull Oak Capital LLC lifted its stake in Apple by 252.3% during the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after acquiring an additional 111 shares in the last quarter. Hershey Financial Advisers LLC acquired a new position in Apple during the 2nd quarter worth about $42,000. Christopher J. Hasenberg Inc lifted its stake in Apple by 88.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock worth $69,000 after acquiring an additional 144 shares in the last quarter. Cordant Inc. lifted its stake in Apple by 34.3% during the 3rd quarter. Cordant Inc. now owns 678 shares of the iPhone maker’s stock worth $158,000 after acquiring an additional 173 shares in the last quarter. Finally, EMC Capital Management lifted its stake in Apple by 7.3% during the 3rd quarter. EMC Capital Management now owns 892 shares of the iPhone maker’s stock worth $201,000 after acquiring an additional 61 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Up 0.2 %

Shares of AAPL stock opened at $242.70 on Thursday. The business’s 50 day moving average is $239.57 and its two-hundred day moving average is $229.66. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $260.10. The company has a market capitalization of $3.67 trillion, a P/E ratio of 39.92, a price-to-earnings-growth ratio of 2.41 and a beta of 1.20. 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 (NASDAQ:AAPL) last announced its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, beating 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 the consensus estimate of $94.52 billion. During the same period last year, the business posted $1.46 EPS. The company’s revenue was up 6.1% on a year-over-year basis. Equities analysts forecast that Apple Inc. will post 7.43 EPS for the current year.

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders 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 annualized dividend and a dividend yield of 0.41%. Apple’s dividend payout ratio (DPR) is currently 16.45%.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,130 shares of Apple stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jeffrey E. Williams sold 100,000 shares of Apple stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $249.97, for a total value of $24,997,000.00. Following the completion of the sale, the chief operating officer now owns 389,944 shares in the company, valued at approximately $97,474,301.68. This trade represents a 20.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 price target on shares of Apple in a research report on Tuesday, December 10th. New Street Research reaffirmed a “neutral” rating and issued a $225.00 price target on shares of Apple in a research report on Wednesday, September 25th. Sanford C. Bernstein increased their price target on Apple from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Rosenblatt Securities increased their price target on Apple from $261.00 to $262.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Loop Capital reduced their price target on Apple from $300.00 to $275.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $237.64.

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.