Apple Inc. (NASDAQ:AAPL) Position Decreased by Progressive Investment Management Corp

Progressive Investment Management Corp lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 1.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 160,896 shares of the iPhone maker’s stock after selling 1,863 shares during the period. Apple comprises 9.6% of Progressive Investment Management Corp’s portfolio, making the stock its 2nd largest holding. Progressive Investment Management Corp’s holdings in Apple were worth $37,489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in AAPL. 1620 Investment Advisors Inc. boosted its stake in shares of Apple by 0.5% in the third quarter. 1620 Investment Advisors Inc. now owns 9,654 shares of the iPhone maker’s stock valued at $2,249,000 after purchasing an additional 45 shares during the period. Carolina Wealth Advisors LLC grew its holdings in Apple by 1.3% during the 3rd quarter. Carolina Wealth Advisors LLC now owns 3,489 shares of the iPhone maker’s stock valued at $813,000 after purchasing an additional 46 shares in the last quarter. Verus Financial Partners Inc. grew its holdings in Apple by 0.3% during the 2nd quarter. Verus Financial Partners Inc. now owns 16,929 shares of the iPhone maker’s stock valued at $3,566,000 after purchasing an additional 48 shares in the last quarter. Lowery Thomas LLC grew its stake in shares of Apple by 0.7% during the second quarter. Lowery Thomas LLC now owns 7,607 shares of the iPhone maker’s stock valued at $1,602,000 after acquiring an additional 50 shares in the last quarter. Finally, Latitude Advisors LLC increased its position in shares of Apple by 0.3% during the third quarter. Latitude Advisors LLC now owns 17,236 shares of the iPhone maker’s stock worth $4,016,000 after acquiring an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Stock Performance

Shares of AAPL opened at $239.36 on Thursday. The firm has a 50-day moving average price of $241.17 and a 200 day moving average price of $230.75. The firm has a market capitalization of $3.60 trillion, a PE ratio of 39.37, a P/E/G ratio of 2.19 and a beta of 1.20. 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 52-week low of $164.07 and a 52-week high of $260.10.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $94.52 billion. During the same quarter in the prior year, the firm posted $1.46 EPS. Apple’s revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on AAPL shares. Moffett Nathanson restated a “sell” rating and set a $188.00 price objective (down previously from $202.00) on shares of Apple in a research note on Tuesday, January 7th. Citigroup raised their price target on shares of Apple to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley reaffirmed an “overweight” rating and issued a $273.00 price target on shares of Apple in a report on Friday, December 13th. TD Cowen reissued a “buy” rating on shares of Apple in a report on Tuesday. Finally, Bank of America restated a “buy” rating and issued a $253.00 target price (down previously from $256.00) on shares of Apple in a research note on Friday, January 24th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $238.05.

Insider Transactions at Apple

In other news, insider Chris Kondo sold 4,130 shares of Apple stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $228.87, for a total value of $945,233.10. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at $3,528,946.53. The trade was a 21.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Jeffrey E. Williams sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total transaction 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 $97,474,301.68. The trade was 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.

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.