Exchange Capital Management Inc. Sells 1,626 Shares of Apple Inc. (NASDAQ:AAPL)

Exchange Capital Management Inc. decreased its position in Apple Inc. (NASDAQ:AAPL) by 5.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,752 shares of the iPhone maker’s stock after selling 1,626 shares during the quarter. Apple makes up approximately 1.0% of Exchange Capital Management Inc.’s portfolio, making the stock its 29th largest position. Exchange Capital Management Inc.’s holdings in Apple were worth $5,845,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Foresight Capital Management Advisors Inc. raised its holdings in Apple by 0.3% in the second quarter. Foresight Capital Management Advisors Inc. now owns 19,005 shares of the iPhone maker’s stock worth $4,003,000 after purchasing an additional 55 shares in the last quarter. Altus Wealth Management LLC raised its holdings in Apple by 0.6% in the second quarter. Altus Wealth Management LLC now owns 9,508 shares of the iPhone maker’s stock worth $2,002,000 after buying an additional 55 shares during the last quarter. Hoese & Co LLP lifted its position in Apple by 6.7% in the 2nd quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after acquiring an additional 57 shares in the last quarter. Stableford Capital II LLC lifted its holdings in shares of Apple by 0.3% during the first quarter. Stableford Capital II LLC now owns 17,156 shares of the iPhone maker’s stock valued at $2,942,000 after purchasing an additional 59 shares in the last quarter. Finally, Whitcomb & Hess Inc. boosted its holdings in shares of Apple by 1.7% during the 2nd quarter. Whitcomb & Hess Inc. now owns 3,540 shares of the iPhone maker’s stock valued at $746,000 after acquiring an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AAPL shares. Piper Sandler Companies restated a “neutral” rating and set a $225.00 price target (up from $190.00) on shares of Apple in a research note on Tuesday, July 9th. Melius Research reaffirmed a “buy” rating and issued a $265.00 target price on shares of Apple in a report on Tuesday, August 27th. StockNews.com raised Apple from a “hold” rating to a “buy” rating in a research note on Friday. Moffett Nathanson began coverage on Apple in a research note on Monday, August 19th. They set a “neutral” rating and a $211.00 price objective on the stock. Finally, Erste Group Bank raised Apple from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Apple presently has an average rating of “Moderate Buy” and an average target price of $239.17.

Apple Stock Down 0.8 %

Apple stock opened at $226.47 on Tuesday. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.23. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. The firm has a 50 day moving average price of $222.25 and a 200 day moving average price of $200.82. The company has a market capitalization of $3.47 trillion, a PE ratio of 35.22, a price-to-earnings-growth ratio of 2.62 and a beta of 1.24.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.06. The firm had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.26 EPS. Research analysts expect that Apple Inc. will post 6.7 earnings per share for the current year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. Apple’s dividend payout ratio (DPR) is 15.55%.

Insiders Place Their Bets

In other news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Chris Kondo sold 8,706 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at $3,469,275. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction on Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the transaction, the senior vice president now owns 191,543 shares in the company, valued at $39,542,136.92. The disclosure for this sale can be found here. Insiders sold a total of 113,884 shares of company stock worth $23,723,887 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

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.