Hendershot Investments Inc. Cuts Holdings in Apple Inc. (NASDAQ:AAPL)

Hendershot Investments Inc. cut its stake in Apple Inc. (NASDAQ:AAPL) by 1.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 216,968 shares of the iPhone maker’s stock after selling 2,630 shares during the quarter. Apple comprises about 6.6% of Hendershot Investments Inc.’s holdings, making the stock its 2nd biggest holding. Hendershot Investments Inc.’s holdings in Apple were worth $45,698,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fidelis Capital Partners LLC raised its holdings in Apple by 17.9% in the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares in the last quarter. Access Investment Management LLC purchased a new stake in shares of Apple in the 1st quarter worth about $140,000. Hoese & Co LLP increased its stake in shares of Apple by 6.7% in the 2nd quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock worth $175,000 after acquiring an additional 57 shares in the last quarter. Sage Financial Group Inc. purchased a new position in Apple during the 2nd quarter valued at about $206,000. Finally, Benchmark Wealth Management LLC bought a new stake in Apple during the second quarter worth about $208,000. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Up 1.2 %

AAPL opened at $235.00 on Monday. The firm’s 50 day simple moving average is $225.78 and its two-hundred day simple moving average is $208.38. The company has a market capitalization of $3.60 trillion, a PE ratio of 36.55, a PEG ratio of 2.40 and a beta of 1.24. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $237.49. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The company had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. Apple’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the firm earned $1.26 EPS. As a group, equities analysts forecast that Apple Inc. will post 6.65 EPS for the current year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were given a dividend of $0.25 per share. The ex-dividend date was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.43%. Apple’s payout ratio is currently 15.55%.

Insider Activity

In other Apple news, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the completion of the transaction, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Timothy D. Cook sold 223,986 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the sale, the chief executive officer now owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 517,924 shares of company stock valued at $114,786,399 in the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AAPL. UBS Group reaffirmed a “hold” rating and set a $236.00 target price on shares of Apple in a research note on Wednesday, October 16th. Tigress Financial raised their price objective on Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 28th. Jefferies Financial Group downgraded Apple from a “buy” rating to a “hold” rating and boosted their target price for the stock from $205.00 to $212.92 in a report on Monday, October 7th. Bank of America reissued a “buy” rating and issued a $256.00 target price on shares of Apple in a research note on Thursday, October 3rd. Finally, Wedbush reaffirmed an “outperform” rating and issued a $285.00 price target on shares of Apple in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $239.27.

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.