Apple Inc. (NASDAQ:AAPL) is Sterneck Capital Management LLC’s Largest Position

Sterneck Capital Management LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 91,598 shares of the iPhone maker’s stock after selling 1,321 shares during the quarter. Apple accounts for 11.6% of Sterneck Capital Management LLC’s portfolio, making the stock its largest position. Sterneck Capital Management LLC’s holdings in Apple were worth $21,342,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in AAPL. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Apple by 127.4% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 75,479 shares of the iPhone maker’s stock valued at $12,943,000 after acquiring an additional 42,282 shares during the last quarter. Fountainhead AM LLC raised its holdings in shares of Apple by 5.9% during the first quarter. Fountainhead AM LLC now owns 51,041 shares of the iPhone maker’s stock valued at $8,753,000 after purchasing an additional 2,829 shares during the last quarter. SWP Financial LLC lifted its position in Apple by 23.6% during the first quarter. SWP Financial LLC now owns 42,691 shares of the iPhone maker’s stock valued at $7,321,000 after purchasing an additional 8,158 shares during the period. Concord Wealth Partners boosted its holdings in Apple by 16.7% in the first quarter. Concord Wealth Partners now owns 71,927 shares of the iPhone maker’s stock worth $12,334,000 after purchasing an additional 10,286 shares during the last quarter. Finally, Summit Place Financial Advisors LLC raised its stake in Apple by 9.0% during the 1st quarter. Summit Place Financial Advisors LLC now owns 34,856 shares of the iPhone maker’s stock valued at $5,977,000 after buying an additional 2,867 shares during the last quarter. Institutional investors own 60.41% of the company’s stock.

Apple Trading Up 0.1 %

Shares of Apple stock opened at $228.28 on Wednesday. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.49. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The business has a 50-day moving average price of $227.34 and a 200-day moving average price of $217.31. The firm has a market cap of $3.45 trillion, a price-to-earnings ratio of 37.55, a PEG ratio of 2.20 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The business had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. Apple had a return on equity of 152.94% and a net margin of 23.97%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.46 EPS. Equities research analysts anticipate that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 11th were given a $0.25 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.00 annualized dividend and a yield of 0.44%. Apple’s dividend payout ratio is currently 16.45%.

Insiders Place Their Bets

In related news, SVP Katherine L. Adams sold 61,019 shares of Apple stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $226.20, for a total transaction of $13,802,497.80. Following the completion of the sale, the senior vice president now owns 187,043 shares in the company, valued at $42,309,126.60. This trade represents a 24.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Timothy D. Cook sold 223,986 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 3,280,180 shares in the company, valued at approximately $736,269,202.80. This trade represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 408,170 shares of company stock valued at $92,007,745 over the last three months. 0.06% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AAPL shares. Raymond James raised their price target on Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Jefferies Financial Group downgraded Apple from a “buy” rating to a “hold” rating and boosted their price target for the company from $205.00 to $212.92 in a research note on Monday, October 7th. Rosenblatt Securities upped their price target on shares of Apple from $261.00 to $262.00 and gave the company a “buy” rating in a research report on Friday, November 1st. StockNews.com downgraded shares of Apple from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, Moffett Nathanson reduced their target price on shares of Apple from $211.00 to $202.00 and set a “neutral” rating for the company in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $235.25.

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.