Perkins Coie Trust Co Cuts Stake in Apple Inc. (NASDAQ:AAPL)

Perkins Coie Trust Co cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 97,265 shares of the iPhone maker’s stock after selling 1,919 shares during the quarter. Apple accounts for about 5.0% of Perkins Coie Trust Co’s portfolio, making the stock its 4th biggest holding. Perkins Coie Trust Co’s holdings in Apple were worth $22,663,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in AAPL. Swedbank AB acquired a new position in Apple during the first quarter worth approximately $3,026,492,000. Strategic Financial Concepts LLC boosted its stake in Apple by 14,145.8% in the 2nd quarter. Strategic Financial Concepts LLC now owns 7,612,261 shares of the iPhone maker’s stock valued at $1,603,000 after purchasing an additional 7,558,826 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Apple by 158.3% in the first quarter. Canada Pension Plan Investment Board now owns 11,532,438 shares of the iPhone maker’s stock valued at $1,977,582,000 after acquiring an additional 7,067,379 shares in the last quarter. Lazard Asset Management LLC raised its stake in Apple by 161.2% in the 1st quarter. Lazard Asset Management LLC now owns 8,759,445 shares of the iPhone maker’s stock worth $1,502,068,000 after purchasing an additional 5,405,542 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in Apple during the second quarter worth approximately $834,368,000. Institutional investors and hedge funds own 60.41% of the company’s stock.

Insider Activity

In other news, SVP Katherine L. Adams sold 61,019 shares of Apple stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total transaction of $13,802,497.80. Following the transaction, the senior vice president now directly owns 187,043 shares of the company’s stock, valued at $42,309,126.60. The trade was a 24.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chris Kondo sold 4,130 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the sale, the insider now owns 15,419 shares in the company, valued at $3,528,946.53. The trade was a 21.13 % decrease in their ownership of the stock. 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. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on AAPL. Evercore ISI restated a “buy” rating and set a $250.00 price objective on shares of Apple in a research report on Thursday, September 26th. Oppenheimer reiterated a “buy” rating and issued a $250.00 target price on shares of Apple in a research report on Tuesday, October 1st. Loop Capital cut their price target on Apple from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price objective on shares of Apple in a report on Friday, November 1st. Finally, New Street Research restated a “neutral” rating and issued a $225.00 price objective on shares of Apple in a report on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.25.

Apple Stock Up 0.9 %

AAPL stock opened at $235.06 on Wednesday. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.49. The firm has a market cap of $3.55 trillion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 2.25 and a beta of 1.24. The business has a 50 day moving average of $228.43 and a 200 day moving average of $219.01. 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 (NASDAQ:AAPL) last issued its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, beating the consensus estimate 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 period last year, the business posted $1.46 EPS. On average, research analysts forecast that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.43%. Apple’s dividend payout ratio is presently 16.45%.

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.