Convergence Financial LLC Sells 7,270 Shares of Apple Inc. (NASDAQ:AAPL)

Convergence Financial LLC reduced its position in Apple Inc. (NASDAQ:AAPLFree Report) by 15.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,778 shares of the iPhone maker’s stock after selling 7,270 shares during the quarter. Apple accounts for about 1.9% of Convergence Financial LLC’s holdings, making the stock its 15th largest holding. Convergence Financial LLC’s holdings in Apple were worth $9,035,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Bull Oak Capital LLC lifted its holdings in Apple by 252.3% in the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after buying an additional 111 shares during the period. Hershey Financial Advisers LLC bought a new position in shares of Apple during the second quarter valued at approximately $42,000. Christopher J. Hasenberg Inc lifted its holdings in shares of Apple by 88.9% during the third quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock valued at $69,000 after purchasing an additional 144 shares during the last quarter. Cordant Inc. grew its holdings in shares of Apple by 34.3% during the third quarter. Cordant Inc. now owns 678 shares of the iPhone maker’s stock valued at $158,000 after buying an additional 173 shares during the last quarter. Finally, Sage Financial Group Inc. bought a new position in shares of Apple during the second quarter valued at $206,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AAPL. JPMorgan Chase & Co. restated an “overweight” rating and issued a $265.00 price target on shares of Apple in a research note on Tuesday, September 10th. UBS Group reaffirmed a “neutral” rating and set a $236.00 price objective on shares of Apple in a report on Monday, December 2nd. Bank of America upped their price objective on Apple to $256.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Moffett Nathanson cut their target price on Apple from $211.00 to $202.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 19th. Finally, Monness Crespi & Hardt reissued a “buy” rating and set a $245.00 price target on shares of Apple in a research note on Monday, September 9th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $236.78.

Get Our Latest Research Report on AAPL

Insiders Place Their Bets

In other news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the sale, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 6.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Katherine L. Adams sold 61,019 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total value of $13,802,497.80. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 508,170 shares of company stock worth $117,004,745. Corporate insiders own 0.06% of the company’s stock.

Apple Trading Up 1.1 %

NASDAQ AAPL opened at $258.20 on Wednesday. The stock has a market cap of $3.90 trillion, a P/E ratio of 42.47, a P/E/G ratio of 2.41 and a beta of 1.23. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. The company has a fifty day simple moving average of $235.45 and a two-hundred day simple moving average of $226.34. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $258.21.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly 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. Apple had a net margin of 23.97% and a return on equity of 152.94%. The company had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. During the same period in the prior year, the company earned $1.46 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. On average, analysts forecast that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors 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 yield of 0.39%. Apple’s dividend payout ratio is currently 16.45%.

Apple Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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