Harvey Capital Management Inc. Has $24.04 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Harvey Capital Management Inc. cut its holdings in Apple Inc. (NASDAQ:AAPL) by 3.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 103,191 shares of the iPhone maker’s stock after selling 3,490 shares during the period. Apple comprises approximately 6.0% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 4th biggest holding. Harvey Capital Management Inc.’s holdings in Apple were worth $24,044,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. High Net Worth Advisory Group LLC grew its stake in Apple by 1.7% in the third quarter. High Net Worth Advisory Group LLC now owns 64,015 shares of the iPhone maker’s stock valued at $14,916,000 after purchasing an additional 1,066 shares in the last quarter. Granite Investment Partners LLC boosted its holdings in shares of Apple by 2.7% in the 2nd quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock valued at $60,958,000 after buying an additional 7,606 shares during the last quarter. Truist Financial Corp grew its stake in shares of Apple by 1.8% in the second quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock valued at $1,473,224,000 after buying an additional 126,210 shares in the last quarter. Sterling Investment Counsel LLC increased its holdings in Apple by 3.8% during the third quarter. Sterling Investment Counsel LLC now owns 69,824 shares of the iPhone maker’s stock worth $16,269,000 after buying an additional 2,565 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its holdings in Apple by 5.2% during the second quarter. EP Wealth Advisors LLC now owns 1,928,110 shares of the iPhone maker’s stock worth $406,099,000 after buying an additional 95,235 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

AAPL has been the subject of a number of recent analyst reports. Wedbush increased their price target on shares of Apple from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, December 26th. Piper Sandler reiterated a “neutral” rating and issued a $225.00 target price on shares of Apple in a research note on Wednesday, October 9th. StockNews.com cut Apple from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Bank of America restated a “buy” rating and issued a $256.00 price objective on shares of Apple in a research note on Friday. Finally, Wells Fargo & Company lifted their target price on Apple to $275.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $238.03.

Insiders Place Their Bets

In other Apple news, insider Chris Kondo sold 4,130 shares of the business’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 of the company’s stock, valued at approximately $3,528,946.53. The trade was a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jeffrey E. Williams sold 100,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $249.97, for a total value of $24,997,000.00. Following the sale, the chief operating officer now directly owns 389,944 shares in the company, valued at approximately $97,474,301.68. This trade represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Apple Stock Performance

NASDAQ AAPL opened at $245.00 on Tuesday. The firm’s 50 day simple moving average is $239.15 and its 200 day simple moving average is $229.33. The firm has a market capitalization of $3.70 trillion, a price-to-earnings ratio of 40.30, a P/E/G ratio of 2.41 and a beta of 1.20. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $260.10.

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

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Friday, November 8th. 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.