Connor Clark & Lunn Investment Management Ltd. Has $192.69 Million Position in Apple Inc. (NASDAQ:AAPL)

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 68.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 827,005 shares of the iPhone maker’s stock after selling 1,777,658 shares during the quarter. Apple accounts for 0.9% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 23rd biggest holding. Connor Clark & Lunn Investment Management Ltd.’s holdings in Apple were worth $192,692,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bull Oak Capital LLC lifted its stake in Apple by 252.3% during the third quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after purchasing an additional 111 shares during the period. Hershey Financial Advisers LLC acquired a new position in shares of Apple in the 2nd quarter worth approximately $42,000. Christopher J. Hasenberg Inc lifted its position in shares of Apple by 88.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock worth $69,000 after buying an additional 144 shares during the period. ARK Investment Management LLC acquired a new stake in Apple in the 3rd quarter valued at $110,000. Finally, Cordant Inc. grew its position in Apple by 34.3% in the third quarter. Cordant Inc. now owns 678 shares of the iPhone maker’s stock valued at $158,000 after acquiring an additional 173 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AAPL has been the topic of several recent analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $262.00 target price on shares of Apple in a research note on Monday. Wells Fargo & Company upped their price objective on shares of Apple to $275.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Jefferies Financial Group cut shares of Apple from a “hold” rating to an “underperform” rating and cut their target price for the company from $211.84 to $200.75 in a research note on Tuesday, January 21st. KeyCorp lowered Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price target on the stock. in a research report on Friday, October 25th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $225.00 price objective on shares of Apple in a research report on Wednesday, October 9th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average target price of $238.05.

Apple Price Performance

NASDAQ:AAPL opened at $238.26 on Wednesday. The stock has a market capitalization of $3.58 trillion, a PE ratio of 39.19, a P/E/G ratio of 2.19 and a beta of 1.20. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $260.10. The firm has a fifty day simple moving average of $240.97 and a 200 day simple moving average of $230.70. 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 (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, topping 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 previous year, the business earned $1.46 EPS. Apple’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, research analysts expect that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Dividend Announcement

The firm 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. This represents a $1.00 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio (DPR) is presently 16.45%.

Insider Buying and Selling at Apple

In related news, COO Jeffrey E. Williams sold 100,000 shares of the company’s stock in a transaction dated 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 transaction, the chief operating officer now owns 389,944 shares in the company, valued at approximately $97,474,301.68. This represents a 20.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chris Kondo sold 4,130 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was 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 $3,528,946.53. This trade represents a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

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.