Bennicas & Associates Inc. cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 17.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,823 shares of the iPhone maker’s stock after selling 800 shares during the period. Bennicas & Associates Inc.’s holdings in Apple were worth $757,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of AAPL. Smith Salley & Associates boosted its holdings in Apple by 3.6% in the second quarter. Smith Salley & Associates now owns 104,946 shares of the iPhone maker’s stock valued at $20,771,000 after purchasing an additional 3,662 shares during the last quarter. Butensky & Cohen Financial Security Inc. grew its stake in shares of Apple by 3.7% in the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 12,959 shares of the iPhone maker’s stock valued at $2,565,000 after buying an additional 464 shares during the period. Nexus Investment Management Inc. grew its stake in shares of Apple by 0.7% in the 2nd quarter. Nexus Investment Management Inc. now owns 139,804 shares of the iPhone maker’s stock valued at $27,670,000 after buying an additional 955 shares during the period. Jackson Wealth Management LLC grew its stake in shares of Apple by 1.9% in the 2nd quarter. Jackson Wealth Management LLC now owns 39,835 shares of the iPhone maker’s stock valued at $8,135,000 after buying an additional 727 shares during the period. Finally, Dividend Assets Capital LLC grew its stake in shares of Apple by 3.5% in the 2nd quarter. Dividend Assets Capital LLC now owns 8,761 shares of the iPhone maker’s stock valued at $1,734,000 after buying an additional 300 shares during the period. 59.67% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Chris Kondo sold 4,376 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $217.47, for a total value of $951,648.72. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Arthur D. Levinson sold 17,500 shares of Apple stock in a transaction on Monday, August 12th. The stock was sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the sale, the director now owns 1,150,783 shares in the company, valued at approximately $232,101,423.27. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,376 shares of company stock valued at $8,226,574. Corporate insiders own 0.05% of the company’s stock.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.10 by $0.08. Apple had a net margin of 21.50% and a return on equity of 52.13%. The company had revenue of $53.81 billion for the quarter, compared to analysts’ expectations of $53.39 billion. During the same period in the prior year, the company earned $2.34 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. As a group, analysts anticipate that Apple Inc. will post 11.58 EPS for the current year.
Apple announced that its board has authorized a share buyback program on Tuesday, April 30th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were issued a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Friday, August 9th. Apple’s payout ratio is 25.86%.
A number of equities analysts recently weighed in on AAPL shares. Piper Jaffray Companies increased their price objective on shares of Apple from $230.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Daiwa Capital Markets set a $223.00 price target on shares of Apple and gave the company a “buy” rating in a research report on Wednesday, August 7th. Cowen raised their price target on shares of Apple from $220.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. BTIG Research raised their price target on shares of Apple to $234.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Finally, DA Davidson lifted their price objective on shares of Apple to $270.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Apple currently has a consensus rating of “Hold” and an average target price of $216.11.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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