Connable Office Inc. Decreases Stake in Apple Inc. (NASDAQ:AAPL)

Connable Office Inc. lowered its position in Apple Inc. (NASDAQ:AAPL) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,599 shares of the iPhone maker’s stock after selling 2,375 shares during the quarter. Apple makes up about 1.2% of Connable Office Inc.’s holdings, making the stock its 19th biggest holding. Connable Office Inc.’s holdings in Apple were worth $11,078,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Cherrydale Wealth Management LLC lifted its position in shares of Apple by 7.5% during the 1st quarter. Cherrydale Wealth Management LLC now owns 9,685 shares of the iPhone maker’s stock worth $1,661,000 after buying an additional 675 shares during the last quarter. FCF Advisors LLC lifted its position in shares of Apple by 8.6% during the 1st quarter. FCF Advisors LLC now owns 151,994 shares of the iPhone maker’s stock worth $26,064,000 after buying an additional 12,071 shares during the last quarter. Lbmc Investment Advisors LLC lifted its position in shares of Apple by 1.7% during the 1st quarter. Lbmc Investment Advisors LLC now owns 50,997 shares of the iPhone maker’s stock worth $8,745,000 after buying an additional 837 shares during the last quarter. Westend Capital Management LLC purchased a new stake in shares of Apple during the 1st quarter worth approximately $222,000. Finally, Steph & Co. lifted its position in shares of Apple by 3.8% during the 1st quarter. Steph & Co. now owns 12,645 shares of the iPhone maker’s stock worth $2,168,000 after buying an additional 458 shares during the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of Apple from $200.00 to $240.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Monness Crespi & Hardt restated a “buy” rating and set a $245.00 price objective on shares of Apple in a research report on Monday, September 9th. Maxim Group reiterated a “hold” rating and issued a $203.00 price target on shares of Apple in a research report on Tuesday, September 10th. Citigroup upped their price target on shares of Apple to $185.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group upped their price target on shares of Apple from $265.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $235.91.

Apple Stock Performance

NASDAQ:AAPL opened at $231.41 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.49. The stock has a market cap of $3.55 trillion, a PE ratio of 35.99, a price-to-earnings-growth ratio of 2.40 and a beta of 1.24. The firm’s fifty day simple moving average is $226.86 and its 200-day simple moving average is $210.34.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 147.15%. The business had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. During the same period in the prior year, the company posted $1.26 EPS. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts expect that Apple Inc. will post 6.65 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 0.43%. Apple’s payout ratio is 15.55%.

Insider Activity at Apple

In related news, insider Chris Kondo sold 5,178 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $216.50, for a total value of $1,121,037.00. Following the sale, the insider now directly owns 24,125 shares of the company’s stock, valued at approximately $5,223,062.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Chris Kondo sold 5,178 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $216.50, for a total value of $1,121,037.00. Following the sale, the insider now directly owns 24,125 shares of the company’s stock, valued at approximately $5,223,062.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jeffrey E. Williams sold 59,730 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares in the company, valued at approximately $111,148,695.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 517,924 shares of company stock valued at $114,786,399. 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.