Core Wealth Advisors Inc. cut its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 5.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 12,368 shares of the iPhone maker’s stock after selling 698 shares during the period. Apple accounts for approximately 0.9% of Core Wealth Advisors Inc.’s investment portfolio, making the stock its 15th biggest holding. Core Wealth Advisors Inc.’s holdings in Apple were worth $2,605,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the stock. Massachusetts Wealth Management grew its stake in Apple by 1.3% during the first quarter. Massachusetts Wealth Management now owns 22,116 shares of the iPhone maker’s stock worth $3,792,000 after buying an additional 278 shares in the last quarter. Kovack Advisors Inc. boosted its position in Apple by 12.0% during the 1st quarter. Kovack Advisors Inc. now owns 218,770 shares of the iPhone maker’s stock worth $37,515,000 after buying an additional 23,511 shares during the period. First Trust Direct Indexing L.P. boosted its position in Apple by 10.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 363,789 shares of the iPhone maker’s stock worth $62,383,000 after buying an additional 34,514 shares during the period. Legacy Wealth Asset Management LLC boosted its position in Apple by 17.0% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 23,718 shares of the iPhone maker’s stock worth $4,067,000 after buying an additional 3,442 shares during the period. Finally, Accel Wealth Management boosted its position in Apple by 3.9% during the 1st quarter. Accel Wealth Management now owns 26,559 shares of the iPhone maker’s stock worth $4,554,000 after buying an additional 1,004 shares during the period. 60.41% of the stock is owned by institutional investors.
Insider Activity at Apple
In related news, COO Jeffrey E. Williams sold 59,730 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total value of $13,550,347.80. Following the sale, the chief operating officer now directly owns 489,944 shares of the company’s stock, valued at $111,148,695.84. This trade represents a 10.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Katherine L. Adams sold 61,019 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $226.20, for a total transaction of $13,802,497.80. Following the completion of the sale, the senior vice president now directly owns 187,043 shares in the company, valued at $42,309,126.60. This represents a 24.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 404,040 shares of company stock valued at $91,062,512 over the last three months. 0.06% of the stock is owned by corporate insiders.
Apple Trading Up 1.4 %
Apple (NASDAQ:AAPL – Get Free Report) last announced 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. The business had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. Apple’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm posted $1.46 earnings per share. As a group, research analysts anticipate that Apple Inc. will post 7.43 EPS for the current year.
Apple Dividend Announcement
The business also recently announced 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 0.44%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio is currently 16.45%.
Wall Street Analyst Weigh In
Several research firms have issued reports on AAPL. Robert W. Baird raised their price target on shares of Apple from $200.00 to $240.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Citigroup raised their price target on shares of Apple to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. restated an “overweight” rating and set a $265.00 price target on shares of Apple in a report on Tuesday, September 10th. Needham & Company LLC restated a “buy” rating and set a $260.00 price target on shares of Apple in a report on Friday, November 1st. Finally, Jefferies Financial Group lowered shares of Apple from a “buy” rating to a “hold” rating and lifted their price objective for the company from $205.00 to $212.92 in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $235.51.
View Our Latest Research Report on Apple
About Apple
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.
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