Towercrest Capital Management Decreases Stock Position in Apple Inc. (NASDAQ:AAPL)

Towercrest Capital Management trimmed its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.2% in the second quarter, Holdings Channel.com reports. The firm owned 63,391 shares of the iPhone maker’s stock after selling 2,080 shares during the period. Apple comprises approximately 2.2% of Towercrest Capital Management’s investment portfolio, making the stock its 16th largest position. Towercrest Capital Management’s holdings in Apple were worth $13,351,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital International Investors increased its stake in shares of Apple by 7.1% in the first quarter. Capital International Investors now owns 37,146,325 shares of the iPhone maker’s stock worth $6,369,852,000 after buying an additional 2,474,887 shares during the last quarter. Jennison Associates LLC increased its position in shares of Apple by 1.7% in the 1st quarter. Jennison Associates LLC now owns 29,515,371 shares of the iPhone maker’s stock worth $5,061,296,000 after purchasing an additional 485,873 shares during the last quarter. Swedbank AB increased its position in shares of Apple by 13.4% in the 2nd quarter. Swedbank AB now owns 20,008,650 shares of the iPhone maker’s stock worth $4,214,222,000 after purchasing an additional 2,359,409 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Apple by 16.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,993,042 shares of the iPhone maker’s stock valued at $3,085,427,000 after purchasing an additional 2,594,138 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Apple by 2.5% during the first quarter. Nordea Investment Management AB now owns 17,247,950 shares of the iPhone maker’s stock worth $2,951,297,000 after purchasing an additional 415,186 shares during the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Insider Activity at Apple

In other Apple news, CFO Luca Maestri sold 59,305 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $226.52, for a total value of $13,433,768.60. Following the transaction, the chief financial officer now owns 107,788 shares of the company’s stock, valued at approximately $24,416,137.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Luca Maestri sold 59,305 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $226.52, for a total transaction of $13,433,768.60. Following the completion of the sale, the chief financial officer now directly owns 107,788 shares of the company’s stock, valued at $24,416,137.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Katherine L. Adams sold 100,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now directly owns 191,543 shares in the company, valued at $39,542,136.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 517,924 shares of company stock valued at $114,786,399 over the last ninety days. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. StockNews.com upgraded Apple from a “hold” rating to a “buy” rating in a research note on Tuesday. Evercore ISI restated a “buy” rating and set a $250.00 price objective on shares of Apple in a research note on Thursday, September 26th. Melius Research reiterated a “buy” rating and set a $265.00 target price on shares of Apple in a research note on Tuesday, August 27th. UBS Group restated a “hold” rating and issued a $236.00 price target on shares of Apple in a research report on Wednesday, October 16th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $225.00 price objective on shares of Apple in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $237.27.

Apple Stock Down 0.1 %

Shares of AAPL stock opened at $230.57 on Friday. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $237.49. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. The business’s fifty day moving average is $226.64 and its 200-day moving average is $209.48. The stock has a market cap of $3.54 trillion, a PE ratio of 35.86, a price-to-earnings-growth ratio of 2.40 and a beta of 1.24.

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

Apple Dividend Announcement

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

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.