Klingman & Associates LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 15.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,689 shares of the iPhone maker’s stock after selling 6,403 shares during the period. Apple comprises approximately 3.7% of Klingman & Associates LLC’s investment portfolio, making the stock its 11th largest position. Klingman & Associates LLC’s holdings in Apple were worth $7,064,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of AAPL. Garland Capital Management Inc. bought a new position in Apple in the 2nd quarter valued at approximately $208,000. Access Financial Services Inc. raised its holdings in Apple by 21.0% in the 2nd quarter. Access Financial Services Inc. now owns 3,089 shares of the iPhone maker’s stock valued at $611,000 after buying an additional 537 shares during the last quarter. Cypress Wealth Services LLC raised its holdings in Apple by 59.6% in the 2nd quarter. Cypress Wealth Services LLC now owns 53,945 shares of the iPhone maker’s stock valued at $10,677,000 after buying an additional 20,140 shares during the last quarter. Clarus Wealth Advisors raised its holdings in Apple by 2.3% in the 2nd quarter. Clarus Wealth Advisors now owns 18,409 shares of the iPhone maker’s stock valued at $3,644,000 after buying an additional 410 shares during the last quarter. Finally, Zhang Financial LLC raised its holdings in Apple by 8.6% in the 2nd quarter. Zhang Financial LLC now owns 14,811 shares of the iPhone maker’s stock valued at $2,932,000 after buying an additional 1,175 shares during the last quarter. Institutional investors own 59.67% of the company’s stock.
A number of research analysts recently issued reports on the stock. Piper Jaffray Companies raised their price objective on shares of Apple from $230.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Deutsche Bank raised their price target on shares of Apple from $205.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Cowen raised their price target on shares of Apple from $220.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. HSBC set a $174.00 price target on shares of Apple and gave the stock a “sell” rating in a report on Monday, May 20th. Finally, ValuEngine lowered shares of Apple from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Four research analysts have rated the stock with a sell rating, nineteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Apple has an average rating of “Hold” and an average target price of $217.12.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 EPS for the quarter, topping the consensus estimate of $2.10 by $0.08. The company had revenue of $53.81 billion during the quarter, compared to the consensus estimate of $53.39 billion. Apple had a net margin of 21.50% and a return on equity of 52.13%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.34 EPS. As a group, equities analysts expect that Apple Inc. will post 11.58 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 12th will be given a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 1.47%. The ex-dividend date is Friday, August 9th. Apple’s payout ratio is currently 25.86%.
Apple announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 30th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other Apple news, insider Chris Kondo sold 4,376 shares of Apple stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $217.47, for a total transaction of $951,648.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $214.02, for a total value of $3,745,350.00. Following the completion of the sale, the director now directly owns 1,150,783 shares of the company’s stock, valued at approximately $246,290,577.66. The disclosure for this sale can be found here. Company insiders own 0.05% of the company’s stock.
Apple Company Profile
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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