Sterling Investment Management Inc. Reduces Stock Holdings in Apple Inc. (NASDAQ:AAPL)

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Sterling Investment Management Inc. decreased its holdings in Apple Inc. (NASDAQ:AAPL) by 30.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,010 shares of the iPhone maker’s stock after selling 5,747 shares during the quarter. Apple comprises approximately 2.0% of Sterling Investment Management Inc.’s portfolio, making the stock its 16th biggest position. Sterling Investment Management Inc.’s holdings in Apple were worth $2,575,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Semmax Financial Advisors Inc. purchased a new stake in Apple in the fourth quarter worth $50,000. NuWave Investment Management LLC lifted its stake in Apple by 2,245.0% in the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock worth $93,000 after acquiring an additional 449 shares during the period. INR Advisory Services LLC purchased a new stake in Apple in the fourth quarter worth $124,000. Denali Advisors LLC lifted its stake in Apple by 12.5% in the second quarter. Denali Advisors LLC now owns 900 shares of the iPhone maker’s stock worth $178,000 after acquiring an additional 100 shares during the period. Finally, Garland Capital Management Inc. purchased a new stake in Apple in the second quarter worth $208,000. 59.67% of the stock is owned by institutional investors.

Shares of NASDAQ:AAPL opened at $208.97 on Wednesday. Apple Inc. has a 1-year low of $142.00 and a 1-year high of $233.47. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.50 and a quick ratio of 1.47. The firm’s fifty day moving average is $203.54. The company has a market capitalization of $908.31 billion, a P/E ratio of 17.55, a PEG ratio of 1.69 and a beta of 1.25.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.08. Apple had a return on equity of 52.13% and a net margin of 21.50%. The firm had revenue of $53.81 billion during the quarter, compared to the consensus estimate of $53.39 billion. During the same period last year, the company earned $2.34 earnings per share. The company’s revenue was up 1.0% on a year-over-year basis. On average, analysts expect that Apple Inc. will post 11.58 EPS for the current year.

Apple announced that its board has approved a stock repurchase plan on Tuesday, April 30th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 12th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.08 annualized dividend and a dividend yield of 1.47%. Apple’s payout ratio is presently 25.86%.

In other news, Director Arthur D. Levinson sold 17,500 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $214.02, for a total transaction of $3,745,350.00. Following the completion of the transaction, the director now directly owns 1,150,783 shares in the company, valued at $246,290,577.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. 0.05% of the stock is owned by company insiders.

A number of analysts recently commented on the company. ValuEngine lowered Apple from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Sanford C. Bernstein reaffirmed a “neutral” rating and issued a $205.00 price target on shares of Apple in a research note on Wednesday, July 31st. Cascend Securities reaffirmed a “buy” rating and issued a $240.00 price target (up previously from $210.00) on shares of Apple in a research note on Thursday, June 20th. Deutsche Bank increased their price objective on Apple from $205.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, Barclays assumed coverage on Apple in a report on Wednesday, August 7th. They issued an “equal weight” rating and a $192.00 price objective for the company. Four research analysts have rated the stock with a sell rating, nineteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $217.12.

Apple 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.

Featured Article: Net Margin

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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