Apple Inc. (AAPL) Position Cut by CCM Investment Advisers LLC
CCM Investment Advisers LLC lowered its position in shares of Apple Inc. (NASDAQ:AAPL) by 7.3% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 125,252 shares of the iPhone maker’s stock after selling 9,929 shares during the period. Apple accounts for about 3.6% of CCM Investment Advisers LLC’s portfolio, making the stock its largest position. CCM Investment Advisers LLC’s holdings in Apple were worth $17,993,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Stonehearth Capital Management LLC boosted its stake in shares of Apple by 0.8% in the first quarter. Stonehearth Capital Management LLC now owns 2,378 shares of the iPhone maker’s stock worth $342,000 after buying an additional 20 shares in the last quarter. Sippican Capital Advisors boosted its stake in shares of Apple by 0.5% in the first quarter. Sippican Capital Advisors now owns 4,912 shares of the iPhone maker’s stock worth $706,000 after buying an additional 26 shares in the last quarter. Cordasco Financial Network boosted its stake in shares of Apple by 1.0% in the first quarter. Cordasco Financial Network now owns 3,184 shares of the iPhone maker’s stock worth $457,000 after buying an additional 31 shares in the last quarter. Wall Street Access Asset Management LLC boosted its stake in shares of Apple by 0.3% in the fourth quarter. Wall Street Access Asset Management LLC now owns 18,345 shares of the iPhone maker’s stock worth $2,124,000 after buying an additional 50 shares in the last quarter. Finally, Lbmc Investment Advisors LLC boosted its stake in shares of Apple by 1.1% in the first quarter. Lbmc Investment Advisors LLC now owns 5,386 shares of the iPhone maker’s stock worth $774,000 after buying an additional 59 shares in the last quarter. 61.50% of the stock is owned by hedge funds and other institutional investors.
Apple Inc. (NASDAQ AAPL) traded down 1.12% during midday trading on Thursday, reaching $159.15. 8,514,186 shares of the company’s stock traded hands. The company’s 50-day moving average price is $151.25 and its 200-day moving average price is $145.28. Apple Inc. has a 52-week low of $102.53 and a 52-week high of $162.51. The stock has a market cap of $822.05 billion, a P/E ratio of 18.07 and a beta of 1.31.
Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same period last year, the company posted $1.42 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities analysts predict that Apple Inc. will post $9.02 EPS for the current fiscal year.
Apple announced that its board has approved a stock buyback program on Tuesday, May 2nd that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 14th will be given a $0.63 dividend. The ex-dividend date is Thursday, August 10th. This represents a $2.52 annualized dividend and a dividend yield of 1.57%. Apple’s dividend payout ratio is 28.64%.
A number of analysts have weighed in on the company. UBS AG reaffirmed a “buy” rating and issued a $151.00 price target on shares of Apple in a research report on Monday, April 24th. FBN Securities boosted their price target on Apple from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, May 4th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $130.00 price target on shares of Apple in a research report on Tuesday, June 6th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $170.00 price target on shares of Apple in a research report on Tuesday, June 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $170.00 price target on shares of Apple in a research report on Tuesday, July 25th. Twelve analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $167.33.
In other news, SVP D Bruce Sewell sold 31,625 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $158.13, for a total value of $5,000,861.25. Following the completion of the sale, the senior vice president now directly owns 112,430 shares of the company’s stock, valued at approximately $17,778,555.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eduardo H. Cue sold 45,000 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $153.78, for a total transaction of $6,920,100.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 287,962 shares of company stock valued at $44,702,313. Corporate insiders own 0.08% of the company’s stock.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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