First City Capital Management Inc. Trims Position in Apple Inc. (AAPL)
First City Capital Management Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL) by 3.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,090 shares of the iPhone maker’s stock after selling 299 shares during the quarter. First City Capital Management Inc.’s holdings in Apple were worth $1,306,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Portfolio Solutions LLC acquired a new stake in Apple in the 1st quarter valued at $169,000. Fox Run Management L.L.C. acquired a new stake in Apple in the 1st quarter valued at $201,000. Stone House Investment Management LLC acquired a new stake in Apple in the 1st quarter valued at $225,000. Salem Capital Management Inc. acquired a new stake in Apple in the 1st quarter valued at $226,000. Finally, Grubman Wealth Management acquired a new stake in Apple in the 1st quarter valued at $261,000. 60.45% of the stock is owned by institutional investors and hedge funds.
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In other news, insider Johny Srouji sold 5,892 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $161.00, for a total value of $948,612.00. Following the sale, the insider now directly owns 70,358 shares in the company, valued at $11,327,638. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $157.58, for a total value of $5,515,300.00. Following the completion of the sale, the director now owns 1,168,283 shares in the company, valued at $184,098,035.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 432,930 shares of company stock worth $69,008,577. Insiders own 0.08% of the company’s stock.
AAPL has been the topic of several recent analyst reports. UBS AG restated a “buy” rating and set a $170.00 price objective on shares of Apple in a research note on Saturday, May 20th. Canaccord Genuity restated a “buy” rating and set a $180.00 price objective on shares of Apple in a research note on Wednesday. Sanford C. Bernstein set a $175.00 price objective on Apple and gave the company a “buy” rating in a research note on Wednesday. Instinet restated a “buy” rating and set a $185.00 price objective on shares of Apple in a research note on Wednesday. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $160.08 price objective (down from $176.00) on shares of Apple in a research note on Wednesday, August 9th. Eleven research analysts have rated the stock with a hold rating and forty-four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $169.52.
Apple Inc. (AAPL) traded down 1.0285% on Wednesday, hitting $159.2056. The stock had a trading volume of 30,325,223 shares. The firm’s 50-day moving average is $158.11 and its 200-day moving average is $148.94. Apple Inc. has a 52-week low of $104.08 and a 52-week high of $164.94. The company has a market cap of $822.33 billion, a P/E ratio of 18.0751 and a beta of 1.27.
Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the consensus estimate of $1.57 by $0.10. The business had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the business posted $1.42 earnings per share. Equities research analysts anticipate that Apple Inc. will post $9.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 14th were paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Thursday, August 10th. Apple’s payout ratio is currently 28.64%.
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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