Sawgrass Asset Management LLC reduced its position in Apple Inc. (NASDAQ:AAPL) by 97.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,984 shares of the iPhone maker’s stock after selling 582,436 shares during the period. Apple makes up about 5.1% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its biggest position. Sawgrass Asset Management LLC’s holdings in Apple were worth $113,840,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AAPL. Delphi Private Advisors LLC bought a new stake in Apple during the second quarter valued at about $120,000. Quattro Financial Advisors LLC bought a new stake in Apple during the first quarter valued at about $133,000. CX Institutional bought a new stake in Apple during the second quarter valued at about $135,000. Spectrum Financial Alliance Ltd LLC bought a new stake in Apple during the first quarter valued at about $138,000. Finally, Macroview Investment Management LLC raised its holdings in Apple by 220.3% during the first quarter. Macroview Investment Management LLC now owns 900 shares of the iPhone maker’s stock valued at $151,000 after acquiring an additional 619 shares during the period. Institutional investors own 58.44% of the company’s stock.
Shares of NASDAQ AAPL opened at $201.59 on Tuesday. The company has a current ratio of 1.12, a quick ratio of 1.09 and a debt-to-equity ratio of 0.87. Apple Inc. has a 1-year low of $150.24 and a 1-year high of $233.47. The company has a market cap of $1,019.79 billion, a price-to-earnings ratio of 17.48, a P/E/G ratio of 1.48 and a beta of 1.26.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.78 by $0.13. Apple had a return on equity of 48.68% and a net margin of 22.41%. The company had revenue of $62.90 billion for the quarter, compared to analysts’ expectations of $61.55 billion. During the same period in the previous year, the firm posted $2.07 earnings per share. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. As a group, analysts predict that Apple Inc. will post 13.48 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 12th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $2.92 annualized dividend and a yield of 1.45%. Apple’s payout ratio is currently 24.52%.
In other Apple news, CEO Timothy D. Cook sold 265,160 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $217.79, for a total transaction of $57,749,196.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Johny Srouji sold 14,140 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $214.98, for a total value of $3,039,817.20. Following the sale, the insider now directly owns 68,302 shares in the company, valued at $14,683,563.96. The disclosure for this sale can be found here. Insiders have sold 544,185 shares of company stock worth $120,312,613 over the last three months. 0.06% of the stock is currently owned by insiders.
A number of equities research analysts have commented on AAPL shares. UBS Group started coverage on Apple in a report on Wednesday, September 12th. Maxim Group raised their price target on Apple to $221.00 and gave the company an “average” rating in a report on Thursday, September 13th. Royal Bank of Canada raised their price target on Apple to $250.00 and gave the company an “average” rating in a report on Wednesday, September 26th. Loop Capital raised their price target on Apple to $220.00 and gave the company a “buy” rating in a report on Wednesday, August 1st. Finally, Macquarie set a $202.00 price target on Apple and gave the company a “buy” rating in a report on Monday, July 23rd. Three investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twenty-eight have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $223.60.
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Apple Company Profile
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
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