Allworth Financial LP Reduces Stake in Apple Inc. (NASDAQ:AAPL)

Allworth Financial LP decreased its holdings in Apple Inc. (NASDAQ:AAPL) by 0.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,152,026 shares of the iPhone maker’s stock after selling 5,422 shares during the quarter. Apple accounts for about 1.6% of Allworth Financial LP’s holdings, making the stock its 10th biggest holding. Allworth Financial LP’s holdings in Apple were worth $268,422,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Smith & Howard Wealth Management LLC increased its holdings in shares of Apple by 0.8% in the 3rd quarter. Smith & Howard Wealth Management LLC now owns 13,484 shares of the iPhone maker’s stock valued at $3,142,000 after acquiring an additional 107 shares during the period. CWC Advisors LLC. bought a new stake in Apple during the third quarter valued at about $5,757,000. Mayfair Advisory Group LLC grew its stake in Apple by 1.0% in the third quarter. Mayfair Advisory Group LLC now owns 30,390 shares of the iPhone maker’s stock valued at $6,892,000 after purchasing an additional 289 shares during the last quarter. Burford Brothers Inc. grew its stake in Apple by 0.4% in the third quarter. Burford Brothers Inc. now owns 72,936 shares of the iPhone maker’s stock valued at $16,994,000 after purchasing an additional 322 shares during the last quarter. Finally, Cromwell Holdings LLC raised its holdings in Apple by 4.6% in the third quarter. Cromwell Holdings LLC now owns 40,528 shares of the iPhone maker’s stock worth $9,443,000 after purchasing an additional 1,782 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Activity

In other news, insider Chris Kondo sold 4,130 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the transaction, the insider now owns 15,419 shares in the company, valued at $3,528,946.53. This trade represents a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jeffrey E. Williams sold 59,730 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.86, for a total value of $13,550,347.80. Following the sale, the chief operating officer now owns 489,944 shares of the company’s stock, valued at $111,148,695.84. The trade was a 10.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 508,170 shares of company stock worth $117,004,745 over the last 90 days. 0.06% of the stock is currently owned by company insiders.

Apple Stock Performance

NASDAQ AAPL opened at $258.20 on Wednesday. The stock has a market capitalization of $3.90 trillion, a price-to-earnings ratio of 42.47, a PEG ratio of 2.41 and a beta of 1.23. The stock has a 50-day moving average of $235.45 and a 200 day moving average of $226.34. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $258.21.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. The business had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. During the same period in the previous year, the business earned $1.46 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. Sell-side analysts anticipate that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.39%. The ex-dividend date was Friday, November 8th. Apple’s payout ratio is 16.45%.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of analyst reports. Bank of America lifted their price objective on shares of Apple to $256.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Oppenheimer reaffirmed a “buy” rating and issued a $250.00 price target on shares of Apple in a report on Tuesday, October 1st. Moffett Nathanson reduced their price target on Apple from $211.00 to $202.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 19th. Rosenblatt Securities raised their price objective on Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, New Street Research reaffirmed a “neutral” rating and set a $225.00 target price on shares of Apple in a research report on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $236.78.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.