Fairway Wealth LLC Sells 693 Shares of Apple Inc. (NASDAQ:AAPL)

Fairway Wealth LLC trimmed its stake in Apple Inc. (NASDAQ:AAPL) by 38.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,107 shares of the iPhone maker’s stock after selling 693 shares during the quarter. Fairway Wealth LLC’s holdings in Apple were worth $258,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Bull Oak Capital LLC lifted its position in Apple by 252.3% in the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock valued at $36,000 after acquiring an additional 111 shares in the last quarter. Hershey Financial Advisers LLC purchased a new position in shares of Apple in the second quarter worth $42,000. Christopher J. Hasenberg Inc lifted its holdings in shares of Apple by 88.9% during the third quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock valued at $69,000 after purchasing an additional 144 shares in the last quarter. ARK Investment Management LLC purchased a new stake in shares of Apple during the third quarter valued at $110,000. Finally, Cordant Inc. increased its holdings in Apple by 34.3% in the 3rd quarter. Cordant Inc. now owns 678 shares of the iPhone maker’s stock worth $158,000 after buying an additional 173 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Apple

In other Apple news, insider Chris Kondo sold 4,130 shares of the company’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 transaction of $945,233.10. Following the sale, the insider now directly owns 15,419 shares in the company, valued at $3,528,946.53. This represents a 21.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Jeffrey E. Williams sold 100,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $249.97, for a total value of $24,997,000.00. Following the sale, the chief operating officer now owns 389,944 shares in the company, valued at $97,474,301.68. The trade was a 20.41 % decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of research analyst reports. Oppenheimer reiterated a “buy” rating and issued a $250.00 price target on shares of Apple in a research note on Tuesday, October 1st. Sanford C. Bernstein lifted their target price on shares of Apple from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Maxim Group increased their price target on Apple from $203.00 to $215.00 and gave the company a “hold” rating in a report on Friday, November 1st. StockNews.com lowered Apple from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company raised their target price on Apple to $275.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $239.85.

Apple Price Performance

NASDAQ:AAPL opened at $237.87 on Thursday. The business’s 50-day moving average is $240.63 and its 200 day moving average is $230.52. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $260.10. The company has a market capitalization of $3.58 trillion, a P/E ratio of 39.12, a P/E/G ratio of 2.41 and a beta of 1.20. 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 (NASDAQ:AAPL) last posted its earnings results 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 firm had revenue of $94.93 billion during the quarter, compared to the consensus estimate of $94.52 billion. During the same period in the prior year, the company earned $1.46 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts forecast that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Friday, November 8th. Apple’s dividend payout ratio is 16.45%.

About Apple

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.