Cim Investment Management Inc. Reduces Holdings in Apple Inc. (NASDAQ:AAPL)
Cim Investment Management Inc. cut its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 4.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 49,322 shares of the iPhone maker’s stock after selling 2,037 shares during the quarter. Apple makes up about 3.4% of Cim Investment Management Inc.’s investment portfolio, making the stock its 5th largest position. Cim Investment Management Inc.’s holdings in Apple were worth $11,492,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the business. Bull Oak Capital LLC increased its position in shares of Apple by 252.3% during the third quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after purchasing an additional 111 shares in the last quarter. Hershey Financial Advisers LLC purchased a new position in shares of Apple during the second quarter worth $42,000. Christopher J. Hasenberg Inc grew its holdings in Apple by 88.9% during the third quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock worth $69,000 after acquiring an additional 144 shares during the period. Teachers Insurance & Annuity Association of America acquired a new position in shares of Apple in the 3rd quarter valued at $77,000. Finally, ARK Investment Management LLC acquired a new stake in shares of Apple during the 3rd quarter valued at about $110,000. 67.73% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on AAPL shares. Monness Crespi & Hardt boosted their target price on shares of Apple to $245.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Raymond James increased their price objective on Apple to $250.00 and gave the stock a “buy” rating in a research report on Monday, January 20th. Citigroup increased their price objective on shares of Apple from $255.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, January 31st. KeyCorp reissued an “underweight” rating and issued a $200.00 price objective on shares of Apple in a research note on Friday, January 31st. Finally, Moffett Nathanson reiterated a “sell” rating and issued a $188.00 price objective (down previously from $202.00) on shares of Apple in a research note on Tuesday, January 7th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $242.52.
Check Out Our Latest Research Report on Apple
Insider Buying and Selling at Apple
In related news, insider Chris Kondo sold 4,130 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. This represents a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jeffrey E. Williams sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the transaction, the chief operating officer now directly owns 389,944 shares of the company’s stock, valued at $97,474,301.68. This trade represents 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.
Apple Stock Performance
NASDAQ:AAPL opened at $244.60 on Friday. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $260.10. The firm has a market cap of $3.67 trillion, a price-to-earnings ratio of 38.83, a price-to-earnings-growth ratio of 2.32 and a beta of 1.20. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88. The firm’s fifty day moving average price is $240.70 and its 200 day moving average price is $231.59.
Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The iPhone maker reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.04. Apple had a return on equity of 160.83% and a net margin of 24.30%. On average, sell-side analysts expect that Apple Inc. will post 7.28 EPS for the current year.
Apple Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 13th. Shareholders of record on Monday, February 10th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Monday, February 10th. Apple’s payout ratio is currently 15.87%.
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.
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