Joel Isaacson & Co. LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 1.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,239 shares of the iPhone maker’s stock after selling 1,070 shares during the period. Apple makes up about 2.7% of Joel Isaacson & Co. LLC’s holdings, making the stock its 7th largest holding. Joel Isaacson & Co. LLC’s holdings in Apple were worth $18,850,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the company. CX Institutional raised its stake in Apple by 483.2% during the fourth quarter. CX Institutional now owns 8,724 shares of the iPhone maker’s stock worth $1,376,000 after acquiring an additional 7,228 shares in the last quarter. Sanders Morris Harris LLC raised its stake in Apple by 2.1% during the fourth quarter. Sanders Morris Harris LLC now owns 14,052 shares of the iPhone maker’s stock worth $2,216,000 after acquiring an additional 291 shares in the last quarter. Beech Hill Advisors Inc. raised its stake in Apple by 1.1% during the fourth quarter. Beech Hill Advisors Inc. now owns 54,768 shares of the iPhone maker’s stock worth $8,639,000 after acquiring an additional 595 shares in the last quarter. Columbus Macro LLC raised its stake in Apple by 2.6% during the fourth quarter. Columbus Macro LLC now owns 37,685 shares of the iPhone maker’s stock worth $5,944,000 after acquiring an additional 946 shares in the last quarter. Finally, Stony Point Wealth Management Inc. raised its stake in Apple by 16.2% during the fourth quarter. Stony Point Wealth Management Inc. now owns 10,289 shares of the iPhone maker’s stock worth $1,623,000 after acquiring an additional 1,436 shares in the last quarter. 59.67% of the stock is owned by hedge funds and other institutional investors.
AAPL has been the subject of a number of research reports. Rosenblatt Securities restated a “sell” rating and issued a $150.00 target price on shares of Apple in a research note on Monday, July 8th. UBS Group raised their target price on Apple from $225.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, July 29th. HSBC set a $174.00 target price on Apple and gave the company a “sell” rating in a research note on Monday, May 20th. Argus raised their target price on Apple to $250.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Finally, Daiwa Capital Markets set a $223.00 target price on Apple and gave the company a “buy” rating in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $216.11.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.10 by $0.08. The firm had revenue of $53.81 billion for the quarter, compared to analyst estimates of $53.39 billion. Apple had a return on equity of 52.13% and a net margin of 21.50%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.34 EPS. As a group, equities research analysts predict that Apple Inc. will post 11.58 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend was Friday, August 9th. Apple’s payout ratio is presently 25.86%.
Apple announced that its board has authorized a share repurchase plan on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the completion of the sale, the director now directly owns 1,150,783 shares in the company, valued at approximately $232,101,423.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Chris Kondo sold 4,376 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $217.47, for a total value of $951,648.72. The disclosure for this sale can be found here. Insiders have sold a total of 39,376 shares of company stock worth $8,226,574 over the last three months. 0.05% of the stock is owned by insiders.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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