Novare Capital Management LLC Cuts Holdings in Apple Inc. (NASDAQ:AAPL)
Novare Capital Management LLC reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.0% during the second quarter, Holdings Channel.com reports. The firm owned 70,949 shares of the iPhone maker’s stock after selling 1,463 shares during the period. Apple accounts for about 2.1% of Novare Capital Management LLC’s portfolio, making the stock its 7th biggest position. Novare Capital Management LLC’s holdings in Apple were worth $14,042,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Sciencast Management LP bought a new stake in shares of Apple during the second quarter valued at about $381,000. Capco Asset Management LLC raised its stake in shares of Apple by 0.6% during the second quarter. Capco Asset Management LLC now owns 132,811 shares of the iPhone maker’s stock valued at $26,286,000 after purchasing an additional 772 shares in the last quarter. Econ Financial Services Corp bought a new stake in shares of Apple during the second quarter valued at about $390,000. Smith Asset Management Group LP raised its stake in shares of Apple by 2.9% during the second quarter. Smith Asset Management Group LP now owns 546,267 shares of the iPhone maker’s stock valued at $108,117,000 after purchasing an additional 15,340 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Apple by 13.3% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,009,909 shares of the iPhone maker’s stock valued at $199,881,000 after purchasing an additional 118,345 shares in the last quarter. Institutional investors and hedge funds own 58.77% of the company’s stock.
AAPL traded down $4.02 during trading on Friday, reaching $219.07. The company had a trading volume of 1,084,421 shares, compared to its average volume of 24,353,276. The firm’s 50-day simple moving average is $207.16 and its 200 day simple moving average is $196.48. The company has a market cap of $979.31 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.79 and a beta of 1.24. Apple Inc. has a 12-month low of $142.00 and a 12-month high of $233.47. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.47 and a current ratio of 1.50.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were paid a dividend of $0.77 per share. The ex-dividend date was Friday, August 9th. This represents a $3.08 annualized dividend and a yield of 1.41%. Apple’s dividend payout ratio (DPR) is presently 25.86%.
In other Apple news, insider Chris Kondo sold 4,376 shares of Apple stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $217.47, for a total transaction of $951,648.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 265,160 shares of Apple stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $206.17, for a total value of $54,668,037.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 304,536 shares of company stock worth $62,894,611. Company insiders own 0.05% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Macquarie set a $210.00 price objective on shares of Apple and gave the company a “hold” rating in a research note on Tuesday. Evercore ISI started coverage on Apple in a report on Thursday, June 6th. They set an “outperform” rating and a $205.00 target price on the stock. Raymond James raised Apple from a “market perform” rating to an “outperform” rating and set a $250.00 target price on the stock in a report on Thursday, July 18th. Morgan Stanley set a $247.00 target price on Apple and gave the stock a “buy” rating in a report on Thursday. Finally, Longbow Research reaffirmed a “hold” rating on shares of Apple in a report on Tuesday. Four equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Apple has an average rating of “Hold” and a consensus target price of $218.18.
Apple Company Profile
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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