Alta Capital Management LLC Cuts Stake in Apple Inc. (NASDAQ:AAPL)

Alta Capital Management LLC lowered its holdings in shares of Apple Inc. (NASDAQ:AAPLFree Report) by 2.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 490,128 shares of the iPhone maker’s stock after selling 10,555 shares during the quarter. Apple comprises about 6.1% of Alta Capital Management LLC’s investment portfolio, making the stock its 2nd biggest position. Alta Capital Management LLC’s holdings in Apple were worth $94,364,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Atlantic Private Wealth LLC bought a new position in Apple in the 1st quarter worth $30,000. Wyrmwood Management LLC raised its holdings in Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after acquiring an additional 69 shares during the period. Gilfoyle & Co LLC grew its position in Apple by 118.0% in the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares during the last quarter. Summit Wealth Group LLC grew its position in Apple by 16,252.3% in the 1st quarter. Summit Wealth Group LLC now owns 6,992,420 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 6,949,659 shares during the last quarter. Finally, HBC Financial Services PLLC grew its position in Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after purchasing an additional 80 shares during the last quarter. Institutional investors own 60.41% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on AAPL shares. Piper Sandler Companies lowered shares of Apple to a “neutral” rating and decreased their price target for the stock from $220.00 to $205.00 in a research report on Thursday, January 4th. Loop Capital decreased their price target on shares of Apple from $185.00 to $170.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Wedbush restated an “outperform” rating and issued a $250.00 price target on shares of Apple in a research report on Tuesday, April 9th. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target on shares of Apple in a research report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Apple from $215.00 to $210.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $203.34.

Check Out Our Latest Stock Report on AAPL

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at $574,260,512.21. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at $574,260,512.21. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur D. Levinson sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the transaction, the director now owns 4,434,576 shares of the company’s stock, valued at approximately $802,392,181.44. The disclosure for this sale can be found here. Insiders sold a total of 366,271 shares of company stock valued at $63,653,887 over the last ninety days. Insiders own 0.06% of the company’s stock.

Apple Trading Down 1.2 %

AAPL opened at $165.00 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.07 and a quick ratio of 1.02. The company has a market cap of $2.55 trillion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 2.02 and a beta of 1.27. The firm has a 50 day simple moving average of $174.67 and a 200 day simple moving average of $182.11. Apple Inc. has a fifty-two week low of $162.80 and a fifty-two week high of $199.62.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly earnings results on Thursday, February 1st. The iPhone maker reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.09. The business had revenue of $119.60 billion during the quarter, compared to the consensus estimate of $117.99 billion. Apple had a net margin of 26.16% and a return on equity of 156.04%. Apple’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.88 earnings per share. On average, sell-side analysts anticipate that Apple Inc. will post 6.54 earnings per share for the current year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 12th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date was Friday, February 9th. Apple’s dividend payout ratio (DPR) is 14.95%.

Apple Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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