Apple Inc. $AAPL Shares Bought by Cove Private Wealth LLC

Key Points

• Cove Private Wealth LLC increased its stake in Apple Inc. by 49.3% during the second quarter, owning 110,917 shares valued at approximately $22.76 million.
• Apple's stock is currently down 3.5%, with a market capitalization of $3.64 trillion and significant earnings surpassing analysts' expectations in its last quarterly report.
• Insider selling has occurred with senior executives offloading a total of 254,922 shares worth over $64 million in the last three months, resulting in a notable reduction in their ownership.

Cove Private Wealth LLC lifted its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 49.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 110,917 shares of the iPhone maker's stock after purchasing an additional 36,631 shares during the period. Apple accounts for 8.0% of Cove Private Wealth LLC's portfolio, making the stock its 3rd largest position. Cove Private Wealth LLC's holdings in Apple were worth $22,757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. Advanced Portfolio Management LLC grew its holdings in Apple by 0.3% during the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after acquiring an additional 47 shares during the period. Salus Financial Advisors LLC lifted its position in Apple by 3.9% in the 1st quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock valued at $291,000 after acquiring an additional 49 shares in the last quarter. Sharpepoint LLC lifted its position in Apple by 3.5% in the 1st quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker's stock valued at $322,000 after acquiring an additional 51 shares in the last quarter. Redwood Financial Network Corp lifted its position in Apple by 0.6% during the 4th quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock worth $2,184,000 after buying an additional 53 shares in the last quarter. Finally, Mission Hills Financial Advisory LLC lifted its position in Apple by 1.3% during the 1st quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker's stock worth $892,000 after buying an additional 53 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Down 3.5%

Apple stock opened at $245.27 on Friday. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The firm has a market capitalization of $3.64 trillion, a price-to-earnings ratio of 37.22, a price-to-earnings-growth ratio of 2.39 and a beta of 1.09. The firm's fifty day moving average price is $237.61 and its two-hundred day moving average price is $215.88. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The company had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm's revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm earned $1.40 earnings per share. On average, equities research analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple's payout ratio is currently 15.78%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AAPL shares. Tigress Financial boosted their price objective on shares of Apple from $300.00 to $305.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, September 17th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Apple in a research note on Wednesday. Bank of America boosted their price objective on shares of Apple from $260.00 to $270.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. HSBC set a $220.00 price target on shares of Apple and gave the stock a "hold" rating in a report on Monday, September 8th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Apple from $255.00 to $280.00 and gave the company an "overweight" rating in a research note on Friday, September 19th. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $248.29.

Insider Buying and Selling at Apple

In other Apple news, SVP Katherine L. Adams sold 47,125 shares of Apple stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the completion of the sale, the senior vice president directly owned 179,158 shares in the company, valued at $46,005,982.82. The trade was a 20.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Deirdre O'brien sold 43,013 shares of Apple stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the sale, the senior vice president owned 136,687 shares of the company's stock, valued at approximately $35,181,866.93. The trade was a 23.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,922 shares of company stock worth $64,320,190 over the last three months. 0.06% of the stock is owned by insiders.

Apple Profile

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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