Apple Inc. $AAPL Shares Sold by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group cut its Apple stake by 3.6%, selling 49,324 shares, but still held about 1.31 million shares worth $435.3 million; Apple remained its second-largest holding.
• Apple beat quarterly forecasts, reporting earnings of $2.10 per share and revenue of $114.48 billion, up 11.7% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $347.11; Apple also announced a quarterly dividend of $0.27 per share.

Citizens Financial Group Inc. RI decreased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,306,987 shares of the iPhone maker's stock after selling 49,324 shares during the period. Apple makes up 5.1% of Citizens Financial Group Inc. RI's holdings, making the stock its 2nd biggest position. Citizens Financial Group Inc. RI's holdings in Apple were worth $435,253,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Sterling Wealth Management Inc. raised its stake in Apple by 0.3% in the 2nd quarter. Sterling Wealth Management Inc. now owns 11,579 shares of the iPhone maker's stock worth $3,351,000 after purchasing an additional 30 shares in the last quarter. Thor Investment Management Inc. OH ADV grew its position in shares of Apple by 1.6% during the 3rd quarter. Thor Investment Management Inc. OH ADV now owns 1,912 shares of the iPhone maker's stock worth $637,000 after purchasing an additional 30 shares in the last quarter. Evansbrook LLC grew its position in shares of Apple by 0.4% during the 1st quarter. Evansbrook LLC now owns 8,095 shares of the iPhone maker's stock worth $2,054,000 after purchasing an additional 34 shares in the last quarter. JMG Financial Group Ltd. grew its position in shares of Apple by 0.7% during the 1st quarter. JMG Financial Group Ltd. now owns 5,102 shares of the iPhone maker's stock worth $1,295,000 after purchasing an additional 35 shares in the last quarter. Finally, Wealth Forward LLC increased its holdings in shares of Apple by 0.3% during the third quarter. Wealth Forward LLC now owns 13,327 shares of the iPhone maker's stock worth $4,438,000 after purchasing an additional 35 shares during the period. Institutional investors own 67.73% of the company's stock.

Apple Trading Up 0.4%

NASDAQ:AAPL opened at $356.27 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.94 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $5.18 trillion, a PE ratio of 39.72, a price-to-earnings-growth ratio of 3.41 and a beta of 1.07. Apple Inc. has a 12 month low of $243.42 and a 12 month high of $360.83. The firm's 50 day moving average is $339.04 and its 200 day moving average is $301.05.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.11. Apple had a return on equity of 125.35% and a net margin of 27.60%. The company had revenue of $114.48 billion during the quarter, compared to analyst estimates of $113.40 billion. During the same quarter last year, the firm posted $1.85 EPS. The firm's revenue for the quarter was up 11.7% on a year-over-year basis. Sell-side analysts expect that Apple Inc. will post 9.45 earnings per share for the current year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, November 12th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Thursday, November 12th. Apple's payout ratio is currently 12.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. DA Davidson lifted their price target on shares of Apple from $270.00 to $295.00 and gave the company a "neutral" rating in a research report on Tuesday, November 3rd. HSBC reissued a "buy" rating on shares of Apple in a report on Tuesday, October 27th. Robert W. Baird set a $340.00 target price on shares of Apple and gave the stock an "outperform" rating in a research note on Tuesday, November 3rd. Deutsche Bank downgraded shares of Apple from a "buy" rating to a "hold" rating in a research report on Monday, August 17th. Finally, Evercore reissued an "outperform" rating on shares of Apple in a research note on Tuesday, October 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $347.11.

Insider Buying and Selling at Apple

In other Apple news, insider Timothy Cook sold 191,753 shares of the business's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $332.96, for a total transaction of $63,846,078.88. Following the sale, the insider owned 3,264,168 shares of the company's stock, valued at $1,086,837,377.28. The trade was a 5.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Deirdre O'brien sold 46,389 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $333.42, for a total value of $15,467,020.38. Following the sale, the senior vice president owned 136,810 shares in the company, valued at approximately $45,615,190.20. This represents a 25.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 292,611 shares of company stock valued at $97,482,597 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

More Apple News

Here's some of the latest news about AAPL:

• Positive Sentiment: China Renaissance upgraded Apple to Buy and set a $425 price target, pointing to potential from a future foldable iPhone and interest in the company’s product lineup. Recent quarterly results also beat earnings and revenue estimates, with revenue up year over year. China Renaissance’s view on Apple
• Neutral Sentiment: HomeView is not launching in the EU because Siri AI is unavailable there, and early coverage has questioned Siri’s readiness. This could constrain the device’s initial reach and reception. HomeView launch coverage
• Negative Sentiment: Valuation remains a key risk: analysts have warned Apple trades at a premium, and views are divided, including a DZ Bank downgrade to Sell. A senior vice president also continued a pattern of scheduled share sales, a modest potential overhang. Apple valuation analysis

Apple Profile

Apple Inc. designs, manufactures and markets consumer electronics, software and digital services. Its products include the iPhone, Mac computers, iPad, Apple Watch and AirPods, along with operating systems and applications such as iOS, macOS and iPadOS. The company also offers services including the App Store, Apple Music, Apple TV+, iCloud and Apple Pay. These products and services are integrated across Apple's devices and are sold to consumers, businesses and institutions around the world. Founded in 1976 and headquartered in Cupertino, California, Apple serves customers globally through online and retail stores, wireless carriers and other resellers.

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