Apple Inc. $AAPL Shares Sold by Eagle Global Advisors LLC

Key Points

• Eagle Global Advisors LLC reduced its position in Apple Inc. by 1.1%, holding a total of 1,075,491 shares worth approximately $220.7 million as of the latest quarter.
• Analysts are optimistic about Apple shares, with Barclays raising their price target to $180.00 while Wedbush set a target of $310.00, reflecting a consensus rating of "Moderate Buy" and an average target price of $248.29.
• Recent insider trading saw SVP Katherine L. Adams and CEO Timothy D. Cook selling significant amounts of their Apple stock, indicating a combined value of over $45 million.

Eagle Global Advisors LLC reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,075,491 shares of the iPhone maker's stock after selling 12,250 shares during the period. Apple makes up about 8.9% of Eagle Global Advisors LLC's holdings, making the stock its biggest holding. Eagle Global Advisors LLC's holdings in Apple were worth $220,658,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ryan Investment Management Inc. purchased a new position in Apple in the 2nd quarter valued at about $31,000. ROSS JOHNSON & Associates LLC boosted its position in Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after buying an additional 180 shares during the last quarter. LSV Asset Management purchased a new position in Apple in the 4th quarter valued at about $65,000. Elite Financial Inc. purchased a new position in Apple in the 1st quarter valued at about $58,000. Finally, HFM Investment Advisors LLC purchased a new position in Apple in the 1st quarter valued at about $99,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on AAPL shares. Barclays increased their price target on shares of Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. Wedbush set a $310.00 price target on shares of Apple and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, September 10th. Jefferies Financial Group cut shares of Apple from a "hold" rating to an "underperform" rating and reduced their price target for the stock from $205.82 to $205.16 in a research report on Friday, October 3rd. Finally, CLSA raised shares of Apple to a "strong-buy" rating in a research report on Sunday, October 5th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $248.29.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $245.27 on Friday. The firm's 50 day moving average is $237.61 and its two-hundred day moving average is $215.88. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The firm has a market capitalization of $3.64 trillion, a P/E ratio of 37.22, a PEG ratio of 2.39 and a beta of 1.09. 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 posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. During the same quarter last year, the business earned $1.40 earnings per share. The business's revenue for the quarter was up 9.6% on a year-over-year basis. Analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple's payout ratio is 15.78%.

Insiders Place Their Bets

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 value of $12,101,228.75. Following the transaction, the senior vice president owned 179,158 shares in the company, valued at approximately $46,005,982.82. The trade was a 20.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 129,963 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the completion of the transaction, the chief executive officer directly owned 3,280,295 shares of the company's stock, valued at $842,412,558.95. This represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,922 shares of company stock worth $64,320,190. 0.06% of the stock is owned by insiders.

About Apple

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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