Apple Inc. $AAPL Stock Position Lifted by Contravisory Investment Management Inc.

Key Points

• Contravisory Investment Management Inc. increased its investment in Apple Inc. by 4.2%, owning a total of 46,451 shares worth approximately $9.53 million.
• Apple reported a 9.6% year-over-year increase in quarterly revenue, reaching $94.04 billion, with an earnings per share of $1.57 that exceeded estimates.
• The company declared a $0.26 quarterly dividend, which represents an annualized dividend of $1.04 and a yield of 0.4%.

Contravisory Investment Management Inc. boosted its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,451 shares of the iPhone maker's stock after purchasing an additional 1,887 shares during the period. Apple comprises approximately 1.9% of Contravisory Investment Management Inc.'s holdings, making the stock its 18th largest position. Contravisory Investment Management Inc.'s holdings in Apple were worth $9,530,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Ferguson Wellman Capital Management Inc. raised its holdings in shares of Apple by 0.3% during the second quarter. Ferguson Wellman Capital Management Inc. now owns 1,245,752 shares of the iPhone maker's stock worth $255,591,000 after acquiring an additional 4,030 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Apple by 35.4% during the 2nd quarter. Exchange Traded Concepts LLC now owns 928,218 shares of the iPhone maker's stock valued at $190,442,000 after buying an additional 242,435 shares during the last quarter. Envision Financial LLC grew its stake in shares of Apple by 11.1% in the 2nd quarter. Envision Financial LLC now owns 2,573 shares of the iPhone maker's stock valued at $528,000 after buying an additional 257 shares in the last quarter. Marshall Financial Group LLC raised its position in Apple by 0.5% during the second quarter. Marshall Financial Group LLC now owns 58,879 shares of the iPhone maker's stock valued at $12,362,000 after acquiring an additional 300 shares in the last quarter. Finally, Bigelow Investment Advisors LLC lifted its stake in Apple by 10.8% in the second quarter. Bigelow Investment Advisors LLC now owns 31,695 shares of the iPhone maker's stock valued at $6,503,000 after acquiring an additional 3,093 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $255.46 on Friday. The business has a 50 day moving average price of $228.87 and a 200 day moving average price of $213.22. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The company has a market cap of $3.79 trillion, a price-to-earnings ratio of 38.76, a PEG ratio of 2.67 and a beta of 1.11. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

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

Apple Announces Dividend

The business 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. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio (DPR) is currently 15.78%.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares in the company, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on AAPL shares. Jefferies Financial Group raised their price target on shares of Apple from $190.67 to $205.82 and gave the company a "hold" rating in a report on Monday, September 8th. Loop Capital reduced their price objective on shares of Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research note on Thursday, August 21st. Wedbush set a $310.00 target price on Apple and gave the company an "outperform" rating in a report on Monday, September 22nd. Citigroup reissued a "buy" rating on shares of Apple in a report on Wednesday, September 10th. Finally, Morgan Stanley set a $240.00 price objective on Apple and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $245.66.

Apple Company 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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