BNC Wealth Management LLC Lowers Position in Apple Inc. $AAPL

Key Points

• BNC Wealth Management LLC decreased its holdings in Apple Inc. by 3.1%, owning 85,117 shares worth approximately $17.464 million, making it the firm's 4th largest holding.
• Recent insider sales included SVP Katherine Adams and SVP Deirdre O'Brien selling 47,125 and 43,013 shares respectively, indicating significant selling activity among corporate insiders.
• Several analysts have raised their price targets for Apple, with Tigress Financial setting a new target of $305 and others following suit, reflecting growing confidence in the company's performance.

BNC Wealth Management LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,117 shares of the iPhone maker's stock after selling 2,717 shares during the period. Apple comprises approximately 5.2% of BNC Wealth Management LLC's investment portfolio, making the stock its 4th largest holding. BNC Wealth Management LLC's holdings in Apple were worth $17,464,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AAPL. First National Bank of Hutchinson raised its stake in shares of Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after purchasing an additional 6,982 shares during the period. Eagle Capital Management LLC raised its stake in shares of Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after purchasing an additional 272 shares during the period. Brighton Jones LLC raised its stake in shares of Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after purchasing an additional 69,207 shares during the period. Revolve Wealth Partners LLC raised its stake in Apple by 4.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock valued at $16,742,000 after acquiring an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE raised its stake in Apple by 2.4% in the 4th quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock valued at $12,587,000 after acquiring an additional 1,155 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Apple news, SVP Katherine L. Adams sold 47,125 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the transaction, the senior vice president owned 179,158 shares in the company, valued at approximately $46,005,982.82. This represents a 20.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Deirdre O'brien sold 43,013 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $35,181,866.93. This represents a 23.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 254,922 shares of company stock worth $64,320,190. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on AAPL shares. Needham & Company LLC restated a "hold" rating on shares of Apple in a research note on Friday, July 25th. Tigress Financial boosted their price objective on Apple from $300.00 to $305.00 and gave the company a "strong-buy" rating in a research note on Wednesday, September 17th. Evercore ISI set a $290.00 price objective on Apple and gave the company an "outperform" rating in a research note on Friday, September 26th. Seaport Res Ptn upgraded Apple to a "strong-buy" rating in a research note on Wednesday, October 1st. Finally, Bank of America boosted their price objective on Apple from $260.00 to $270.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $247.49.

Apple Price Performance

AAPL opened at $258.02 on Monday. The stock has a fifty day simple moving average of $233.09 and a two-hundred day simple moving average of $214.69. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The company has a market cap of $3.83 trillion, a price-to-earnings ratio of 39.15, a price-to-earnings-growth ratio of 2.51 and a beta of 1.09. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The firm's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.40 earnings per share. 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. Shareholders of record on Monday, August 11th were issued a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. Apple's dividend payout ratio is 15.78%.

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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