Bright Rock Capital Management LLC Has $11.49 Million Stock Position in Apple Inc. $AAPL

Key Points

• Bright Rock Capital Management LLC has decreased its stake in Apple Inc. by 9.7%, now holding 56,000 shares valued at approximately $11.49 million.
• Apple's latest quarterly earnings report showed an EPS of $1.57, exceeding estimates, with a revenue of $94.04 billion that reflects a growth of 9.6% year-over-year.
• Analysts maintain a consensus of Moderate Buy for Apple shares, with target prices fluctuating between $225.00 and $290.00 issued by various firms.

Bright Rock Capital Management LLC decreased its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 9.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,000 shares of the iPhone maker's stock after selling 6,000 shares during the period. Apple accounts for approximately 2.3% of Bright Rock Capital Management LLC's holdings, making the stock its 11th biggest holding. Bright Rock Capital Management LLC's holdings in Apple were worth $11,490,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Envision Financial LLC lifted its position in Apple by 11.1% during the 2nd quarter. Envision Financial LLC now owns 2,573 shares of the iPhone maker's stock worth $528,000 after buying an additional 257 shares in the last quarter. Marshall Financial Group LLC lifted its holdings in shares of Apple by 0.5% in the second quarter. Marshall Financial Group LLC now owns 58,879 shares of the iPhone maker's stock valued at $12,362,000 after purchasing an additional 300 shares in the last quarter. Bigelow Investment Advisors LLC lifted its stake in shares of Apple by 10.8% during the 2nd quarter. Bigelow Investment Advisors LLC now owns 31,695 shares of the iPhone maker's stock worth $6,503,000 after buying an additional 3,093 shares during the last quarter. Family Legacy Financial Solutions LLC acquired a new position in Apple in the second quarter valued at about $700,000. Finally, Cypress Point Wealth Management LLC lifted its stake in Apple by 1.9% during the second quarter. Cypress Point Wealth Management LLC now owns 7,432 shares of the iPhone maker's stock worth $1,525,000 after purchasing an additional 139 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on AAPL shares. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $266.00 price objective on shares of Apple in a research note on Tuesday, August 26th. Citigroup reaffirmed a "buy" rating on shares of Apple in a research note on Wednesday, September 10th. Loop Capital reduced their price objective on Apple from $230.00 to $226.00 and set a "hold" rating on the stock in a research note on Thursday, August 21st. Moffett Nathanson upgraded Apple from a "sell" rating to a "neutral" rating and set a $225.00 target price for the company in a research report on Thursday, September 4th. Finally, Sanford C. Bernstein began coverage on Apple in a research report on Monday, September 15th. They issued an "outperform" rating and a $290.00 target price for the company. Two 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $245.66.

Apple Trading Down 0.5%

NASDAQ AAPL opened at $255.46 on Friday. The business's 50-day moving average price is $228.87 and its two-hundred day moving average price is $213.22. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The firm has a market capitalization of $3.79 trillion, a PE ratio of 38.76, a price-to-earnings-growth ratio of 2.67 and a beta of 1.11. 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 issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share 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 firm had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same period last year, the business posted $1.40 EPS. The business's revenue was up 9.6% compared to the same quarter last year. On average, analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

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

Insider Activity

In other news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is owned by corporate 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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