Burr Financial Services LLC Lowers Stock Holdings in Apple Inc. $AAPL

Key Points

• Burr Financial Services LLC has reduced its holdings in Apple Inc. by 18.1%, now owning 8,905 shares valued at approximately $1.83 million.
• Several institutional investors, such as Vanguard Group Inc. and Northern Trust Corp, have increased their stakes in Apple, indicating strong interest from hedge funds.
• Analysts have set a consensus target price of $242.74 for Apple's stock, with most ratings being "Buy," while the company recently reported a 9.6% revenue increase year-over-year.

Burr Financial Services LLC lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 18.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,905 shares of the iPhone maker's stock after selling 1,967 shares during the period. Apple accounts for 1.5% of Burr Financial Services LLC's investment portfolio, making the stock its 15th biggest position. Burr Financial Services LLC's holdings in Apple were worth $1,827,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Apple by 0.4% in the first quarter. Vanguard Group Inc. now owns 1,400,790,809 shares of the iPhone maker's stock valued at $311,157,662,000 after acquiring an additional 5,005,297 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Apple by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock valued at $84,999,145,000 after acquiring an additional 6,307,413 shares during the last quarter. Norges Bank acquired a new position in Apple in the fourth quarter valued at $46,868,648,000. Northern Trust Corp boosted its holdings in Apple by 13.3% in the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after acquiring an additional 20,079,472 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Apple by 14.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock valued at $26,220,566,000 after acquiring an additional 13,137,968 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Sanford C. Bernstein assumed coverage on Apple in a research note on Monday, September 15th. They set an "outperform" rating and a $290.00 price objective on the stock. Evercore ISI boosted their price objective on Apple from $250.00 to $260.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 10th. The Goldman Sachs Group restated a "buy" rating and set a $266.00 price objective on shares of Apple in a research note on Tuesday, August 26th. Bank of America boosted their price objective on Apple from $260.00 to $270.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Finally, Phillip Securities cut Apple from a "hold" rating to a "moderate sell" rating and set a $200.00 price objective on the stock. in a research note on Thursday, September 11th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $242.74.

Insider Activity at Apple

In other news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was 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 of the company's stock, valued at approximately $30,508,538.40. This represents a 20.30% 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 the SEC website. Company insiders own 0.06% of the company's stock.

Apple Stock Up 3.2%

Shares of Apple stock opened at $245.50 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The firm has a market cap of $3.64 trillion, a P/E ratio of 37.25, a P/E/G ratio of 2.55 and a beta of 1.11. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The business has a 50-day moving average price of $224.35 and a 200 day moving average price of $212.10.

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

Apple Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend 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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