Cahaba Wealth Management Inc. Sells 2,650 Shares of Apple Inc. $AAPL

Key Points

• Cahaba Wealth Management Inc. reduced its stake in Apple Inc. by 9.7%, selling 2,650 shares and bringing its total holdings to 24,620 shares, worth approximately $5,051,000.
• Several research analysts have recently issued varied ratings on Apple's stock, with an average rating of "Moderate Buy" and consensus price target of $248.29.
• Insider sales were noted with Katherine L. Adams and Deirdre O'brien selling significant portions of their shares, indicating recent insider trading activity and a 20.83% and 23.94% decrease in their respective positions.

Cahaba Wealth Management Inc. lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 9.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,620 shares of the iPhone maker's stock after selling 2,650 shares during the quarter. Apple makes up approximately 0.4% of Cahaba Wealth Management Inc.'s investment portfolio, making the stock its 24th largest position. Cahaba Wealth Management Inc.'s holdings in Apple were worth $5,051,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Morgan Stanley set a $298.00 price objective on Apple and gave the company an "overweight" rating in a research note on Thursday, October 2nd. Citigroup reaffirmed a "buy" rating on shares of Apple in a research note on Wednesday, September 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research note on Friday, July 25th. Sanford C. Bernstein assumed coverage on Apple in a research note on Monday, September 15th. They issued an "outperform" rating and a $290.00 price objective for the company. Finally, Seaport Res Ptn raised Apple to a "strong-buy" rating in a research note on Wednesday, October 1st. Four research 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's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $248.29.

Insider Transactions at Apple

In other news, SVP Katherine L. Adams sold 47,125 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the completion of the sale, the senior vice president owned 179,158 shares of the company's stock, valued at $46,005,982.82. This trade represents a 20.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Deirdre O'brien sold 43,013 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 254,922 shares of company stock valued at $64,320,190 in the last quarter. 0.06% of the stock is currently owned by company insiders.

Apple Stock Performance

NASDAQ:AAPL opened at $245.27 on Monday. The company has a market capitalization of $3.64 trillion, a PE ratio of 37.22, a P/E/G ratio of 2.39 and a beta of 1.09. The company has a 50 day simple moving average of $237.61 and a two-hundred day simple moving average of $215.83. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating 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 net margin of 24.30% and a return on equity of 170.91%. The company's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.40 EPS. Research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were given 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 (DPR) is 15.78%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.