Chapin Davis Inc. Sells 1,886 Shares of Apple Inc. $AAPL

Key Points

• Chapin Davis Inc. reduced its Apple holdings by 1.8%, now owning 101,851 shares valued at approximately $20.9 million, making Apple its largest investment.
• Several institutional investors increased their stakes in Apple during the 2nd quarter, with notable increases from GAMMA Investing LLC (2.7%) and Lee Kelleher Wealth Management (41.9%).
• Apple recently announced a quarterly dividend of $0.26, yielding an annualized dividend of $1.04, with a dividend payout ratio of 15.78%.

Chapin Davis Inc. lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 101,851 shares of the iPhone maker's stock after selling 1,886 shares during the period. Apple accounts for about 5.8% of Chapin Davis Inc.'s investment portfolio, making the stock its biggest holding. Chapin Davis Inc.'s holdings in Apple were worth $20,897,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AAPL. GAMMA Investing LLC raised its position in shares of Apple by 2.7% in the second quarter. GAMMA Investing LLC now owns 277,763 shares of the iPhone maker's stock valued at $56,989,000 after purchasing an additional 7,352 shares during the period. Scharf Investments LLC lifted its position in Apple by 4.1% during the 2nd quarter. Scharf Investments LLC now owns 13,668 shares of the iPhone maker's stock worth $2,804,000 after acquiring an additional 536 shares during the last quarter. Proathlete Wealth Management LLC lifted its position in Apple by 3.4% during the 2nd quarter. Proathlete Wealth Management LLC now owns 4,098 shares of the iPhone maker's stock worth $844,000 after acquiring an additional 134 shares during the last quarter. Lee Kelleher Wealth Management lifted its position in Apple by 41.9% during the 2nd quarter. Lee Kelleher Wealth Management now owns 1,824 shares of the iPhone maker's stock worth $374,000 after acquiring an additional 539 shares during the last quarter. Finally, ABLE Financial Group LLC lifted its position in Apple by 3.9% during the 2nd quarter. ABLE Financial Group LLC now owns 46,364 shares of the iPhone maker's stock worth $9,513,000 after acquiring an additional 1,756 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Activity at Apple

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 value of $7,772,047.20. Following the completion of the transaction, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

Shares of AAPL stock opened at $257.13 on Friday. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The stock has a market cap of $3.82 trillion, a PE ratio of 39.02, a PEG ratio of 2.48 and a beta of 1.09. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The firm's 50 day moving average price is $232.20 and its two-hundred day moving average price is $214.38.

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

Apple Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. BMO Capital Markets reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, August 13th. Tigress Financial upped their price objective on shares of Apple from $300.00 to $305.00 and gave the company a "strong-buy" rating in a research report on Wednesday, September 17th. Melius Research set a $290.00 price objective on shares of Apple and gave the company a "buy" rating in a research report on Wednesday, September 10th. Bank of America upped their price objective on shares of Apple from $260.00 to $270.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $240.00 price objective (up previously from $230.00) on shares of Apple in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $247.51.

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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