Crane Advisory LLC Lowers Stock Position in Apple Inc. $AAPL

Key Points

• Crane Advisory LLC reduced its stake in Apple Inc. by 16.9%, bringing its holdings to 79,397 shares worth approximately $16.77 million by the end of Q2.
• Insider sales included CEO Timothy D. Cook selling 129,963 shares for over $33 million, contributing to a total insider sale of $64.32 million in the last three months.
• Apple recently announced a quarterly dividend of $0.26 per share, yielding about 0.4%, with a payout ratio of 15.78%.

Crane Advisory LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 16.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,397 shares of the iPhone maker's stock after selling 16,139 shares during the quarter. Apple accounts for about 2.8% of Crane Advisory LLC's holdings, making the stock its 12th biggest position. Crane Advisory LLC's holdings in Apple were worth $16,766,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Ryan Investment Management Inc. purchased a new stake in Apple in the 2nd quarter valued at approximately $31,000. ROSS JOHNSON & Associates LLC boosted its stake in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after acquiring an additional 180 shares in the last quarter. LSV Asset Management purchased a new stake in shares of Apple during the 4th quarter worth approximately $65,000. Elite Financial Inc. purchased a new stake in shares of Apple during the 1st quarter worth approximately $58,000. Finally, HFM Investment Advisors LLC purchased a new stake in shares of Apple during the 1st quarter worth approximately $99,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Insider Transactions at Apple

In related 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 value of $12,101,228.75. Following the transaction, the senior vice president owned 179,158 shares in the company, valued at approximately $46,005,982.82. This trade represents a 20.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 129,963 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the completion of the transaction, the chief executive officer owned 3,280,295 shares in the company, valued at $842,412,558.95. The trade was a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,922 shares of company stock worth $64,320,190 in the last three months. Company insiders own 0.06% of the company's stock.

Apple Trading Down 3.5%

Shares of Apple stock opened at $245.27 on Monday. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The business's fifty day moving average is $237.61 and its two-hundred day moving average is $215.83. 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 PE ratio of 37.22, a P/E/G ratio of 2.39 and a beta of 1.09.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $88.64 billion. During the same period in the prior year, the firm posted $1.40 earnings per share. The business's quarterly revenue was up 9.6% compared to the same quarter last year. Analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The business 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 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio is presently 15.78%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AAPL shares. UBS Group reissued a "neutral" rating on shares of Apple in a research note on Monday, September 8th. Monness Crespi & Hardt boosted their price target on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Rosenblatt Securities boosted their price target on Apple from $223.00 to $241.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 10th. JPMorgan Chase & Co. boosted their price target on Apple from $255.00 to $280.00 and gave the stock an "overweight" rating in a research note on Friday, September 19th. Finally, HSBC set a $220.00 price objective on Apple and gave the stock a "hold" rating in a research report on Monday, September 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $248.29.

About Apple

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.

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).

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.