Enclave Advisors LLC Sells 11,474 Shares of Apple Inc. $AAPL

Key Points

• Enclave Advisors LLC reduced its holdings in Apple Inc. by 26.4%, selling 11,474 shares and retaining 31,937 shares as of the most recent quarter.
• Apple's quarterly earnings exceeded expectations, reporting $1.57 EPS and generating $94.04 billion in revenue, up 9.6% year-over-year.
• The company declared a $0.26 quarterly dividend, resulting in an annualized dividend yield of 0.4% with a payout ratio of 15.78%.

Enclave Advisors LLC lessened its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 26.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 31,937 shares of the iPhone maker's stock after selling 11,474 shares during the period. Apple comprises 1.1% of Enclave Advisors LLC's portfolio, making the stock its 24th largest holding. Enclave Advisors LLC's holdings in Apple were worth $6,552,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AAPL. Salus Financial Advisors LLC increased its holdings in shares of Apple by 3.9% in the 1st quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock worth $291,000 after buying an additional 49 shares during the last quarter. Sharpepoint LLC increased its holdings in shares of Apple by 3.5% in the 1st quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker's stock worth $322,000 after buying an additional 51 shares during the last quarter. Redwood Financial Network Corp increased its holdings in shares of Apple by 0.6% in the 4th quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock worth $2,184,000 after buying an additional 53 shares during the last quarter. Mission Hills Financial Advisory LLC increased its holdings in shares of Apple by 1.3% in the 1st quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker's stock worth $892,000 after buying an additional 53 shares during the last quarter. Finally, Virginia Wealth Management Group Inc. increased its holdings in shares of Apple by 0.3% in the 2nd quarter. Virginia Wealth Management Group Inc. now owns 20,946 shares of the iPhone maker's stock worth $4,298,000 after buying an additional 53 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Apple Price Performance

Apple stock opened at $249.34 on Thursday. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The stock has a market cap of $3.70 trillion, a price-to-earnings ratio of 37.84, a price-to-earnings-growth ratio of 2.41 and a beta of 1.09. The firm has a 50-day moving average of $240.12 and a two-hundred day moving average of $216.49.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly 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 net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same quarter in the previous year, the business posted $1.40 EPS. The company's quarterly revenue was up 9.6% compared to the same quarter last year. On average, research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Monness Crespi & Hardt lifted their price target on shares of Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. The Goldman Sachs Group reaffirmed a "buy" rating and set a $266.00 price target 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. Bank of America lifted their price target on shares of Apple from $260.00 to $270.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Apple from $255.00 to $280.00 and gave the stock an "overweight" rating in a research note on Friday, September 19th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $248.29.

Insider Activity

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