First Long Island Investors LLC Sells 8,601 Shares of Apple Inc. $AAPL

Key Points

• First Long Island Investors LLC has reduced its holdings in Apple Inc. by 5.5%, selling 8,601 shares in the first quarter, leaving it with 148,409 shares valued at approximately $32.97 million.
• Several institutional investors have increased their stakes in Apple, with entities like Advanced Portfolio Management LLC and Salus Financial Advisors LLC making notable purchases during recent quarters.
• Apple recently reported $1.57 earnings per share for the last quarter, surpassing analysts' expectations, along with a quarterly dividend of $0.26 per share that reflects a dividend yield of 0.4%.

First Long Island Investors LLC decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 148,409 shares of the iPhone maker's stock after selling 8,601 shares during the quarter. Apple comprises approximately 2.7% of First Long Island Investors LLC's holdings, making the stock its 11th largest position. First Long Island Investors LLC's holdings in Apple were worth $32,966,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. eCIO Inc. purchased a new stake in shares of Apple during the first quarter valued at $120,000. CBIZ Investment Advisory Services LLC increased its position in Apple by 4.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 17,759 shares of the iPhone maker's stock worth $3,945,000 after purchasing an additional 716 shares during the last quarter. Modern Wealth Management LLC increased its position in Apple by 11.8% in the 1st quarter. Modern Wealth Management LLC now owns 349,317 shares of the iPhone maker's stock worth $77,594,000 after purchasing an additional 36,974 shares during the last quarter. Nova Wealth Management Inc. increased its holdings in shares of Apple by 2.5% during the 1st quarter. Nova Wealth Management Inc. now owns 5,678 shares of the iPhone maker's stock valued at $1,261,000 after acquiring an additional 140 shares during the last quarter. Finally, Plum Street Advisors LLC increased its holdings in shares of Apple by 4.0% during the 1st quarter. Plum Street Advisors LLC now owns 7,889 shares of the iPhone maker's stock valued at $1,752,000 after acquiring an additional 301 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction dated 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 sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $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 accessible through this link. Insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on AAPL. Morgan Stanley set a $240.00 price objective on Apple and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. DA Davidson reaffirmed a "neutral" rating and set a $250.00 price target on shares of Apple in a report on Thursday, September 11th. UBS Group reaffirmed a "neutral" rating on shares of Apple in a report on Monday, September 8th. Wedbush reissued an "outperform" rating and issued a $270.00 target price on shares of Apple in a research note on Tuesday, September 9th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $240.00 target price (up from $230.00) on shares of Apple in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $241.77.

Apple Stock Up 0.6%

AAPL traded up $1.45 on Tuesday, hitting $238.15. 63,364,012 shares of the company were exchanged, compared to its average volume of 45,474,312. The stock's fifty day moving average is $222.59 and its 200-day moving average is $212.17. The company has a market cap of $3.53 trillion, a PE ratio of 36.14, a PEG ratio of 2.46 and a beta of 1.11. 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 12 month low of $169.21 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted 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 company had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter in the prior year, the business earned $1.40 earnings per share. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. Equities research analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio is presently 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.