Apple Inc. $AAPL Stake Trimmed by Fox Hill Wealth Management

Key Points

• Fox Hill Wealth Management has reduced its Apple Inc. holdings by 11.3%, selling 5,580 shares, and now owns 43,661 shares valued at approximately $8.96 million.
• Apple reported a better-than-expected quarterly earnings per share of $1.57, surpassing estimates of $1.43, with revenue reaching $94.04 billion, a 9.6% increase year-over-year.
• The firm declared a quarterly dividend of $0.26 per share, reflecting a 0.4% annualized yield, with a payout ratio of 15.78%.

Fox Hill Wealth Management cut its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 11.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 43,661 shares of the iPhone maker's stock after selling 5,580 shares during the period. Apple comprises approximately 4.6% of Fox Hill Wealth Management's holdings, making the stock its 3rd largest position. Fox Hill Wealth Management's holdings in Apple were worth $8,958,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. First National Bank of Hutchinson grew its position in shares of Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after acquiring an additional 6,982 shares during the period. Eagle Capital Management LLC grew its position in shares of Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after acquiring an additional 272 shares during the period. Brighton Jones LLC grew its position in shares of Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after acquiring an additional 69,207 shares during the period. Revolve Wealth Partners LLC grew its position in shares of Apple by 4.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock valued at $16,742,000 after acquiring an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE grew its position in shares of Apple by 2.4% during the 4th quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock valued at $12,587,000 after acquiring an additional 1,155 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Price Performance

Shares of NASDAQ AAPL traded up $7.62 during mid-day trading on Friday, hitting $245.50. 163,435,991 shares of the company's stock traded hands, compared to its average volume of 47,568,860. The company's 50-day moving average is $224.35 and its two-hundred day moving average is $212.42. 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 company has a market capitalization of $3.64 trillion, a P/E ratio of 37.25, a PEG ratio of 2.47 and a beta of 1.11. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business's revenue was up 9.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.40 EPS. On average, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The firm also recently announced 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. 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 currently 15.78%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AAPL. Phillip Securities downgraded shares of Apple from a "hold" rating to a "moderate sell" rating and set a $200.00 price objective for the company. in a research report on Thursday, September 11th. Sanford C. Bernstein started coverage on shares of Apple in a report on Monday. They issued an "outperform" rating and a $290.00 target price for the company. Jefferies Financial Group upped their target price on shares of Apple from $190.67 to $205.82 and gave the stock a "hold" rating in a report on Monday, September 8th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $266.00 target price on shares of Apple in a report on Tuesday, August 26th. Finally, Moffett Nathanson raised shares of Apple from a "sell" rating to a "neutral" rating and set a $225.00 target price for the company in a report on Thursday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $242.74.

Insider Activity

In other news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.06% of the company's stock.

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.