Riversedge Advisors LLC Sells 1,125 Shares of Apple Inc. $AAPL

Key Points

• Riversedge Advisors LLC reduced its stake in Apple Inc. by 1.3%, selling 1,125 shares, which leaves them with 87,449 shares valued at approximately $17.94 million.
• Research analysts have set new price targets for Apple, with Monness Crespi & Hardt raising theirs from $245.00 to $270.00 and the consensus price target standing at $242.74.
• Apple reported strong quarterly earnings with an EPS of $1.57, exceeding estimates, and a net revenue of $94.04 billion, marking a 9.6% increase from the previous year.

Riversedge Advisors LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 87,449 shares of the iPhone maker's stock after selling 1,125 shares during the quarter. Apple comprises 3.5% of Riversedge Advisors LLC's investment portfolio, making the stock its 10th largest holding. Riversedge Advisors LLC's holdings in Apple were worth $17,942,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Advanced Portfolio Management LLC lifted its holdings in shares of Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after buying an additional 47 shares during the last quarter. Salus Financial Advisors LLC lifted its holdings in shares of Apple by 3.9% during the first 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 lifted its holdings in shares of Apple by 3.5% during the first 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. Mission Hills Financial Advisory LLC raised its stake in shares of Apple by 1.3% in the first quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker's stock valued at $892,000 after purchasing an additional 53 shares in the last quarter. Finally, Redwood Financial Network Corp lifted its position in Apple by 0.6% in the fourth quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock worth $2,184,000 after purchasing an additional 53 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Price Performance

Shares of AAPL stock traded up $10.58 during trading hours on Monday, hitting $256.08. 105,286,841 shares of the company's stock were exchanged, compared to its average volume of 53,632,036. The stock's 50-day moving average is $224.35 and its 200-day moving average is $212.10. 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 $3.80 trillion, a price-to-earnings ratio of 38.86, a price-to-earnings-growth ratio of 2.55 and a beta of 1.11. Apple Inc. has a 52 week low of $169.21 and a 52 week 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 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.40 earnings per share. As a group, research analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The firm also recently announced 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%.

Analysts Set New Price Targets

AAPL has been the subject of several research reports. Bank of America raised their target price on Apple from $260.00 to $270.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Moffett Nathanson raised Apple from a "sell" rating to a "neutral" rating and set a $225.00 target price for the company in a research report on Thursday, September 4th. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Friday, July 25th. Sanford C. Bernstein initiated coverage on Apple in a research note on Monday, September 15th. They set an "outperform" rating and a $290.00 price objective for the company. Finally, Wedbush set a $310.00 price objective on Apple and gave the stock an "outperform" rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $244.03.

Insider Activity at Apple

In other news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction on 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 sale, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.06% of the company's stock.

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.