Insider Selling: Apple (NASDAQ:AAPL) CFO Sells 4,199 Shares of Stock

Key Points

• Apple's CFO, Kevan Parekh, sold 4,199 shares of the company's stock at an average price of $247.39, totaling approximately $1.04 million, and reduced his ownership by 32.39%.
• Following the sale, Parekh retains 8,765 shares valued at about $2.17 million.
• Apple's stock recently traded at $252.29, showing a strong performance with a market cap of $3.74 trillion and a quarterly revenue increase of 9.6% year-over-year.

Apple Inc. (NASDAQ:AAPL - Get Free Report) CFO Kevan Parekh sold 4,199 shares of the business's stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $247.39, for a total transaction of $1,038,790.61. Following the completion of the sale, the chief financial officer directly owned 8,765 shares of the company's stock, valued at approximately $2,168,373.35. This trade represents a 32.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Apple Stock Performance

Shares of Apple stock traded up $4.84 on Friday, hitting $252.29. The stock had a trading volume of 48,871,003 shares, compared to its average volume of 56,257,242. The company's 50 day moving average price is $240.67 and its 200 day moving average price is $216.66. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The stock has a market cap of $3.74 trillion, a price-to-earnings ratio of 38.28, a P/E/G ratio of 2.43 and a beta of 1.09. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25.

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

Apple Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Jefferies Financial Group downgraded Apple from a "hold" rating to an "underperform" rating and decreased their price target for the company from $205.82 to $205.16 in a research note on Friday, October 3rd. Tigress Financial raised their target price on shares of Apple from $300.00 to $305.00 and gave the company a "strong-buy" rating in a report on Wednesday, September 17th. Seaport Res Ptn raised shares of Apple to a "strong-buy" rating in a research note on Wednesday, October 1st. Loop Capital cut their price objective on Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research report on Thursday, August 21st. Finally, Rosenblatt Securities lifted their price target on shares of Apple from $223.00 to $241.00 and gave the stock a "neutral" rating in a report on Wednesday, September 10th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and an average target price of $248.29.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Ryan Investment Management Inc. acquired a new position in shares of Apple during the second quarter valued at $31,000. ROSS JOHNSON & Associates LLC lifted its holdings in Apple by 1,800.0% in the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after purchasing an additional 180 shares during the period. Nexus Investment Management ULC grew its position in Apple by 333.3% in the 2nd quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker's stock valued at $53,000 after buying an additional 200 shares in the last quarter. Elite Financial Inc. acquired a new position in Apple during the 1st quarter valued at about $58,000. Finally, LSV Asset Management bought a new stake in shares of Apple during the 4th quarter worth about $65,000. Institutional investors own 67.73% of the company's stock.

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.

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