JCIC Asset Management Inc. Sells 9,585 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Oct 14th, 2023

JCIC Asset Management Inc. cut its holdings in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 6.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 142,656 shares of the iPhone maker’s stock after selling 9,585 shares during the quarter. Apple accounts for 12.6% of JCIC Asset Management Inc.’s investment portfolio, making the stock its largest position. JCIC Asset Management Inc.’s holdings in Apple were worth $27,671,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Moneta Group Investment Advisors LLC raised its holdings in shares of Apple by 116,483.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 569,554,722 shares of the iPhone maker’s stock valued at $74,002,245,000 after purchasing an additional 569,066,184 shares in the last quarter. Norges Bank acquired a new stake in shares of Apple in the 4th quarter valued at $21,746,940,000. Morgan Stanley raised its holdings in shares of Apple by 14.2% in the 4th quarter. Morgan Stanley now owns 208,655,323 shares of the iPhone maker’s stock valued at $27,110,586,000 after purchasing an additional 25,926,552 shares in the last quarter. Berkshire Hathaway Inc raised its holdings in shares of Apple by 2.3% in the 1st quarter. Berkshire Hathaway Inc now owns 915,560,382 shares of the iPhone maker’s stock valued at $150,975,907,000 after purchasing an additional 20,424,207 shares in the last quarter. Finally, Providence Capital Advisors LLC raised its holdings in shares of Apple by 16,638.6% in the 1st quarter. Providence Capital Advisors LLC now owns 15,593,974 shares of the iPhone maker’s stock valued at $94,566,000 after purchasing an additional 15,500,812 shares in the last quarter. 58.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Apple

In related news, CEO Timothy D. Cook sold 240,569 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $172.50, for a total transaction of $41,498,152.50. Following the transaction, the chief executive officer now owns 3,280,053 shares of the company’s stock, valued at $565,809,142.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Deirdre O’brien sold 65,536 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $172.11, for a total transaction of $11,279,400.96. Following the completion of the transaction, the senior vice president now owns 136,445 shares of the company’s stock, valued at $23,483,548.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 240,569 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $172.50, for a total transaction of $41,498,152.50. Following the transaction, the chief executive officer now directly owns 3,280,053 shares of the company’s stock, valued at approximately $565,809,142.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 455,004 shares of company stock valued at $79,238,767. Company insiders own 0.06% of the company’s stock.

Apple Stock Performance

Shares of AAPL opened at $178.85 on Friday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.92 and a current ratio of 0.98. The company has a market capitalization of $2.80 trillion, a price-to-earnings ratio of 30.06, a PEG ratio of 2.40 and a beta of 1.28. The company’s 50 day simple moving average is $178.04 and its 200 day simple moving average is $178.32. Apple Inc. has a 1 year low of $124.17 and a 1 year high of $198.23.

Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The iPhone maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.07. The business had revenue of $81.80 billion for the quarter, compared to the consensus estimate of $81.79 billion. Apple had a net margin of 24.68% and a return on equity of 164.92%. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 earnings per share. On average, sell-side analysts predict that Apple Inc. will post 6.05 EPS for the current year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend was Friday, August 11th. Apple’s payout ratio is 16.13%.

Analyst Upgrades and Downgrades

AAPL has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Apple from $180.00 to $210.00 and gave the company a “buy” rating in a report on Monday, July 24th. Tigress Financial boosted their price target on shares of Apple from $210.00 to $225.00 in a research report on Friday, June 23rd. Raymond James boosted their price target on shares of Apple from $180.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. Wedbush boosted their price target on shares of Apple from $230.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, September 13th. Finally, TD Cowen boosted their price target on shares of Apple from $195.00 to $220.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. Nine investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.54.

Check Out Our Latest Report on AAPL

Apple Company Profile

(Free Report)

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.