Apple Inc. (NASDAQ:AAPL) Shares Sold by DAVENPORT & Co LLC

Posted by Defense World Staff on Oct 19th, 2023

DAVENPORT & Co LLC trimmed its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 1.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,176,235 shares of the iPhone maker’s stock after selling 22,576 shares during the period. Apple comprises approximately 1.7% of DAVENPORT & Co LLC’s holdings, making the stock its 7th largest holding. DAVENPORT & Co LLC’s holdings in Apple were worth $227,529,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AAPL. Atlantic Private Wealth LLC acquired a new position in shares of Apple in the 1st quarter worth approximately $30,000. Summit Wealth Group LLC lifted its stake in Apple by 16,252.3% during the first quarter. Summit Wealth Group LLC now owns 6,992,420 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 6,949,659 shares during the last quarter. HBC Financial Services PLLC boosted its holdings in Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after purchasing an additional 80 shares during the period. Clear Perspectives Financial Planning LLC increased its stake in Apple by 27.3% during the first quarter. Clear Perspectives Financial Planning LLC now owns 983 shares of the iPhone maker’s stock valued at $172,000 after purchasing an additional 211 shares during the last quarter. Finally, Magellan Asset Management Ltd raised its holdings in shares of Apple by 10.6% during the second quarter. Magellan Asset Management Ltd now owns 1,323 shares of the iPhone maker’s stock worth $181,000 after purchasing an additional 127 shares during the period. 58.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Citigroup reaffirmed a “buy” rating and issued a $240.00 price target on shares of Apple in a report on Friday, August 4th. Deutsche Bank Aktiengesellschaft upped their target price on Apple from $180.00 to $210.00 and gave the company a “buy” rating in a report on Monday, July 24th. Wedbush increased their price target on Apple from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 13th. Morgan Stanley reduced their price objective on Apple from $215.00 to $210.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Wells Fargo & Company increased their target price on Apple from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Monday, July 24th. Nine research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.40.

Check Out Our Latest Stock Analysis on AAPL

Apple Stock Performance

Shares of NASDAQ AAPL opened at $175.84 on Thursday. The stock’s fifty day simple moving average is $177.94 and its 200 day simple moving average is $178.77. The stock has a market capitalization of $2.75 trillion, a price-to-earnings ratio of 29.55, a PEG ratio of 2.40 and a beta of 1.28. The company has a quick ratio of 0.92, a current ratio of 0.98 and a debt-to-equity ratio of 1.63. Apple Inc. has a 52-week low of $124.17 and a 52-week high of $198.23.

Apple (NASDAQ:AAPL – Get Free Report) last issued its quarterly earnings results on Thursday, August 3rd. The iPhone maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.07. Apple had a return on equity of 164.92% and a net margin of 24.68%. The firm had revenue of $81.80 billion for the quarter, compared to analysts’ expectations of $81.79 billion. During the same quarter last year, the business posted $1.20 EPS. Apple’s revenue was down 1.4% on a year-over-year basis. As a group, sell-side analysts forecast that Apple Inc. will post 6.05 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 11th. This represents a $0.96 annualized dividend and a dividend yield of 0.55%. Apple’s dividend payout ratio (DPR) is presently 16.13%.

Insiders Place Their Bets

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

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.