Adell Harriman & Carpenter Inc. Has $83.50 Million Stake in Apple Inc. (NASDAQ:AAPL)

Adell Harriman & Carpenter Inc. cut its stake in Apple Inc. (NASDAQ:AAPL) by 0.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 396,446 shares of the iPhone maker’s stock after selling 3,365 shares during the period. Apple comprises 6.4% of Adell Harriman & Carpenter Inc.’s portfolio, making the stock its 3rd largest position. Adell Harriman & Carpenter Inc.’s holdings in Apple were worth $83,500,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in AAPL. Whalen Wealth Management Inc. raised its position in shares of Apple by 91.1% during the 2nd quarter. Whalen Wealth Management Inc. now owns 22,152 shares of the iPhone maker’s stock valued at $4,666,000 after acquiring an additional 10,561 shares in the last quarter. Johnson Financial Group LLC increased its stake in Apple by 2.2% during the second quarter. Johnson Financial Group LLC now owns 3,234 shares of the iPhone maker’s stock valued at $681,000 after purchasing an additional 71 shares during the last quarter. Allegheny Financial Group LTD raised its holdings in shares of Apple by 10.8% during the second quarter. Allegheny Financial Group LTD now owns 80,060 shares of the iPhone maker’s stock worth $16,862,000 after purchasing an additional 7,799 shares during the period. Generate Investment Management Ltd lifted its position in shares of Apple by 24.2% in the 2nd quarter. Generate Investment Management Ltd now owns 255,335 shares of the iPhone maker’s stock worth $53,779,000 after buying an additional 49,673 shares during the last quarter. Finally, Retirement Income Solutions Inc boosted its stake in Apple by 6.4% in the second quarter. Retirement Income Solutions Inc now owns 21,141 shares of the iPhone maker’s stock valued at $4,453,000 after acquiring an additional 1,272 shares during the period. 60.41% of the stock is currently owned by institutional investors.

Apple Stock Up 0.2 %

Shares of AAPL stock opened at $232.15 on Friday. The stock’s 50 day simple moving average is $225.41 and its 200 day simple moving average is $207.39. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.49. The company has a market capitalization of $3.56 trillion, a price-to-earnings ratio of 36.10, a PEG ratio of 2.40 and a beta of 1.24.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 147.15% and a net margin of 26.44%. The firm had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. During the same quarter in the prior year, the company earned $1.26 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, research analysts predict that Apple Inc. will post 6.65 EPS for the current year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.43%. Apple’s payout ratio is 15.55%.

Analysts Set New Price Targets

AAPL has been the subject of several recent research reports. JPMorgan Chase & Co. restated an “overweight” rating and set a $265.00 price target on shares of Apple in a research report on Tuesday, September 10th. Tigress Financial lifted their price target on Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 28th. New Street Research restated a “neutral” rating and set a $225.00 price objective on shares of Apple in a research report on Wednesday, September 25th. Maxim Group reiterated a “hold” rating and issued a $203.00 target price on shares of Apple in a report on Tuesday, September 10th. Finally, TD Cowen increased their price objective on Apple from $220.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Apple presently has an average rating of “Moderate Buy” and an average price target of $239.27.

Insider Buying and Selling at Apple

In other news, CFO Luca Maestri sold 59,305 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $226.52, for a total value of $13,433,768.60. Following the completion of the transaction, the chief financial officer now owns 107,788 shares in the company, valued at approximately $24,416,137.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Luca Maestri sold 59,305 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $226.52, for a total transaction of $13,433,768.60. Following the sale, the chief financial officer now directly owns 107,788 shares of the company’s stock, valued at approximately $24,416,137.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 517,924 shares of company stock valued at $114,786,399 in the last quarter. Corporate 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.