Montchanin Asset Management LLC Sells 2,710 Shares of Apple Inc. (NASDAQ:AAPL)

Montchanin Asset Management LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,044 shares of the iPhone maker’s stock after selling 2,710 shares during the period. Apple accounts for 16.7% of Montchanin Asset Management LLC’s portfolio, making the stock its largest holding. Montchanin Asset Management LLC’s holdings in Apple were worth $17,701,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in Apple in the 4th quarter valued at about $33,912,466,000. Vanguard Group Inc. grew its stake in Apple by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after buying an additional 18,067,216 shares during the last quarter. Swedbank AB acquired a new position in Apple in the 1st quarter valued at about $3,026,492,000. Global Assets Advisory LLC grew its stake in Apple by 23,076.4% in the 1st quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock valued at $1,584,512,000 after buying an additional 9,200,345 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Apple by 158.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 11,532,438 shares of the iPhone maker’s stock valued at $1,977,582,000 after buying an additional 7,067,379 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the transaction, the insider now owns 15,419 shares of the company’s stock, valued at $3,469,275. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the transaction, the insider now owns 15,419 shares of the company’s stock, valued at $3,469,275. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the transaction, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,884 shares of company stock valued at $23,723,887. Insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $220.69 on Thursday. The company has a market cap of $3.38 trillion, a price-to-earnings ratio of 34.32, a PEG ratio of 2.62 and a beta of 1.24. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.95 and a quick ratio of 0.91. The firm has a 50 day simple moving average of $222.43 and a 200 day simple moving average of $199.41. Apple Inc. has a one year low of $164.07 and a one year high of $237.23.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.34 by $0.06. The business had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.26 EPS. Research analysts predict that Apple Inc. will post 6.7 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Monday, August 12th. Apple’s payout ratio is currently 15.55%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $265.00 price target on shares of Apple in a research note on Tuesday, September 10th. Maxim Group restated a “hold” rating and set a $203.00 target price on shares of Apple in a research report on Tuesday, September 10th. The Goldman Sachs Group increased their target price on shares of Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Melius Research restated a “buy” rating and set a $265.00 target price on shares of Apple in a research report on Tuesday, August 27th. Finally, Piper Sandler restated a “neutral” rating and set a $225.00 target price on shares of Apple in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $239.17.

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.