Estabrook Capital Management Sells 4,095 Shares of Apple Inc. (NASDAQ:AAPL)

Estabrook Capital Management cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 1.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 210,298 shares of the iPhone maker’s stock after selling 4,095 shares during the period. Apple accounts for approximately 6.8% of Estabrook Capital Management’s portfolio, making the stock its 2nd biggest holding. Estabrook Capital Management’s holdings in Apple were worth $44,293,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its holdings in shares of Apple by 8.8% in the second quarter. EverSource Wealth Advisors LLC now owns 206,360 shares of the iPhone maker’s stock valued at $45,828,000 after acquiring an additional 16,756 shares in the last quarter. Fairscale Capital LLC acquired a new stake in Apple in the second quarter worth approximately $4,709,000. Fischer Investment Strategies LLC boosted its stake in Apple by 12.2% during the 2nd quarter. Fischer Investment Strategies LLC now owns 3,709 shares of the iPhone maker’s stock valued at $781,000 after purchasing an additional 403 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Apple during the 2nd quarter valued at $36,219,000. Finally, Team Financial Group LLC raised its stake in shares of Apple by 3.0% in the 2nd quarter. Team Financial Group LLC now owns 3,492 shares of the iPhone maker’s stock worth $736,000 after buying an additional 102 shares in the last quarter. 60.41% of the stock is owned by institutional investors.

Apple Price Performance

Shares of Apple stock opened at $226.96 on Monday. The company has a 50-day simple moving average of $226.82 and a two-hundred day simple moving average of $214.36. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.49. The stock has a market capitalization of $3.43 trillion, a price-to-earnings ratio of 37.33, a price-to-earnings-growth ratio of 2.18 and a beta of 1.24. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. The firm had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. During the same period in the previous year, the firm earned $1.46 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Analysts forecast that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 11th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. Apple’s payout ratio is 16.45%.

Insider Transactions at Apple

In other Apple news, CFO Luca Maestri sold 59,305 shares of Apple stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $226.52, for a total value of $13,433,768.60. Following the transaction, the chief financial officer now owns 107,788 shares in the company, valued at $24,416,137.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the transaction, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction, the chief financial officer now 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. In the last quarter, insiders sold 412,746 shares of company stock valued at $93,021,362. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their target price on Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Morgan Stanley restated an “overweight” rating and set a $273.00 price objective on shares of Apple in a research report on Tuesday, September 10th. Barclays dropped their target price on shares of Apple from $186.00 to $184.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Moffett Nathanson began coverage on shares of Apple in a report on Monday, August 19th. They set a “neutral” rating and a $211.00 target price for the company. Finally, Bank of America reaffirmed a “buy” rating and issued a $256.00 price target on shares of Apple in a report on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $235.51.

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.