TruNorth Capital Management LLC Cuts Stake in Apple Inc. (NASDAQ:AAPL)

TruNorth Capital Management LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 9,830 shares of the iPhone maker’s stock after selling 244 shares during the quarter. Apple makes up 0.7% of TruNorth Capital Management LLC’s investment portfolio, making the stock its 21st biggest position. TruNorth Capital Management LLC’s holdings in Apple were worth $2,290,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in AAPL. Peterson Wealth Advisors LLC increased its holdings in shares of Apple by 4.0% in the third quarter. Peterson Wealth Advisors LLC now owns 12,443 shares of the iPhone maker’s stock worth $2,899,000 after buying an additional 482 shares during the period. Ridgepath Capital Management LLC grew its position in Apple by 23.3% during the 3rd quarter. Ridgepath Capital Management LLC now owns 6,028 shares of the iPhone maker’s stock worth $1,405,000 after acquiring an additional 1,140 shares during the last quarter. Cavalier Investments LLC increased its stake in Apple by 30.1% in the 3rd quarter. Cavalier Investments LLC now owns 27,624 shares of the iPhone maker’s stock worth $6,436,000 after purchasing an additional 6,390 shares during the period. Marmo Financial Group LLC lifted its position in Apple by 17.6% in the third quarter. Marmo Financial Group LLC now owns 1,977 shares of the iPhone maker’s stock valued at $460,000 after purchasing an additional 296 shares during the last quarter. Finally, Riggs Asset Managment Co. Inc. boosted its stake in shares of Apple by 3.6% during the third quarter. Riggs Asset Managment Co. Inc. now owns 50,439 shares of the iPhone maker’s stock valued at $11,752,000 after purchasing an additional 1,741 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Price Performance

NASDAQ AAPL opened at $255.59 on Friday. The business’s fifty day moving average is $237.41 and its 200 day moving average is $227.65. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $260.10. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87. The company has a market capitalization of $3.86 trillion, a PE ratio of 42.04, a price-to-earnings-growth ratio of 2.41 and a beta of 1.23.

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

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend was Friday, November 8th. Apple’s dividend payout ratio (DPR) is currently 16.45%.

Insider Activity

In related news, CEO Timothy D. Cook sold 223,986 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value of $50,275,897.56. Following the sale, the chief executive officer now directly owns 3,280,180 shares in the company, valued at approximately $736,269,202.80. The trade was a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chris Kondo sold 4,130 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $228.87, for a total value of $945,233.10. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at $3,528,946.53. This represents a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 508,170 shares of company stock worth $117,004,745 over the last quarter. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. StockNews.com lowered shares of Apple from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Monness Crespi & Hardt restated a “buy” rating and issued a $245.00 price objective on shares of Apple in a research report on Monday, September 9th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $265.00 target price on shares of Apple in a report on Tuesday, September 10th. New Street Research restated a “neutral” rating and set a $225.00 price target on shares of Apple in a report on Wednesday, September 25th. Finally, Citigroup increased their price objective on Apple to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $237.47.

Apple 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.