Apple Inc. (NASDAQ:AAPL) Position Lessened by Comerica Bank
Comerica Bank trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.3% during the third quarter, Holdings Channel reports. The fund owned 1,019,463 shares of the iPhone maker’s stock after selling 23,604 shares during the quarter. Apple accounts for 2.0% of Comerica Bank’s investment portfolio, making the stock its 3rd largest holding. Comerica Bank’s holdings in Apple were worth $248,321,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Avondale Wealth Management boosted its stake in Apple by 25.4% in the second quarter. Avondale Wealth Management now owns 316 shares of the iPhone maker’s stock valued at $63,000 after acquiring an additional 64 shares during the period. NuWave Investment Management LLC boosted its stake in Apple by 2,245.0% in the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock valued at $93,000 after acquiring an additional 449 shares during the period. Horan Securities Inc. boosted its stake in Apple by 64.2% in the second quarter. Horan Securities Inc. now owns 565 shares of the iPhone maker’s stock valued at $112,000 after acquiring an additional 221 shares during the period. Belvedere Advisors LLC acquired a new position in Apple in the second quarter valued at approximately $119,000. Finally, C M Bidwell & Associates Ltd. boosted its stake in Apple by 339.1% in the second quarter. C M Bidwell & Associates Ltd. now owns 764 shares of the iPhone maker’s stock valued at $151,000 after acquiring an additional 590 shares during the period. 58.61% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Arthur D. Levinson sold 37,394 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $257.79, for a total value of $9,639,799.26. Following the transaction, the director now directly owns 1,170,677 shares of the company’s stock, valued at $301,788,823.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy D. Cook sold 265,160 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $206.17, for a total transaction of $54,668,037.20. The disclosure for this sale can be found here. Insiders sold 465,658 shares of company stock worth $100,549,205 over the last ninety days. 0.05% of the stock is currently owned by company insiders.
Apple (NASDAQ:AAPL) last announced its earnings results on Wednesday, October 30th. The iPhone maker reported $3.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.19. Apple had a net margin of 21.24% and a return on equity of 53.82%. The company had revenue of $64.04 billion for the quarter, compared to the consensus estimate of $62.86 billion. During the same period in the previous year, the business earned $2.91 EPS. The company’s revenue was up 1.8% on a year-over-year basis. Equities analysts expect that Apple Inc. will post 13.17 EPS for the current fiscal year.
The business 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 $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Thursday, November 7th. Apple’s dividend payout ratio (DPR) is presently 25.90%.
A number of equities analysts have commented on AAPL shares. JPMorgan Chase & Co. restated a “buy” rating and issued a target price on shares of Apple in a research note on Thursday, October 31st. Zacks Investment Research downgraded Apple from a “hold” rating to a “sell” rating and set a $248.00 target price for the company. in a research note on Monday, October 14th. DZ Bank upgraded Apple from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Daiwa Capital Markets set a $223.00 target price on Apple and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Longbow Research upgraded Apple from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research note on Thursday, October 10th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $239.51.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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