Apple Inc. $AAPL Position Reduced by Provident Investment Management Inc.

Provident Investment Management Inc. lessened its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.4% in the third quarter, Holdings Channel reports. The fund owned 100,803 shares of the iPhone maker’s stock after selling 1,412 shares during the quarter. Apple comprises 3.4% of Provident Investment Management Inc.’s investment portfolio, making the stock its 12th biggest holding. Provident Investment Management Inc.’s holdings in Apple were worth $33,570,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Prospect Hill Management LLC purchased a new position in shares of Apple during the 2nd quarter worth $146,370,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Apple in the 2nd quarter worth $168,646,000. Wealthfront Advisers LLC purchased a new stake in shares of Apple in the 2nd quarter worth $482,388,000. Satovsky Asset Management LLC bought a new position in Apple in the 2nd quarter worth $16,064,000. Finally, Gouws Capital LLC raised its holdings in Apple by 136.9% in the 3rd quarter. Gouws Capital LLC now owns 37,504 shares of the iPhone maker’s stock worth $12,490,000 after purchasing an additional 21,676 shares during the period. Institutional investors own 67.73% of the company’s stock.

Wall Street Analysts Forecast Growth

AAPL has been the topic of several analyst reports. Bank of America reiterated a “buy” rating and set a $370.00 target price on shares of Apple in a research report on Wednesday, September 23rd. Yorkville Ives started coverage on Apple in a research report on Tuesday, October 6th. They issued an “outperform” rating and a $400.00 price target for the company. Morgan Stanley set a $350.00 price objective on Apple and gave the stock an “overweight” rating in a research note on Tuesday, November 3rd. Deutsche Bank cut Apple from a “buy” rating to a “hold” rating in a research report on Monday, August 17th. Finally, Moffett Nathanson set a $283.00 price objective on Apple and gave the company a “neutral” rating in a research note on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and an average target price of $347.11.

Apple Price Performance

Apple stock traded up $1.39 during mid-day trading on Friday, hitting $356.27. The stock had a trading volume of 39,967,159 shares, compared to its average volume of 48,203,272. Apple Inc. has a one year low of $243.42 and a one year high of $360.83. The company has a current ratio of 1.02, a quick ratio of 0.94 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $5.18 trillion, a P/E ratio of 39.72, a P/E/G ratio of 3.41 and a beta of 1.07. The firm’s 50 day moving average is $339.04 and its 200 day moving average is $301.05.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Monday, November 2nd. The iPhone maker reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.11. The business had revenue of $114.48 billion for the quarter, compared to analysts’ expectations of $113.40 billion. Apple had a return on equity of 125.35% and a net margin of 27.60%. The business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period last year, the firm earned $1.85 earnings per share. On average, sell-side analysts forecast that Apple Inc. will post 9.45 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, November 12th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. Apple’s dividend payout ratio is 12.04%.

Insider Activity

In related news, CEO John Ternus sold 25,412 shares of the stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $332.94, for a total transaction of $8,460,671.28. Following the completion of the sale, the chief executive officer owned 59,567 shares in the company, valued at approximately $19,832,236.98. This trade represents a 29.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ben Borders sold 1,280 shares of Apple stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $345.40, for a total value of $442,112.00. Following the sale, the insider directly owned 38,288 shares in the company, valued at $13,224,675.20. This trade represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 292,611 shares of company stock valued at $97,482,597 in the last three months. 0.06% of the stock is currently owned by insiders.

Apple News Summary

Investors following AAPL have been watching these news items:

• Positive Sentiment: Apple’s new $299 HomeView and Apple TV devices, featuring Siri AI, began reaching customers Friday, offering a potential new product and ecosystem catalyst ahead of the holiday season. Apple devices hit shelves
• Neutral Sentiment: HomeView is not launching in the EU because Siri AI is unavailable there, and early coverage has questioned Siri’s readiness. This could constrain the device’s initial reach and reception. HomeView launch coverage
• Negative Sentiment: Valuation remains a key risk: analysts have warned Apple trades at a premium, and views are divided, including a DZ Bank downgrade to Sell. A senior vice president also continued a pattern of scheduled share sales, a modest potential overhang. Apple valuation analysis

Apple Profile

Apple Inc. designs, manufactures and markets consumer electronics, software and digital services. Its products include the iPhone, Mac computers, iPad, Apple Watch and AirPods, along with operating systems and applications such as iOS, macOS and iPadOS. The company also offers services including the App Store, Apple Music, Apple TV+, iCloud and Apple Pay. These products and services are integrated across Apple’s devices and are sold to consumers, businesses and institutions around the world. Founded in 1976 and headquartered in Cupertino, California, Apple serves customers globally through online and retail stores, wireless carriers and other resellers.