Cresset Asset Management LLC Lowers Stake in Apple Inc. (NASDAQ:AAPL)

Cresset Asset Management LLC lowered its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 3.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,135,903 shares of the iPhone maker’s stock after selling 531,580 shares during the quarter. Apple accounts for about 31.1% of Cresset Asset Management LLC’s investment portfolio, making the stock its biggest position. Cresset Asset Management LLC’s holdings in Apple were worth $2,992,100,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AAPL. Joseph Group Capital Management bought a new stake in Apple during the fourth quarter worth about $1,631,000. Cardinal Capital Management Inc. grew its stake in Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares during the last quarter. Shore Point Advisors LLC bought a new stake in Apple during the fourth quarter worth about $41,000. Emerson Wealth LLC grew its stake in Apple by 363.6% during the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after buying an additional 320 shares during the last quarter. Finally, Econ Financial Services Corp grew its stake in Apple by 29.1% during the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after buying an additional 95 shares during the last quarter. Institutional investors own 57.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. JPMorgan Chase & Co. set a $200.00 target price on shares of Apple in a research report on Tuesday, September 6th. The Goldman Sachs Group reiterated a “neutral” rating and set a $139.00 target price on shares of Apple in a research report on Thursday. Deutsche Bank Aktiengesellschaft set a $175.00 target price on shares of Apple in a research report on Monday, August 1st. Finally, KeyCorp upped their target price on shares of Apple from $177.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, August 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $181.31.

Apple Stock Up 1.9 %

Shares of AAPL stock opened at $157.37 on Friday. The firm has a fifty day moving average of $158.47 and a 200-day moving average of $156.34. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a market capitalization of $2.53 trillion, a price-to-earnings ratio of 25.97, a P/E/G ratio of 2.00 and a beta of 1.23.

Apple (NASDAQ:AAPLGet Rating) last issued its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. During the same quarter in the prior year, the firm earned $1.30 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. As a group, equities research analysts predict that Apple Inc. will post 6.11 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.58%. The ex-dividend date was Friday, August 5th. Apple’s dividend payout ratio is 15.18%.

Insider Transactions at Apple

In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Luca Maestri sold 96,735 shares of the firm’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the transaction, the chief financial officer now directly owns 110,673 shares of the company’s stock, valued at approximately $19,362,241.35. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

Apple Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

Further Reading

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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