Palisades Hudson Asset Management L.P. Sells 637 Shares of Apple Inc. $AAPL

Palisades Hudson Asset Management L.P. cut its holdings in Apple Inc. (NASDAQ:AAPL) by 3.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,612 shares of the iPhone maker’s stock after selling 637 shares during the period. Apple accounts for approximately 2.1% of Palisades Hudson Asset Management L.P.’s portfolio, making the stock its 14th biggest holding. Palisades Hudson Asset Management L.P.’s holdings in Apple were worth $4,578,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in AAPL. Tallon Kerry Patrick bought a new position in shares of Apple during the 4th quarter worth about $1,877,000. First National Bank of Hutchinson grew its position in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after buying an additional 6,982 shares in the last quarter. Eagle Capital Management LLC grew its position in Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after buying an additional 272 shares in the last quarter. Brighton Jones LLC grew its position in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after buying an additional 69,207 shares in the last quarter. Finally, Revolve Wealth Partners LLC grew its position in Apple by 4.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock worth $16,742,000 after buying an additional 2,695 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AAPL shares. Needham & Company LLC reissued a “hold” rating on shares of Apple in a research report on Friday, July 25th. Citigroup lifted their target price on Apple from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Wedbush reissued an “outperform” rating and set a $270.00 target price on shares of Apple in a research report on Wednesday. Loop Capital decreased their target price on Apple from $230.00 to $226.00 and set a “hold” rating on the stock in a research report on Thursday, August 21st. Finally, Evercore ISI reissued an “outperform” rating and set a $250.00 target price on shares of Apple in a research report on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $239.05.

Apple Price Performance

NASDAQ:AAPL opened at $239.69 on Friday. The firm has a market cap of $3.56 trillion, a PE ratio of 36.37, a price-to-earnings-growth ratio of 2.50 and a beta of 1.11. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company’s 50-day moving average price is $219.28 and its two-hundred day moving average price is $212.86.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.Apple’s revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.40 EPS. On average, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s payout ratio is presently 15.78%.

Insider Activity at Apple

In other news, SVP Deirdre O’brien sold 34,821 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company’s stock, valued at $30,508,538.40. The trade was a 20.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is owned by insiders.

Apple Company 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.