Howe & Rusling Inc. Sells 16,367 Shares of Apple Inc. (AAPL)

Howe & Rusling Inc. reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 15.5% in the second quarter, Holdings Channel reports. The institutional investor owned 89,401 shares of the iPhone maker’s stock after selling 16,367 shares during the period. Apple comprises about 3.0% of Howe & Rusling Inc.’s portfolio, making the stock its biggest holding. Howe & Rusling Inc.’s holdings in Apple were worth $16,549,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in AAPL. Investment Partners LTD. boosted its position in shares of Apple by 4.9% during the second quarter. Investment Partners LTD. now owns 5,594 shares of the iPhone maker’s stock worth $1,036,000 after acquiring an additional 263 shares during the last quarter. Townsend & Associates Inc boosted its position in shares of Apple by 6.8% during the second quarter. Townsend & Associates Inc now owns 4,204 shares of the iPhone maker’s stock worth $778,000 after acquiring an additional 268 shares during the last quarter. Dorsey Wright & Associates boosted its position in shares of Apple by 9.2% during the second quarter. Dorsey Wright & Associates now owns 3,205 shares of the iPhone maker’s stock worth $593,000 after acquiring an additional 270 shares during the last quarter. Taylor Cottrill Erickson & Associates Inc. boosted its position in shares of Apple by 0.5% during the second quarter. Taylor Cottrill Erickson & Associates Inc. now owns 57,634 shares of the iPhone maker’s stock worth $10,669,000 after acquiring an additional 270 shares during the last quarter. Finally, Marcus Capital LLC boosted its position in shares of Apple by 6.8% during the first quarter. Marcus Capital LLC now owns 4,342 shares of the iPhone maker’s stock worth $729,000 after acquiring an additional 275 shares during the last quarter. 57.65% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have commented on AAPL shares. Citigroup lowered their price objective on shares of Apple from $265.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, November 2nd. Morgan Stanley increased their price objective on shares of Apple from $226.00 to $253.00 and gave the company an “overweight” rating in a research report on Thursday, November 8th. Royal Bank of Canada set a $240.00 price objective on shares of Apple and gave the company a “buy” rating in a research report on Monday, September 24th. Wells Fargo & Co reiterated a “neutral” rating and set a $210.00 price objective on shares of Apple in a research report on Friday, August 10th. Finally, JPMorgan Chase & Co. started coverage on shares of Apple in a research report on Thursday, September 27th. They set an “overweight” rating and a $272.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $223.07.

In related news, CEO Timothy D. Cook sold 265,160 shares of the firm’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $217.79, for a total value of $57,749,196.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Chris Kondo sold 3,408 shares of the firm’s stock in a transaction dated Monday, November 19th. The stock was sold at an average price of $190.00, for a total transaction of $647,520.00. Following the completion of the transaction, the insider now directly owns 8,940 shares in the company, valued at approximately $1,698,600. The disclosure for this sale can be found here. Insiders sold a total of 470,005 shares of company stock worth $104,764,873 in the last ninety days. 0.08% of the stock is currently owned by insiders.

AAPL stock opened at $176.78 on Friday. The stock has a market capitalization of $868.90 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.27 and a beta of 1.26. Apple Inc. has a 12 month low of $150.24 and a 12 month high of $233.47. The company has a current ratio of 1.12, a quick ratio of 1.09 and a debt-to-equity ratio of 0.87.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, November 1st. The iPhone maker reported $2.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.78 by $0.13. The company had revenue of $62.90 billion for the quarter, compared to the consensus estimate of $61.55 billion. Apple had a net margin of 22.41% and a return on equity of 48.68%. The firm’s revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.07 EPS. On average, equities research analysts expect that Apple Inc. will post 13.35 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Monday, November 12th were paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Thursday, November 8th. Apple’s dividend payout ratio is presently 24.52%.

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About Apple

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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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