Intersect Capital LLC Reduces Holdings in Apple Inc. (AAPL)

Intersect Capital LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 45,478 shares of the iPhone maker’s stock after selling 1,329 shares during the quarter. Apple makes up about 4.1% of Intersect Capital LLC’s holdings, making the stock its 3rd largest position. Intersect Capital LLC’s holdings in Apple were worth $8,418,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Summit Trail Advisors LLC grew its holdings in shares of Apple by 17,669.4% during the first quarter. Summit Trail Advisors LLC now owns 20,180,694 shares of the iPhone maker’s stock worth $20,181,000 after buying an additional 20,067,124 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Apple by 1.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 19,610,272 shares of the iPhone maker’s stock worth $3,290,212,000 after buying an additional 347,970 shares during the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of Apple by 18,553.3% during the second quarter. Cornerstone Wealth Management LLC now owns 16,758,709 shares of the iPhone maker’s stock worth $89,526,000 after buying an additional 16,668,866 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Apple by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 16,158,094 shares of the iPhone maker’s stock worth $2,711,005,000 after buying an additional 55,050 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Apple by 4.0% during the second quarter. Fisher Asset Management LLC now owns 12,159,643 shares of the iPhone maker’s stock worth $2,250,872,000 after buying an additional 466,888 shares during the last quarter. 57.65% of the stock is currently owned by institutional investors.

AAPL stock opened at $172.29 on Friday. Apple Inc. has a 12-month low of $150.24 and a 12-month high of $233.47. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.12 and a quick ratio of 1.09. The company has a market cap of $846.83 billion, a PE ratio of 14.51, a P/E/G ratio of 1.24 and a beta of 1.26.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.78 by $0.13. Apple had a net margin of 22.41% and a return on equity of 48.68%. The company had revenue of $62.90 billion during the quarter, compared to the consensus estimate of $61.55 billion. During the same period last year, the firm earned $2.07 EPS. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, analysts forecast that Apple Inc. will post 13.35 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Monday, November 12th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $2.92 annualized dividend and a dividend yield of 1.69%. Apple’s dividend payout ratio is currently 24.52%.

In related news, SVP Angela J. Ahrendts sold 25,000 shares of Apple stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $232.66, for a total transaction of $5,816,500.00. Following the completion of the transaction, the senior vice president now directly owns 105,538 shares in the company, valued at approximately $24,554,471.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy D. Cook sold 265,160 shares of Apple stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $217.79, for a total value of $57,749,196.40. The disclosure for this sale can be found here. Insiders have sold a total of 470,005 shares of company stock valued at $104,764,873 over the last 90 days. Insiders own 0.08% of the company’s stock.

A number of equities research analysts have weighed in on the company. BidaskClub lowered Apple from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 12th. Morgan Stanley reaffirmed a “buy” rating and issued a $247.00 price objective on shares of Apple in a report on Wednesday, September 26th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $272.00 price objective on shares of Apple in a report on Wednesday, October 10th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $240.00 price objective on shares of Apple in a report on Tuesday, September 11th. Finally, Wells Fargo & Co set a $210.00 price objective on Apple and gave the company a “neutral” rating in a report on Wednesday, September 5th. Three analysts have rated the stock with a sell rating, twenty-three have given a hold rating and twenty-five have assigned a buy rating to the company. Apple currently has an average rating of “Hold” and an average price target of $223.07.

TRADEMARK VIOLATION NOTICE: “Intersect Capital LLC Reduces Holdings in Apple Inc. (AAPL)” was first published by WKRB News and is the property of of WKRB News. If you are accessing this article on another domain, it was stolen and republished in violation of U.S. & international copyright law. The original version of this article can be viewed at https://www.wkrb13.com/2018/11/25/intersect-capital-llc-reduces-holdings-in-apple-inc-aapl.html.

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.

Further Reading: How does inflation affect different investments?

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply