ELM Advisors LLC Lowers Stake in Apple Inc. (NASDAQ:AAPL)

ELM Advisors LLC decreased its position in Apple Inc. (NASDAQ:AAPL) by 7.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,056 shares of the iPhone maker’s stock after selling 850 shares during the quarter. Apple makes up 2.8% of ELM Advisors LLC’s portfolio, making the stock its 10th biggest holding. ELM Advisors LLC’s holdings in Apple were worth $4,033,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of AAPL. Advisor Group Holdings Inc. purchased a new position in Apple during the 1st quarter valued at approximately $536,884,000. Norges Bank purchased a new position in Apple during the 4th quarter valued at approximately $13,759,345,000. Wealth Quarterback LLC purchased a new position in Apple during the 4th quarter valued at approximately $3,783,310,000. Wellington Management Group LLP grew its holdings in Apple by 18.2% during the 1st quarter. Wellington Management Group LLP now owns 26,941,525 shares of the iPhone maker’s stock valued at $6,850,960,000 after buying an additional 4,148,565 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Apple by 21.0% during the 1st quarter. Swiss National Bank now owns 17,300,399 shares of the iPhone maker’s stock valued at $4,399,318,000 after buying an additional 3,000,800 shares in the last quarter. 62.04% of the stock is currently owned by institutional investors.

In related news, SVP Deirdre O’brien sold 9,137 shares of the company’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $285.12, for a total value of $2,605,141.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chris Kondo sold 4,491 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $305.62, for a total value of $1,372,539.42. Following the completion of the transaction, the insider now directly owns 7,370 shares of the company’s stock, valued at approximately $2,252,419.40. The disclosure for this sale can be found here. 0.05% of the stock is owned by corporate insiders.

AAPL has been the subject of several research analyst reports. Nomura raised their price target on Apple from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Tigress Financial reiterated a “buy” rating on shares of Apple in a report on Tuesday, April 14th. Royal Bank of Canada upgraded Apple to an “outperform” rating and lifted their target price for the stock from $345.00 to $390.00 in a report on Wednesday, June 17th. They noted that the move was a valuation call. Nomura Securities lifted their target price on Apple from $225.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Finally, Raymond James lifted their target price on Apple from $340.00 to $400.00 and gave the stock an “outperform” rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company. Apple currently has a consensus rating of “Buy” and an average target price of $329.38.

Shares of AAPL traded up $6.62 during mid-day trading on Wednesday, reaching $379.31. The company had a trading volume of 17,844,309 shares, compared to its average volume of 37,403,880. Apple Inc. has a 52-week low of $192.58 and a 52-week high of $372.38. The company has a quick ratio of 1.46, a current ratio of 1.50 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $1,641.26 billion, a P/E ratio of 29.70, a PEG ratio of 2.76 and a beta of 1.18. The stock has a 50 day moving average of $339.92 and a two-hundred day moving average of $302.89.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.29. Apple had a return on equity of 64.49% and a net margin of 21.35%. The firm had revenue of $58.31 billion for the quarter, compared to the consensus estimate of $54.64 billion. During the same quarter in the prior year, the business earned $2.46 earnings per share. The company’s revenue was up .5% compared to the same quarter last year. On average, sell-side analysts expect that Apple Inc. will post 12.32 earnings per share for the current year.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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