Cahaba Wealth Management Inc. Sells 2,650 Shares of Apple Inc. $AAPL

Cahaba Wealth Management Inc. reduced its position in Apple Inc. (NASDAQ:AAPL) by 9.7% during the second quarter, Holdings Channel.com reports. The firm owned 24,620 shares of the iPhone maker’s stock after selling 2,650 shares during the quarter. Apple accounts for approximately 0.4% of Cahaba Wealth Management Inc.’s holdings, making the stock its 24th biggest position. Cahaba Wealth Management Inc.’s holdings in Apple were worth $5,051,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Ryan Investment Management Inc. bought a new position in shares of Apple in the 2nd quarter worth $31,000. ROSS JOHNSON & Associates LLC lifted its holdings in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares in the last quarter. Elite Financial Inc. bought a new position in Apple during the 1st quarter valued at $58,000. LSV Asset Management bought a new position in Apple during the 4th quarter valued at $65,000. Finally, HFM Investment Advisors LLC bought a new position in Apple during the 1st quarter valued at $99,000. 67.73% of the stock is currently owned by institutional investors.

Insider Activity at Apple

In related news, SVP Katherine L. Adams sold 47,125 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total value of $12,101,228.75. Following the sale, the senior vice president directly owned 179,158 shares in the company, valued at approximately $46,005,982.82. The trade was a 20.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 129,963 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $256.81, for a total value of $33,375,798.03. Following the completion of the sale, the chief executive officer owned 3,280,295 shares in the company, valued at $842,412,558.95. This represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,922 shares of company stock worth $64,320,190. Company insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Seaport Res Ptn upgraded Apple to a “strong-buy” rating in a research note on Wednesday, October 1st. Bank of America raised their price objective on Apple from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Morgan Stanley set a $298.00 price objective on Apple and gave the company an “overweight” rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. raised their price objective on Apple from $255.00 to $280.00 and gave the company an “overweight” rating in a research note on Friday, September 19th. Finally, Barclays raised their price objective on Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research note on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $248.29.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $245.27 on Monday. The company’s 50-day moving average is $237.61 and its 200 day moving average is $215.83. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The company has a market capitalization of $3.64 trillion, a P/E ratio of 37.22, a price-to-earnings-growth ratio of 2.39 and a beta of 1.09. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10.

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

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple’s payout ratio is currently 15.78%.

Apple 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.