Provident Trust Co. Raises Position in Apple Inc. (NASDAQ:AAPL)

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Provident Trust Co. increased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 41.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,635 shares of the iPhone maker’s stock after buying an additional 2,800 shares during the period. Apple comprises approximately 0.1% of Provident Trust Co.’s investment portfolio, making the stock its 15th largest holding. Provident Trust Co.’s holdings in Apple were worth $2,158,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Avondale Wealth Management raised its holdings in shares of Apple by 25.4% during the 2nd quarter. Avondale Wealth Management now owns 316 shares of the iPhone maker’s stock worth $63,000 after acquiring an additional 64 shares during the period. NuWave Investment Management LLC boosted its position in shares of Apple by 2,245.0% during the 2nd quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock valued at $93,000 after acquiring an additional 449 shares during the last quarter. Horan Securities Inc. grew its holdings in shares of Apple by 64.2% in the second quarter. Horan Securities Inc. now owns 565 shares of the iPhone maker’s stock valued at $112,000 after purchasing an additional 221 shares during the period. Belvedere Advisors LLC purchased a new stake in shares of Apple in the second quarter valued at about $119,000. Finally, C M Bidwell & Associates Ltd. increased its position in Apple by 339.1% during the second quarter. C M Bidwell & Associates Ltd. now owns 764 shares of the iPhone maker’s stock worth $151,000 after purchasing an additional 590 shares during the last quarter. 59.19% of the stock is currently owned by hedge funds and other institutional investors.

In related news, COO Jeffrey E. Williams sold 67,554 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $219.04, for a total value of $14,797,028.16. Following the transaction, the chief operating officer now owns 237,517 shares in the company, valued at approximately $52,025,723.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur D. Levinson sold 37,394 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $257.79, for a total value of $9,639,799.26. Following the sale, the director now directly owns 1,170,677 shares of the company’s stock, valued at $301,788,823.83. The disclosure for this sale can be found here. Insiders sold 182,998 shares of company stock valued at $42,351,593 over the last ninety days. Corporate insiders own 0.05% of the company’s stock.

A number of equities analysts have commented on the stock. Rosenblatt Securities set a $150.00 target price on shares of Apple and gave the stock a “sell” rating in a research note on Friday, September 13th. Deutsche Bank increased their price target on shares of Apple from $210.00 to $230.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. They noted that the move was a valuation call. Needham & Company LLC raised their price target on shares of Apple to $280.00 and gave the stock an “average” rating in a report on Thursday, October 31st. Royal Bank of Canada set a $295.00 price objective on Apple and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Macquarie set a $210.00 price objective on Apple and gave the stock a “hold” rating in a research report on Tuesday, September 10th. Five investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Apple currently has an average rating of “Hold” and an average target price of $246.46.

Shares of Apple stock opened at $270.71 on Friday. The firm’s 50 day moving average is $256.55 and its two-hundred day moving average is $218.07. Apple Inc. has a 52 week low of $142.00 and a 52 week high of $268.25. The company has a quick ratio of 1.50, a current ratio of 1.54 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $1,202.84 billion, a P/E ratio of 22.77, a P/E/G ratio of 1.90 and a beta of 1.24.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Wednesday, October 30th. The iPhone maker reported $3.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.84 by $0.19. The firm had revenue of $64.04 billion for the quarter, compared to analyst estimates of $62.86 billion. Apple had a net margin of 21.24% and a return on equity of 53.82%. Apple’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period last year, the business earned $2.91 EPS. As a group, research analysts expect that Apple Inc. will post 13.18 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were issued a $0.77 dividend. The ex-dividend date was Thursday, November 7th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.14%. Apple’s payout ratio is 25.90%.

Apple Profile

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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