Cim Investment Management Inc. Raises Position in Apple Inc. $AAPL

Cim Investment Management Inc. increased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 106.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 93,705 shares of the iPhone maker’s stock after purchasing an additional 48,411 shares during the period. Apple makes up 3.7% of Cim Investment Management Inc.’s holdings, making the stock its 4th biggest holding. Cim Investment Management Inc.’s holdings in Apple were worth $19,225,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ryan Investment Management Inc. bought a new position in Apple in the 2nd quarter valued at approximately $31,000. ROSS JOHNSON & Associates LLC grew its stake in shares of Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after buying an additional 180 shares during the last quarter. Nexus Investment Management ULC increased its holdings in shares of Apple by 333.3% during the second quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock worth $53,000 after buying an additional 200 shares in the last quarter. LSV Asset Management bought a new position in shares of Apple in the 4th quarter valued at $65,000. Finally, Elite Financial Inc. acquired a new stake in shares of Apple during the 1st quarter valued at $58,000. Institutional investors own 67.73% of the company’s stock.

Apple Stock Up 0.1%

Shares of NASDAQ:AAPL opened at $278.28 on Monday. The business’s 50-day moving average is $268.24 and its 200-day moving average is $237.28. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $288.62. The company has a market capitalization of $4.11 trillion, a price-to-earnings ratio of 37.25, a P/E/G ratio of 2.60 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.89 and a quick ratio of 0.86.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, October 30th. The iPhone maker reported $1.85 EPS for the quarter, topping the consensus estimate of $1.74 by $0.11. The company had revenue of $102.47 billion during the quarter, compared to the consensus estimate of $101.65 billion. Apple had a net margin of 26.92% and a return on equity of 164.05%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.64 EPS. Equities research analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Shareholders of record on Monday, November 10th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, November 10th. Apple’s payout ratio is 13.92%.

Insider Activity

In other news, CFO Kevan Parekh sold 4,199 shares of the company’s stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $247.39, for a total transaction of $1,038,790.61. Following the transaction, the chief financial officer owned 8,765 shares in the company, valued at approximately $2,168,373.35. This represents a 32.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Deirdre O’brien sold 43,013 shares of the stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the transaction, the senior vice president directly owned 136,687 shares in the company, valued at $35,181,866.93. This trade represents a 23.94% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 228,052 shares of company stock valued at $58,604,588. Corporate insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on AAPL shares. Citigroup reiterated a “buy” rating and issued a $330.00 target price (up from $315.00) on shares of Apple in a research report on Tuesday, December 9th. Bank of America lifted their target price on shares of Apple from $270.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Tigress Financial upped their price target on shares of Apple from $300.00 to $305.00 and gave the company a “strong-buy” rating in a research report on Wednesday, September 17th. Melius lifted their price target on shares of Apple from $290.00 to $345.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Finally, Robert W. Baird set a $300.00 price objective on shares of Apple in a research note on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $282.51.

About Apple

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.