Provident Investment Management Inc. Has $608,000 Stock Holdings in Apple Inc. $AAPL

Provident Investment Management Inc. lowered its stake in Apple Inc. (NASDAQ:AAPL) by 66.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,966 shares of the iPhone maker’s stock after selling 5,790 shares during the quarter. Provident Investment Management Inc.’s holdings in Apple were worth $608,000 as of its most recent SEC filing.

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

Apple Stock Performance

NASDAQ:AAPL opened at $274.11 on Tuesday. The company has a market cap of $4.05 trillion, a price-to-earnings ratio of 36.69, a PEG ratio of 2.60 and a beta of 1.10. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $288.62. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.86 and a current ratio of 0.89. The stock has a fifty day moving average price of $268.59 and a 200-day moving average price of $237.81.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, October 30th. The iPhone maker reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.11. Apple had a return on equity of 164.05% and a net margin of 26.92%.The business had revenue of $102.47 billion during the quarter, compared to the consensus estimate of $101.65 billion. During the same quarter in the previous year, the firm earned $1.64 earnings per share. Apple’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

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

Insider Activity at Apple

In other Apple news, insider Chris Kondo sold 3,752 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $271.23, for a total transaction of $1,017,654.96. Following the completion of the transaction, the insider directly owned 15,098 shares in the company, valued at $4,095,030.54. The trade was a 19.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Katherine L. Adams sold 47,125 shares of the company’s stock in a transaction on 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 owned 179,158 shares of the company’s stock, valued at $46,005,982.82. The trade was a 20.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 228,052 shares of company stock worth $58,604,588 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Barclays increased their price target on Apple from $180.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. Phillip Securities downgraded shares of Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 price objective on the stock. in a report on Thursday, September 11th. Tigress Financial raised their target price on shares of Apple from $300.00 to $305.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, September 17th. Jefferies Financial Group raised shares of Apple from an “underperform” rating to a “hold” rating and lifted their target price for the stock from $203.07 to $246.99 in a report on Friday, October 31st. Finally, Wall Street Zen cut shares of Apple from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.