Sierra Ocean LLC Invests $2.47 Million in Apple Inc. (NASDAQ:AAPL)

Sierra Ocean LLC bought a new stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,859 shares of the iPhone maker's stock, valued at approximately $2,469,000. Apple comprises about 2.0% of Sierra Ocean LLC's holdings, making the stock its 12th biggest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Drystone LLC purchased a new stake in shares of Apple during the fourth quarter worth about $25,000. Bull Oak Capital LLC grew its position in Apple by 252.3% during the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker's stock worth $36,000 after purchasing an additional 111 shares during the period. Life Planning Partners Inc acquired a new position in Apple in the fourth quarter valued at approximately $47,000. SPX Gestao de Recursos Ltda acquired a new stake in Apple during the third quarter valued at $71,000. Finally, Teachers Insurance & Annuity Association of America acquired a new stake in shares of Apple during the 3rd quarter valued at about $77,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Stock Performance

Shares of AAPL traded up $0.91 during trading hours on Friday, hitting $209.28. The company had a trading volume of 38,183,408 shares, compared to its average volume of 56,765,391. Apple Inc. has a 12 month low of $169.11 and a 12 month high of $260.10. The business has a fifty day moving average of $215.71 and a 200-day moving average of $229.31. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The firm has a market cap of $3.14 trillion, a price-to-earnings ratio of 33.22, a PEG ratio of 2.44 and a beta of 1.26.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The iPhone maker reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.04. Apple had a return on equity of 160.83% and a net margin of 24.30%. Equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 13th. Investors of record on Monday, February 10th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.48%. The ex-dividend date was Monday, February 10th. Apple's payout ratio is 15.87%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. UBS Group cut their target price on shares of Apple from $236.00 to $210.00 and set a "neutral" rating for the company in a research note on Wednesday. Bank of America cut their price target on shares of Apple from $250.00 to $240.00 and set a "buy" rating for the company in a report on Thursday. Sanford C. Bernstein increased their target price on shares of Apple from $240.00 to $260.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Monness Crespi & Hardt boosted their price objective on Apple to $245.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Finally, China Renaissance began coverage on shares of Apple in a research report on Tuesday. They issued a "buy" rating and a $241.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $233.88.

Insiders Place Their Bets

In related news, CEO Timothy D. Cook sold 108,136 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the transaction, the chief executive officer now owns 3,280,295 shares of the company's stock, valued at approximately $733,637,976.75. This trade represents a 3.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the sale, the chief financial officer now directly owns 4,569 shares of the company's stock, valued at approximately $941,214. This trade represents a 50.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 187,021 shares of company stock valued at $41,760,140 in the last 90 days. Corporate insiders own 0.06% of the company's stock.

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.