Progressive Investment Management Corp Reduces Position in Apple Inc. (NASDAQ:AAPL)

Progressive Investment Management Corp lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 160,896 shares of the iPhone maker's stock after selling 1,863 shares during the period. Apple comprises 9.6% of Progressive Investment Management Corp's holdings, making the stock its 2nd largest position. Progressive Investment Management Corp's holdings in Apple were worth $37,489,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in AAPL. Darwin Wealth Management LLC bought a new position in Apple during the third quarter valued at $12,103,000. EULAV Asset Management raised its stake in Apple by 4.8% in the 3rd quarter. EULAV Asset Management now owns 87,056 shares of the iPhone maker's stock valued at $20,284,000 after acquiring an additional 4,003 shares during the period. Howe & Rusling Inc. lifted its holdings in Apple by 2.1% during the third quarter. Howe & Rusling Inc. now owns 155,331 shares of the iPhone maker's stock valued at $36,192,000 after purchasing an additional 3,236 shares during the last quarter. NS Partners Ltd boosted its position in Apple by 2.6% during the third quarter. NS Partners Ltd now owns 583,676 shares of the iPhone maker's stock worth $135,997,000 after purchasing an additional 14,733 shares during the period. Finally, Strategy Asset Managers LLC increased its stake in shares of Apple by 0.8% in the third quarter. Strategy Asset Managers LLC now owns 62,281 shares of the iPhone maker's stock worth $14,511,000 after purchasing an additional 513 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Trading Down 0.7 %

Shares of NASDAQ:AAPL traded down $1.74 during midday trading on Thursday, hitting $237.62. 32,786,231 shares of the stock traded hands, compared to its average volume of 56,478,961. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $3.57 trillion, a PE ratio of 39.08, a P/E/G ratio of 2.19 and a beta of 1.20. Apple Inc. has a one year low of $164.07 and a one year high of $260.10. The business's 50 day moving average is $241.37 and its two-hundred day moving average is $230.81.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $0.04. The firm had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. Apple had a return on equity of 152.94% and a net margin of 23.97%. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.46 EPS. As a group, research analysts forecast that Apple Inc. will post 7.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group cut shares of Apple from a "hold" rating to an "underperform" rating and lowered their target price for the company from $211.84 to $200.75 in a report on Thursday. Barclays reduced their target price on Apple from $184.00 to $183.00 and set an "underweight" rating for the company in a report on Wednesday, January 22nd. UBS Group reissued a "neutral" rating and issued a $236.00 price target on shares of Apple in a report on Monday, December 2nd. Raymond James boosted their price objective on shares of Apple to $250.00 and gave the company a "buy" rating in a research note on Monday, January 20th. Finally, 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. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $238.05.

Insider Activity at Apple

In other Apple news, insider Chris Kondo sold 4,130 shares of Apple stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total transaction of $945,233.10. Following the sale, the insider now directly owns 15,419 shares of the company's stock, valued at approximately $3,528,946.53. The trade was a 21.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jeffrey E. Williams sold 100,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total value of $24,997,000.00. Following the completion of the transaction, the chief operating officer now directly owns 389,944 shares of the company's stock, valued at $97,474,301.68. This represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by company insiders.

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.