Grimes & Company Inc. Sells 13,351 Shares of Apple Inc. (NASDAQ:AAPL)

Grimes & Company Inc. cut its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 487,634 shares of the iPhone maker's stock after selling 13,351 shares during the quarter. Apple accounts for 3.1% of Grimes & Company Inc.'s investment portfolio, making the stock its 9th largest position. Grimes & Company Inc.'s holdings in Apple were worth $113,619,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Greystone Financial Group LLC raised its position in Apple by 1.0% in the 3rd quarter. Greystone Financial Group LLC now owns 82,647 shares of the iPhone maker's stock valued at $19,257,000 after purchasing an additional 830 shares in the last quarter. Dixon Fnancial Services Inc. increased its stake in shares of Apple by 1.2% during the third quarter. Dixon Fnancial Services Inc. now owns 16,967 shares of the iPhone maker's stock worth $3,953,000 after buying an additional 205 shares during the period. Global Assets Advisory LLC raised its holdings in Apple by 12.0% in the third quarter. Global Assets Advisory LLC now owns 63,613 shares of the iPhone maker's stock valued at $14,390,000 after acquiring an additional 6,821 shares in the last quarter. JCIC Asset Management Inc. lifted its stake in Apple by 0.6% in the third quarter. JCIC Asset Management Inc. now owns 111,561 shares of the iPhone maker's stock worth $25,994,000 after acquiring an additional 670 shares during the last quarter. Finally, Grey Fox Wealth Advisors LLC grew its holdings in Apple by 6.2% during the 3rd quarter. Grey Fox Wealth Advisors LLC now owns 28,082 shares of the iPhone maker's stock worth $6,543,000 after acquiring an additional 1,637 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Insider Activity at Apple

In other news, COO Jeffrey E. Williams sold 59,730 shares of Apple stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the completion of the transaction, the chief operating officer now owns 489,944 shares of the company's stock, valued at $111,148,695.84. The trade was a 10.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Chris Kondo sold 4,130 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the completion of the sale, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. The trade was a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 508,170 shares of company stock worth $117,004,745 over the last 90 days. Company insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

AAPL has been the topic of a number of analyst reports. Barclays reduced their price objective on shares of Apple from $186.00 to $184.00 and set an "underweight" rating on the stock in a report on Friday, November 1st. Wells Fargo & Company raised their price target on Apple to $275.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $260.00 price objective on shares of Apple in a research report on Tuesday, December 10th. UBS Group reiterated a "neutral" rating and issued a $236.00 price objective on shares of Apple in a report on Monday, December 2nd. Finally, Bank of America boosted their target price on Apple to $256.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and an average target price of $236.78.

Apple Stock Performance

Shares of Apple stock traded up $4.70 on Friday, reaching $254.49. 145,580,875 shares of the stock were exchanged, compared to its average volume of 57,671,145. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $3.85 trillion, a PE ratio of 41.86, a PEG ratio of 2.41 and a beta of 1.23. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $255.00. The business has a fifty day moving average price of $234.97 and a two-hundred day moving average price of $225.70.

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

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were issued a $0.25 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.39%. Apple's dividend payout ratio is presently 16.45%.

Apple Company 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.