Apple Inc. (NASDAQ:AAPL) Shares Sold by Patten & Patten Inc. TN

Patten & Patten Inc. TN cut its stake in Apple Inc. (NASDAQ:AAPL) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 285,363 shares of the iPhone maker’s stock after selling 1,438 shares during the period. Apple makes up 8.4% of Patten & Patten Inc. TN’s holdings, making the stock its largest position. Patten & Patten Inc. TN’s holdings in Apple were worth $83,797,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. Invesco Ltd. boosted its stake in shares of Apple by 2.6% during the 2nd quarter. Invesco Ltd. now owns 46,879,136 shares of the iPhone maker’s stock worth $9,278,319,000 after buying an additional 1,203,705 shares during the last quarter. Morgan Stanley raised its holdings in shares of Apple by 5.8% in the 2nd quarter. Morgan Stanley now owns 36,261,306 shares of the iPhone maker’s stock valued at $7,176,836,000 after purchasing an additional 1,996,126 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of Apple by 2,874.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 35,914,893 shares of the iPhone maker’s stock valued at $7,108,275,000 after purchasing an additional 34,707,634 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Apple by 0.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 20,240,790 shares of the iPhone maker’s stock valued at $4,006,058,000 after purchasing an additional 161,912 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in shares of Apple by 2.2% in the 3rd quarter. Fisher Asset Management LLC now owns 14,041,509 shares of the iPhone maker’s stock valued at $3,144,877,000 after purchasing an additional 302,917 shares during the period. Institutional investors own 59.94% of the company’s stock.

In other news, SVP Deirdre O’brien sold 12,459 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $234.04, for a total transaction of $2,915,904.36. Following the transaction, the senior vice president now directly owns 57,819 shares of the company’s stock, valued at $13,531,958.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chris Kondo sold 3,932 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $233.26, for a total transaction of $917,178.32. Following the transaction, the insider now directly owns 15,464 shares in the company, valued at $3,607,132.64. The disclosure for this sale can be found here. Insiders have sold 53,785 shares of company stock worth $13,472,882 over the last ninety days. Insiders own 0.05% of the company’s stock.

A number of equities research analysts have recently issued reports on the stock. Credit Suisse Group reaffirmed a “neutral” rating and issued a $275.00 target price (up from $221.00) on shares of Apple in a report on Friday. Piper Jaffray Companies upped their target price on shares of Apple from $290.00 to $305.00 and gave the company an “outperform” rating in a report on Friday, December 20th. HSBC set a $190.00 target price on shares of Apple and gave the company a “sell” rating in a report on Thursday, September 26th. Deutsche Bank upped their target price on shares of Apple from $210.00 to $230.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. They noted that the move was a valuation call. Finally, Sanford C. Bernstein reaffirmed a “hold” rating and issued a $300.00 target price on shares of Apple in a report on Friday. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $270.26.

Shares of AAPL opened at $316.96 on Tuesday. Apple Inc. has a 12 month low of $149.22 and a 12 month high of $312.67. The firm’s 50 day moving average is $282.71 and its 200-day moving average is $237.14. The stock has a market capitalization of $1,360.50 billion, a PE ratio of 26.66, a P/E/G ratio of 2.25 and a beta of 1.25. The company has a current ratio of 1.54, a quick ratio of 1.50 and a debt-to-equity ratio of 1.01.

Apple (NASDAQ:AAPL) last announced its earnings results on Wednesday, October 30th. The iPhone maker reported $3.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.84 by $0.19. Apple had a net margin of 21.24% and a return on equity of 53.82%. The company had revenue of $64.04 billion for the quarter, compared to analysts’ expectations of $62.86 billion. During the same period last year, the firm earned $2.91 earnings per share. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. Equities research analysts predict that Apple Inc. will post 13.15 earnings per share for the current fiscal year.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

Further Reading: Derivative

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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