Cumberland Advisors Inc. Reduces Position in Apple Inc. (NASDAQ:AAPL)

Cumberland Advisors Inc. reduced its position in shares of Apple Inc. (NASDAQ:AAPL) by 25.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,111 shares of the iPhone maker’s stock after selling 2,046 shares during the period. Apple comprises approximately 0.8% of Cumberland Advisors Inc.’s portfolio, making the stock its 23rd largest position. Cumberland Advisors Inc.’s holdings in Apple were worth $2,229,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of AAPL. Stralem & Co. Inc. acquired a new stake in Apple in the first quarter valued at $39,000. Sycomore Asset Management acquired a new position in shares of Apple during the 1st quarter worth about $50,000. Heard Capital LLC purchased a new position in shares of Apple in the 1st quarter valued at about $51,000. Contravisory Investment Management Inc. raised its position in shares of Apple by 35.6% during the 1st quarter. Contravisory Investment Management Inc. now owns 484 shares of the iPhone maker’s stock worth $123,000 after acquiring an additional 127 shares in the last quarter. Finally, Pinz Capital Management LP raised its position in shares of Apple by 150.0% during the 1st quarter. Pinz Capital Management LP now owns 500 shares of the iPhone maker’s stock worth $127,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 61.96% of the company’s stock.

A number of analysts have weighed in on the stock. DZ Bank reissued a “buy” rating on shares of Apple in a report on Wednesday, June 3rd. Monness Crespi & Hardt started coverage on shares of Apple in a research note on Tuesday, June 23rd. They set a “buy” rating and a $370.00 price target on the stock. Goldman Sachs Group restated a “sell” rating and issued a $263.00 price objective on shares of Apple in a research note on Tuesday, June 23rd. Canaccord Genuity raised their price objective on Apple from $310.00 to $444.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Finally, Raymond James boosted their target price on Apple from $340.00 to $400.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirty have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $339.56.

In other news, insider Chris Kondo sold 4,491 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $305.62, for a total transaction of $1,372,539.42. Following the sale, the insider now owns 7,370 shares of the company’s stock, valued at approximately $2,252,419.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.05% of the stock is currently owned by company insiders.

NASDAQ:AAPL opened at $371.38 on Friday. The firm’s fifty day simple moving average is $361.41 and its 200-day simple moving average is $310.77. The company has a quick ratio of 1.46, a current ratio of 1.50 and a debt-to-equity ratio of 1.14. The stock has a market cap of $1,686.45 billion, a PE ratio of 30.52, a price-to-earnings-growth ratio of 2.87 and a beta of 1.18. Apple Inc. has a fifty-two week low of $192.58 and a fifty-two week high of $399.82.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.29. The firm had revenue of $58.31 billion for the quarter, compared to the consensus estimate of $54.64 billion. Apple had a net margin of 21.35% and a return on equity of 64.49%. The firm’s revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.46 earnings per share. Equities analysts anticipate that Apple Inc. will post 12.35 earnings per share for the current year.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.

See Also: Retained Earnings

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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