Allen Mooney & Barnes Trims Apple Holdings by 10.6% in Q2
Allen Mooney & Barnes Investment Advisors LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 10.6% during the second quarter, selling 14,140 shares. The firm now holds 119,343 shares, making Apple its largest position at 5.2% of its portfolio. The holdings were valued at $34,533,000 at the end of the quarter.
Other institutional investors made significant moves in Apple's stock. Avenir Tech Ltd, Longfellow Investment Management Co. LLC, and Lifetime Wealth Management P.C. all initiated new positions in the second or fourth quarters. ABS Investment Management LLC made the largest new investment, worth approximately $376,168,000. Institutional investors collectively own 67.73% of Apple's stock.
Apple's stock opened at $333.69 on the reported day, with a 52-week range of $243.42 to $345.34. The company has a market capitalization of $4.87 trillion and a P/E ratio of 38.27. Analysts have set an average price target of $340.02, with ratings ranging from 'Strong Buy' to 'Sell'.
The company recently reported strong earnings, with $2.02 earnings per share for the quarter, exceeding estimates by $0.13. Revenue was $109.42 billion, up 16.4% year-over-year. Apple also declared a quarterly dividend of $0.27, representing an annualized yield of 0.3%.