Alley Investment Cuts Apple Stake by 1.4% in Second Quarter

Alley Investment Management Company LLC reduced its holdings in Apple Inc. (NASDAQ:AAPL) by 1.4% during the second quarter, according to its latest SEC filing. The firm sold 1,695 shares, bringing its total ownership to 120,432 shares. Despite the reduction, Apple remains the third-largest holding in Alley’s portfolio, accounting for 4.1% of its investments. The value of Alley’s Apple holdings was $34,848,000 at the end of the quarter.

Other institutional investors also adjusted their positions in Apple during the quarter. Mason & Associates Inc increased its stake by 2.0%, while Montz Harcus Wealth Management LLC lifted its holdings by 1.5%. Fortune 45 LLC boosted its stake by 2.6%, and KFG Wealth Management LLC increased its position by 13.9%. Strengthening Families & Communities LLC grew its holdings by 1.3%. Collectively, institutional investors own 67.73% of Apple’s stock.

In related news, Apple’s Senior Vice President Jennifer Newstead sold 2,399 shares of the company’s stock on September 29th, for a total transaction of $806,495.82. The sale reduced her position by 5.4%, leaving her with 41,992 shares valued at approximately $14,116,870.56. Corporate insiders sold a total of 13,430 shares in the last quarter, representing 0.06% of the company’s stock.

Analysts have mixed views on Apple’s stock. Morgan Stanley maintained an “overweight” rating but lowered its price target to $355 from $360. Daiwa Securities Group raised its target to $335 with an “outperform” rating, while KeyCorp reaffirmed an “underweight” rating. The stock has an average rating of “Moderate Buy” with a target price of $340.02.