Leo H. Evart Inc. Cuts Apple Stake by 14.9% in Second Quarter
Leo H. Evart Inc. has reduced its stake in Apple Inc. (NASDAQ:AAPL) by 14.9% during the second quarter, according to its latest SEC filing. The fund sold 1,989 shares, bringing its total holdings to 11,373 shares, which represent 2.6% of its investment portfolio. The value of Leo H. Evart Inc.'s stake in Apple is now approximately $3,291,000.
Several other institutional investors have also adjusted their positions in Apple. Strengthening Families & Communities LLC increased its stake by 1.3%, while Greenspring Advisors LLC boosted its holdings by 7.5%. Mayport LLC and Rodgers & Associates LTD also increased their stakes, though modestly. Notably, Nykredit A S acquired a new stake valued at $1,831,721,000. Collectively, hedge funds and institutional investors own 67.73% of Apple's stock.
Apple's stock performance has been mixed, with a 52-week range of $243.42 to $345.34. The company reported strong earnings in its last quarter, with revenue of $109.42 billion and earnings per share of $2.02, exceeding analyst estimates. The stock opened at $333.69 on Monday, with a market cap of $4.87 trillion and a price-to-earnings ratio of 38.27.
Analysts have varied opinions on Apple's stock. CICC Research lifted its target price to $340.00, while Royal Bank of Canada set a target of $365.00. KGI Securities downgraded the stock to a 'hold' rating with a $315.00 target. Overall, Apple has an average rating of 'Moderate Buy' and an average target price of $340.02. Insider transactions include SVP Jennifer Newstead selling 2,399 shares, reducing her holdings by 5.4%.