Convergence Investment Partners Lowers stake in Apple (AAPL)

Apple (AAPL) : Convergence Investment Partners reduced its stake in Apple by 6.67% during the most recent quarter end. The investment management company now holds a total of 131,976 shares of Apple which is valued at $11.9 Million after selling 9,429 shares in Apple , the firm said in a disclosure report filed with the SEC on May 11, 2016.Apple makes up approximately 1.44% of Convergence Investment Partners’s portfolio.

Other Hedge Funds, Including , Azimuth Capital Management reduced its stake in AAPL by selling 6,698 shares or 4.47% in the most recent quarter. The Hedge Fund company now holds 143,264 shares of AAPL which is valued at $13 Million. Apple makes up approx 1.24% of Azimuth Capital Management’s portfolio.Tiedemann Trust Co boosted its stake in AAPL in the latest quarter, The investment management firm added 1,988 additional shares and now holds a total of 12,987 shares of Apple which is valued at $1.2 Million. Apple makes up approx 0.21% of Tiedemann Trust Co’s portfolio. Godsey Gibb Associates added AAPL to its portfolio by purchasing 6,101 company shares during the most recent quarter which is valued at $565,685. Apple makes up approx 0.11% of Godsey Gibb Associates’s portfolio.Northstar Asset Management reduced its stake in AAPL by selling 777 shares or 0.97% in the most recent quarter. The Hedge Fund company now holds 79,605 shares of AAPL which is valued at $7.4 Million. Apple makes up approx 3.16% of Northstar Asset Management’s portfolio.Princeton Capital Management Inc reduced its stake in AAPL by selling 603 shares or 1.33% in the most recent quarter. The Hedge Fund company now holds 44,831 shares of AAPL which is valued at $4.2 Million. Apple makes up approx 2.95% of Princeton Capital Management Inc’s portfolio.

Apple opened for trading at $92.39 and hit $94.39 on the upside on Monday, eventually ending the session at $93.88, with a gain of 3.71% or 3.36 points. The heightened volatility saw the trading volume jump to 6,12,59,756 shares. Company has a market cap of $514,221 M.

On the company’s financial health, Apple reported $1.90 EPS for the quarter, missing the analyst consensus estimate by $ -0.10 based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus of $2.00. The company had revenue of $50557.00 million for the quarter, compared to analysts expectations of $51984.35 million. The company’s revenue was down -12.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.33 EPS.

Many Wall Street Analysts have commented on Apple. Shares were Reiterated by UBS on May 11, 2016 to “Buy” and Lowered the Price Target to $ 115 from a previous price target of $120 .Shares were Reiterated by Cowen on Apr 27, 2016 to “Outperform” and Lowered the Price Target to $ 125 from a previous price target of $135 .Shares were Reiterated by RBC Capital Mkts on Apr 27, 2016 to “Outperform” and Lowered the Price Target to $ 120 from a previous price target of $130 .

Apple Inc. (Apple) designs manufactures and markets mobile communication and media devices personal computers and portable digital music players and a variety of related software services peripherals networking solutions and third-party digital content and applications. The Company’s products and services include iPhone iPad Mac iPod Apple TV a portfolio of consumer and professional software applications the iOS and OS X operating systems iCloud and a variety of accessory service and support offerings. The Company also delivers digital content and applications through the iTunes Store App StoreSM iBookstoreSM and Mac App Store. The Company distributes its products worldwide through its retail stores online stores and direct sales force as well as through third-party cellular network carriers wholesalers retailers and value-added resellers. In February 2012 the Company acquired app-search engine Chomp.

Leave a Reply

Apple - Is it time to Sell?

Top Brokerage Firms are advising their investors on Apple. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.