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Dumont & Blake reduces Apple's stake by 6%

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(Credit: Justin Sullivan/Getty Images) CUPERTINO, CA - MARCH 21: An attendee looks at the new 9.7' iPad Pro during an Apple special event at the Apple headquarters on March 21, 2016 in Cupertino, California. Apple CEO announced the iPhone SE and a 9.7' version of the iPad Pro.Apple Introduces New Products
March 28
6:31 AM 2016

Dumont & Blake Investment Advisors LLC reduced its shareholding in Apple by 6% in the final quarter of 2015. Dumont sold 2,164 shares of the company in the fourth quarter and currently owns 34,115 of Apple shares. The iPhone designer encompasses roughly 1.8% of the fund's portfolio. Dumont & Blake's stake in the company valued at $3.6 million at the end of the fourth quarter.

Meanwhile, Wealthcare Capital Management boosted its shareholding in the company by 2.0% during the fourth quarter. Currently, the fund poses 3,461 shares of Apple worth at $364,000 after purchasing 370 more shares in the final quarter. Oakmont Partners increased its stake in the company by 1.2% after purchasing 45 more shares during the final quarter. The fund currently owns 3,856 shares of Apple worth at $406,000.

According to The Vista Voice, Founders Capital Management increased its shareholdings in the iPhone designer by 39.9% after purchasing 1,129 additional shares in the company during the period. Presently, Founders Capital owns 3,962 shares of Apple worth at $417,000. Brouwer & Janachowski improved its stake in the iPhone maker by 62.0%, increasing its total shareholdings to 5,218 shares worth at $549,000. The investor purchased 1,997 stakes in Apple during the final quarter. Gierl Augustine Investment Management brought new stake in Apple worth at $704,000 during the period.

Meanwhile, Apple has re-released iOS 9.3 for iPad 2 and also posted a help page for users having problems with iOS 9.3. Apple will introduce a fixed form of iOS 9.3 for PC and Mac users in a short period, THE VERGE said.

Research companies like Oppenheimer reiterated Apple's stock an "outperform" rating and fixed an objective price of $120.00 on the company's stock. Pacific Crest also echoed a buy rating and set a target price of $178.00 on the stock. Morgan Stanley reiterated Apple's stock an "overweight" rating and fixed a target price of $143.00 on the stock. Sanford C. Bernstein echoed a "buy" rating and set an objective price of $135.00 on Apple shares.

NDTV PROFIT quoted a Goldman Sachs' report, which said that nearly 47 hedge funds list Apple shares amongst their ten biggest holdings as of 2015 end. However, mutual funds consider Apple as second biggest underweight holding. The median hedge fund decreased 3.3% through February, but the median huge cap main mutual fund dropped merely 0.8%, Morningstar data showed.

Mutual funds gained from overweight in Cisco Systems, CVS Health Corp, and Facebook Inc. However, they lost their confident in Apple shares, saying that the iPhone maker no longer relishes the enormous prospects that it had earlier. The shares of the company plunged 0.7% to $105.32 during the Thursday trading session.

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