Hurlow Wealth Management Group Inc. Trims Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Sep 24th, 2023

Hurlow Wealth Management Group Inc. reduced its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 0.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,910 shares of the iPhone maker’s stock after selling 152 shares during the quarter. Apple comprises approximately 1.5% of Hurlow Wealth Management Group Inc.’s portfolio, making the stock its 19th biggest position. Hurlow Wealth Management Group Inc.’s holdings in Apple were worth $3,474,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Atlantic Private Wealth LLC acquired a new position in Apple in the 1st quarter valued at about $30,000. St. James Investment Advisors LLC grew its position in Apple by 98.3% in the 4th quarter. St. James Investment Advisors LLC now owns 236 shares of the iPhone maker’s stock valued at $31,000 after buying an additional 117 shares during the last quarter. Summit Wealth Group LLC grew its position in Apple by 16,252.3% in the 1st quarter. Summit Wealth Group LLC now owns 6,992,420 shares of the iPhone maker’s stock valued at $42,000 after buying an additional 6,949,659 shares during the last quarter. HBC Financial Services PLLC grew its position in Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after buying an additional 80 shares during the last quarter. Finally, LFA Lugano Financial Advisors SA acquired a new stake in Apple in the fourth quarter valued at about $93,000. 58.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 15,419 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $178.56, for a total transaction of $2,753,216.64. Following the transaction, the senior vice president now directly owns 136,445 shares of the company’s stock, valued at approximately $24,363,619.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on AAPL shares. Morgan Stanley reduced their price objective on shares of Apple from $220.00 to $215.00 and set an “overweight” rating for the company in a research report on Friday, August 4th. Canaccord Genuity Group upped their target price on shares of Apple from $185.00 to $205.00 and gave the stock a “buy” rating in a research report on Friday, August 4th. StockNews.com started coverage on shares of Apple in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Canaccord Genuity Group upped their target price on shares of Apple from $185.00 to $205.00 and gave the stock a “buy” rating in a research report on Friday, August 4th. Finally, Piper Jaffray Companies boosted their target price on Apple from $180.00 to $220.00 and gave the stock an “overweight” rating in a research report on Monday, July 31st. Ten investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and an average price target of $199.41.

Read Our Latest Stock Report on AAPL

Apple Stock Up 0.5 %

Shares of NASDAQ AAPL opened at $174.79 on Friday. The stock has a market capitalization of $2.73 trillion, a PE ratio of 29.38, a P/E/G ratio of 2.53 and a beta of 1.27. Apple Inc. has a 52-week low of $124.17 and a 52-week high of $198.23. The company has a quick ratio of 0.92, a current ratio of 0.98 and a debt-to-equity ratio of 1.63. The firm has a fifty day moving average of $183.37 and a 200-day moving average of $176.19.

Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The iPhone maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.07. Apple had a net margin of 24.68% and a return on equity of 164.92%. The firm had revenue of $81.80 billion during the quarter, compared to analysts’ expectations of $81.79 billion. During the same period in the prior year, the company earned $1.20 EPS. The firm’s revenue was down 1.4% on a year-over-year basis. On average, analysts anticipate that Apple Inc. will post 6.05 EPS for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Friday, August 11th. Apple’s dividend payout ratio (DPR) is presently 16.13%.

Apple Company Profile

(Free Report)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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