Pennsylvania Capital Management Inc. ADV lowered its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 223,149 shares of the iPhone maker’s stock after selling 894 shares during the quarter. Apple makes up approximately 18.6% of Pennsylvania Capital Management Inc. ADV’s portfolio, making the stock its biggest position. Pennsylvania Capital Management Inc. ADV’s holdings in Apple were worth $43,284,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlantic Private Wealth LLC purchased a new stake in shares of Apple during the first quarter worth approximately $30,000. Summit Wealth Group LLC raised its stake in shares of Apple by 16,252.3% during the first quarter. Summit Wealth Group LLC now owns 6,992,420 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 6,949,659 shares during the last quarter. HBC Financial Services PLLC raised its stake in shares of Apple by 21.7% during the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after purchasing an additional 80 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Apple by 12.6% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,103 shares of the iPhone maker’s stock worth $143,000 after purchasing an additional 123 shares during the last quarter. Finally, Clear Perspectives Financial Planning LLC raised its stake in shares of Apple by 27.3% during the first quarter. Clear Perspectives Financial Planning LLC now owns 983 shares of the iPhone maker’s stock worth $172,000 after purchasing an additional 211 shares during the last quarter. Hedge funds and other institutional investors own 58.51% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently commented on AAPL. TD Cowen upped their price target on Apple from $195.00 to $220.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 1st. Morgan Stanley restated an “overweight” rating and set a $215.00 price target on shares of Apple in a research note on Monday, September 25th. JPMorgan Chase & Co. restated an “overweight” rating on shares of Apple in a research note on Thursday, September 21st. Raymond James increased their price objective on Apple from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, August 4th. Finally, UBS Group reiterated a “neutral” rating and issued a $190.00 price objective on shares of Apple in a research report on Wednesday, September 27th. Nine equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $200.54.
Apple Stock Performance
Apple stock opened at $179.80 on Thursday. The stock’s 50-day moving average is $178.31 and its 200-day moving average is $178.16. The company has a market cap of $2.81 trillion, a price-to-earnings ratio of 30.22, a price-to-earnings-growth ratio of 2.40 and a beta of 1.28. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.98 and a quick ratio of 0.92. Apple Inc. has a 12 month low of $124.17 and a 12 month high of $198.23.
Apple (NASDAQ:AAPL – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The iPhone maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.07. The company had revenue of $81.80 billion for the quarter, compared to the consensus estimate of $81.79 billion. Apple had a return on equity of 164.92% and a net margin of 24.68%. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the business posted $1.20 EPS. Equities analysts anticipate that Apple Inc. will post 6.05 earnings per share for the current year.
Apple Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 14th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 11th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.53%. Apple’s dividend payout ratio (DPR) is 16.13%.
Insider Transactions at Apple
In related news, SVP Deirdre O’brien sold 65,536 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $172.11, for a total transaction of $11,279,400.96. Following the sale, the senior vice president now directly owns 136,445 shares in the company, valued at approximately $23,483,548.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, SVP Deirdre O’brien sold 65,536 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $172.11, for a total transaction of $11,279,400.96. Following the sale, the senior vice president now directly owns 136,445 shares in the company, valued at approximately $23,483,548.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Luca Maestri sold 31,685 shares of the firm’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $178.69, for a total value of $5,661,792.65. Following the sale, the chief financial officer now owns 107,661 shares in the company, valued at $19,237,944.09. The disclosure for this sale can be found here. Insiders have sold a total of 455,004 shares of company stock worth $79,238,767 in the last three months. 0.06% of the stock is currently owned by company insiders.
Apple Company Profile
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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