PCG Wealth Advisors LLC Increases Stock Position in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Oct 18th, 2023

PCG Wealth Advisors LLC grew its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 5.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,411 shares of the iPhone maker’s stock after purchasing an additional 366 shares during the quarter. PCG Wealth Advisors LLC’s holdings in Apple were worth $1,438,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Atlantic Private Wealth LLC bought a new position in shares of Apple in the 1st quarter worth about $30,000. Summit Wealth Group LLC increased its stake in shares of 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 worth $42,000 after acquiring an additional 6,949,659 shares in the last quarter. HBC Financial Services PLLC increased its stake in shares of Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after acquiring an additional 80 shares in the last quarter. Clear Perspectives Financial Planning LLC increased its stake in shares of Apple by 27.3% in the 1st quarter. Clear Perspectives Financial Planning LLC now owns 983 shares of the iPhone maker’s stock worth $172,000 after acquiring an additional 211 shares in the last quarter. Finally, Magellan Asset Management Ltd increased its stake in shares of Apple by 10.6% in the 2nd quarter. Magellan Asset Management Ltd now owns 1,323 shares of the iPhone maker’s stock worth $181,000 after acquiring an additional 127 shares in the last quarter. 58.51% of the stock is currently owned by institutional investors.

Apple Trading Down 0.9 %

Apple stock opened at $177.15 on Wednesday. The firm’s 50 day moving average price is $177.99 and its 200-day moving average price is $178.79. Apple Inc. has a 1 year low of $124.17 and a 1 year high of $198.23. The stock has a market cap of $2.77 trillion, a P/E ratio of 29.77, a PEG 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 (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 the consensus estimate of $1.19 by $0.07. Apple had a net margin of 24.68% and a return on equity of 164.92%. The company had revenue of $81.80 billion for the quarter, compared to analysts’ expectations of $81.79 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. Apple’s quarterly revenue was down 1.4% on a year-over-year basis. On average, equities analysts predict that Apple Inc. will post 6.05 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.54%. The ex-dividend date was Friday, August 11th. Apple’s dividend payout ratio is presently 16.13%.

Analyst Ratings Changes

AAPL has been the subject of several research reports. Citigroup reiterated a “buy” rating and issued a $240.00 price target on shares of Apple in a research note on Friday, August 4th. Rosenblatt Securities restated a “neutral” rating and set a $198.00 price objective on shares of Apple in a research note on Tuesday, September 12th. JPMorgan Chase & Co. restated an “overweight” rating on shares of Apple in a research note on Thursday, September 21st. Raymond James raised their price target on shares of Apple from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, August 4th. Finally, Morgan Stanley dropped their price target on shares of Apple from $215.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday. Nine equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $200.40.

View Our Latest Report on AAPL

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 65,536 shares of the business’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $172.11, for a total value of $11,279,400.96. Following the sale, the senior vice president now owns 136,445 shares in the company, valued at $23,483,548.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Apple news, SVP Deirdre O’brien sold 65,536 shares of Apple stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $172.11, for a total transaction of $11,279,400.96. Following the completion of the transaction, the senior vice president now directly owns 136,445 shares of the company’s stock, valued at $23,483,548.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy D. Cook sold 240,569 shares of Apple stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $172.50, for a total transaction of $41,498,152.50. Following the transaction, the chief executive officer now directly owns 3,280,053 shares of the company’s stock, valued at $565,809,142.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 455,004 shares of company stock worth $79,238,767. Insiders own 0.06% of the company’s stock.

About Apple

(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.