Taylor & Morgan Wealth Management LLC reduced its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,402 shares of the iPhone maker’s stock after selling 344 shares during the period. Apple makes up about 3.8% of Taylor & Morgan Wealth Management LLC’s holdings, making the stock its 6th biggest holding. Taylor & Morgan Wealth Management LLC’s holdings in Apple were worth $5,622,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TruWealth Advisors LLC boosted its position in Apple by 4.3% in the 2nd quarter. TruWealth Advisors LLC now owns 197,426 shares of the iPhone maker’s stock valued at $40,505,000 after buying an additional 8,144 shares during the last quarter. RB Capital Management LLC raised its stake in shares of Apple by 48.1% in the 2nd quarter. RB Capital Management LLC now owns 278,958 shares of the iPhone maker’s stock valued at $57,234,000 after purchasing an additional 90,662 shares in the last quarter. RDA Financial Network raised its stake in shares of Apple by 1.1% in the 2nd quarter. RDA Financial Network now owns 47,171 shares of the iPhone maker’s stock valued at $9,678,000 after purchasing an additional 528 shares in the last quarter. First Hawaiian Bank raised its stake in shares of Apple by 0.9% in the 2nd quarter. First Hawaiian Bank now owns 16,345 shares of the iPhone maker’s stock valued at $3,354,000 after purchasing an additional 140 shares in the last quarter. Finally, Trinity Financial Advisors LLC raised its stake in shares of Apple by 34.8% in the 2nd quarter. Trinity Financial Advisors LLC now owns 39,090 shares of the iPhone maker’s stock valued at $8,020,000 after purchasing an additional 10,089 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.
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Analyst Upgrades and Downgrades
AAPL has been the topic of a number of recent analyst reports. Rosenblatt Securities upped their target price on shares of Apple from $223.00 to $241.00 and gave the company a “neutral” rating in a research note on Wednesday, September 10th. Evercore ISI increased their price objective on shares of Apple from $250.00 to $260.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 10th. Needham & Company LLC reiterated a “hold” rating on shares of Apple in a research note on Friday, July 25th. Bank of America increased their price objective on shares of Apple from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Finally, UBS Group reiterated a “neutral” rating on shares of Apple in a research note on Monday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $241.93.
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Insider Buying and Selling
In related news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.06% of the stock is owned by company insiders.
Apple Stock Up 0.4%
Apple stock opened at $238.99 on Thursday. The company has a market capitalization of $3.55 trillion, a P/E ratio of 36.27, a P/E/G ratio of 2.47 and a beta of 1.11. The firm’s fifty day simple moving average is $223.15 and its 200-day simple moving average is $212.36. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.
Apple (NASDAQ:AAPL – Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. The business had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.40 EPS. Sell-side analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple’s dividend payout ratio (DPR) is 15.78%.
Apple 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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