Apple Inc. $AAPL Shares Acquired by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL) by 5.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 39,687 shares of the iPhone maker’s stock after purchasing an additional 2,119 shares during the period. Apple comprises approximately 1.5% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 21st largest holding. Summit Financial Wealth Advisors LLC’s holdings in Apple were worth $8,143,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ryan Investment Management Inc. acquired a new stake in shares of Apple during the 2nd quarter worth about $31,000. ROSS JOHNSON & Associates LLC grew its holdings in shares of Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares during the last quarter. Nexus Investment Management ULC increased its position in shares of Apple by 333.3% during the second quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock worth $53,000 after purchasing an additional 200 shares in the last quarter. LSV Asset Management purchased a new stake in shares of Apple in the 4th quarter valued at about $65,000. Finally, Elite Financial Inc. purchased a new stake in shares of Apple in the 1st quarter valued at about $58,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Up 0.2%

AAPL stock opened at $274.61 on Wednesday. The company’s 50 day simple moving average is $268.95 and its 200-day simple moving average is $238.34. The firm has a market capitalization of $4.06 trillion, a PE ratio of 36.76, a P/E/G ratio of 2.56 and a beta of 1.10. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $288.62. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.89 and a quick ratio of 0.86.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.11. The business had revenue of $102.47 billion during the quarter, compared to analyst estimates of $101.65 billion. Apple had a net margin of 26.92% and a return on equity of 164.05%. The company’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.64 earnings per share. Equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Monday, November 10th were issued a dividend of $0.26 per share. The ex-dividend date was Monday, November 10th. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. Apple’s payout ratio is presently 13.92%.

Insider Buying and Selling

In other news, SVP Katherine L. Adams sold 47,125 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the completion of the sale, the senior vice president owned 179,158 shares of the company’s stock, valued at approximately $46,005,982.82. This trade represents a 20.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Deirdre O’brien sold 43,013 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 228,052 shares of company stock valued at $58,604,588 over the last ninety days. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

AAPL has been the topic of a number of research reports. Robert W. Baird set a $300.00 target price on shares of Apple in a research report on Friday, October 31st. Morgan Stanley reaffirmed an “overweight” rating and set a $315.00 price objective on shares of Apple in a research note on Wednesday. Wall Street Zen downgraded shares of Apple from a “buy” rating to a “hold” rating in a research report on Sunday, November 9th. Wedbush set a $350.00 price target on shares of Apple and gave the stock an “outperform” rating in a research note on Monday, December 8th. Finally, Cowen reaffirmed a “buy” rating on shares of Apple in a report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, eleven have assigned 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 target price of $282.82.

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.