Private Asset Management Inc. Has $33.55 Million Stake in Apple Inc. (NASDAQ:AAPL)

Private Asset Management Inc. cut its position in Apple Inc. (NASDAQ:AAPLGet Rating) by 2.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 245,403 shares of the iPhone maker’s stock after selling 7,414 shares during the quarter. Apple makes up approximately 5.4% of Private Asset Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Private Asset Management Inc.’s holdings in Apple were worth $33,552,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AAPL. Joseph Group Capital Management acquired a new position in shares of Apple during the fourth quarter valued at about $1,631,000. Cardinal Capital Management Inc. boosted its position in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after buying an additional 221 shares during the last quarter. Shore Point Advisors LLC purchased a new stake in Apple in the 4th quarter worth approximately $41,000. Emerson Wealth LLC boosted its position in Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after purchasing an additional 320 shares in the last quarter. Finally, Econ Financial Services Corp boosted its position in Apple by 29.1% in the 1st quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after purchasing an additional 95 shares in the last quarter. 57.72% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Apple news, CFO Luca Maestri sold 96,735 shares of the business’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the sale, the chief financial officer now directly owns 110,673 shares in the company, valued at $19,362,241.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Apple news, CFO Luca Maestri sold 96,735 shares of the business’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the sale, the chief financial officer now directly owns 110,673 shares in the company, valued at $19,362,241.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The disclosure for this sale can be found here. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AAPL. KeyCorp upped their target price on Apple from $177.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, August 19th. Rosenblatt Securities reduced their price objective on Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Oppenheimer reissued an “outperform” rating and issued a $190.00 price objective on shares of Apple in a research note on Wednesday, June 8th. Monness Crespi & Hardt began coverage on Apple in a research note on Thursday, September 8th. They issued a “buy” rating and a $174.00 price objective for the company. Finally, Sanford C. Bernstein set a $170.00 price objective on Apple in a research note on Monday, September 12th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average price target of $181.52.

Apple Stock Down 1.1 %

Apple stock opened at $150.70 on Friday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94. The company has a market cap of $2.42 trillion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 1.97 and a beta of 1.23. The stock’s 50 day moving average price is $159.65 and its 200 day moving average price is $156.09.

Apple (NASDAQ:AAPLGet Rating) last posted its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The firm had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. During the same period in the previous year, the business earned $1.30 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, sell-side analysts predict that Apple Inc. will post 6.11 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Monday, August 8th were given a dividend of $0.23 per share. The ex-dividend date was Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 0.61%. Apple’s payout ratio is 15.18%.

Apple Profile

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Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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