Pitti Group Wealth Management LLC Has $1.54 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Pitti Group Wealth Management LLC lowered its position in shares of Apple Inc. (NASDAQ:AAPL) by 7.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,950 shares of the iPhone maker’s stock after selling 633 shares during the quarter. Apple accounts for about 1.7% of Pitti Group Wealth Management LLC’s holdings, making the stock its 15th largest position. Pitti Group Wealth Management LLC’s holdings in Apple were worth $1,542,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Parker Financial LLC raised its stake in shares of Apple by 1.2% in the 2nd quarter. Parker Financial LLC now owns 4,543 shares of the iPhone maker’s stock valued at $881,000 after buying an additional 54 shares in the last quarter. MKT Advisors LLC increased its position in shares of Apple by 0.5% during the 2nd quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock worth $1,777,000 after purchasing an additional 60 shares in the last quarter. Professional Financial Advisors LLC increased its position in shares of Apple by 0.5% during the 2nd quarter. Professional Financial Advisors LLC now owns 13,213 shares of the iPhone maker’s stock worth $2,563,000 after purchasing an additional 62 shares in the last quarter. Aspire Capital Advisors LLC increased its position in shares of Apple by 0.5% during the 1st quarter. Aspire Capital Advisors LLC now owns 14,076 shares of the iPhone maker’s stock worth $2,321,000 after purchasing an additional 64 shares in the last quarter. Finally, Legacy Financial Group LLC increased its position in shares of Apple by 0.6% during the 2nd quarter. Legacy Financial Group LLC now owns 10,949 shares of the iPhone maker’s stock worth $2,124,000 after purchasing an additional 64 shares in the last quarter. Institutional investors and hedge funds own 58.51% of the company’s stock.

Apple Stock Up 0.9 %

Shares of NASDAQ AAPL opened at $191.45 on Tuesday. The stock has a market cap of $2.98 trillion, a P/E ratio of 31.28, a P/E/G ratio of 2.60 and a beta of 1.30. The firm has a 50 day moving average price of $177.15 and a 200 day moving average price of $181.03. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.94 and a current ratio of 0.99. Apple Inc. has a 52-week low of $124.17 and a 52-week high of $198.23.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, November 2nd. The iPhone maker reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07. Apple had a net margin of 25.31% and a return on equity of 160.78%. The firm had revenue of $89.50 billion for the quarter, compared to analyst estimates of $89.34 billion. During the same quarter in the previous year, the firm posted $1.29 earnings per share. The business’s revenue was down .7% on a year-over-year basis. Analysts expect that Apple Inc. will post 6.56 EPS for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Monday, November 13th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend was Friday, November 10th. Apple’s payout ratio is currently 15.69%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AAPL. Wells Fargo & Company increased their target price on shares of Apple from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Monday, July 24th. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Apple in a research report on Thursday, September 21st. Raymond James increased their target price on shares of Apple from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, August 4th. Tigress Financial increased their target price on shares of Apple from $225.00 to $240.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 16th. Finally, TD Cowen increased their price objective on shares of Apple from $195.00 to $220.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. Ten equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and an average price target of $198.25.

Insider Buying and Selling at Apple

In other Apple news, CEO Timothy D. Cook sold 240,569 shares of Apple stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $172.50, for a total value of $41,498,152.50. Following the transaction, the chief executive officer now owns 3,280,053 shares of the company’s stock, valued at $565,809,142.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other 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 of the company’s stock, valued at $23,483,548.95. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 240,569 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 3,280,053 shares in the company, valued at approximately $565,809,142.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 567,839 shares of company stock valued at $100,675,794. 0.06% of the stock is currently owned by corporate insiders.

Apple 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.