Summit Financial Group Inc. Buys 560 Shares of Apple Inc. (NASDAQ:AAPL)

Summit Financial Group Inc. raised its position in shares of Apple Inc. (NASDAQ:AAPLFree Report) by 2.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,134 shares of the iPhone maker’s stock after purchasing an additional 560 shares during the period. Apple comprises 1.9% of Summit Financial Group Inc.’s portfolio, making the stock its 14th biggest position. Summit Financial Group Inc.’s holdings in Apple were worth $4,839,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Moneta Group Investment Advisors LLC lifted its stake in Apple by 116,483.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 569,554,722 shares of the iPhone maker’s stock worth $74,002,245,000 after acquiring an additional 569,066,184 shares during the period. Norges Bank purchased a new stake in Apple in the fourth quarter worth about $21,746,940,000. Morgan Stanley lifted its stake in Apple by 14.2% in the fourth quarter. Morgan Stanley now owns 208,655,323 shares of the iPhone maker’s stock worth $27,110,586,000 after acquiring an additional 25,926,552 shares during the period. Barclays PLC lifted its stake in Apple by 60.0% in the second quarter. Barclays PLC now owns 46,932,352 shares of the iPhone maker’s stock worth $9,103,464,000 after acquiring an additional 17,604,799 shares during the period. Finally, Osaic Holdings Inc. lifted its stake in Apple by 154.9% in the second quarter. Osaic Holdings Inc. now owns 23,295,770 shares of the iPhone maker’s stock worth $1,729,270,000 after acquiring an additional 14,157,430 shares during the period. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on AAPL shares. The Goldman Sachs Group upped their price objective on shares of Apple from $223.00 to $232.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Rosenblatt Securities reiterated a “neutral” rating and issued a $189.00 target price on shares of Apple in a report on Tuesday, March 5th. Oppenheimer reiterated an “outperform” rating and issued a $200.00 target price on shares of Apple in a report on Friday, February 2nd. Morgan Stanley reiterated an “overweight” rating and issued a $220.00 target price on shares of Apple in a report on Friday, March 22nd. Finally, Redburn Atlantic downgraded shares of Apple from a “buy” rating to a “neutral” rating and set a $200.00 target price for the company. in a report on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.23.

Get Our Latest Stock Report on AAPL

Apple Price Performance

NASDAQ AAPL opened at $170.03 on Tuesday. Apple Inc. has a 1 year low of $159.78 and a 1 year high of $199.62. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a market capitalization of $2.63 trillion, a P/E ratio of 26.48, a P/E/G ratio of 2.07 and a beta of 1.27. The business’s fifty day moving average is $180.75 and its two-hundred day moving average is $182.63.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly earnings results on Thursday, February 1st. The iPhone maker reported $2.18 EPS for the quarter, beating the consensus estimate of $2.09 by $0.09. Apple had a net margin of 26.16% and a return on equity of 156.04%. The business had revenue of $119.60 billion for the quarter, compared to analysts’ expectations of $117.99 billion. During the same period in the previous year, the company posted $1.88 EPS. Apple’s revenue was up 2.1% on a year-over-year basis. On average, research analysts forecast that Apple Inc. will post 6.55 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 12th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend was Friday, February 9th. Apple’s dividend payout ratio is presently 14.95%.

Insider Buying and Selling

In other Apple news, Director Arthur D. Levinson sold 100,000 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the completion of the transaction, the director now owns 4,434,576 shares of the company’s stock, valued at approximately $802,392,181.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Apple Company 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.

See Also

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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