Summit Financial Strategies Inc. Sells 601 Shares of Apple Inc. (NASDAQ:AAPL)

Summit Financial Strategies Inc. reduced its stake in Apple Inc. (NASDAQ:AAPLFree Report) by 0.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,563 shares of the iPhone maker’s stock after selling 601 shares during the period. Apple makes up approximately 2.1% of Summit Financial Strategies Inc.’s investment portfolio, making the stock its 12th biggest position. Summit Financial Strategies Inc.’s holdings in Apple were worth $13,585,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in AAPL. Wyrmwood Management LLC lifted its stake in Apple by 69.0% during the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after purchasing an additional 69 shares during the last quarter. Gilfoyle & Co LLC lifted its stake in Apple by 118.0% during the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares during the last quarter. PayPay Securities Corp lifted its stake in Apple by 70.2% during the third quarter. PayPay Securities Corp now owns 509 shares of the iPhone maker’s stock worth $87,000 after purchasing an additional 210 shares during the last quarter. Friedenthal Financial bought a new stake in Apple during the fourth quarter worth $111,000. Finally, Cordant Inc. lifted its stake in Apple by 27.7% during the third quarter. Cordant Inc. now owns 645 shares of the iPhone maker’s stock worth $110,000 after purchasing an additional 140 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Barclays increased their price target on Apple from $158.00 to $164.00 and gave the company an “underweight” rating in a research note on Friday, May 3rd. UBS Group reiterated a “hold” rating and issued a $190.00 price target on shares of Apple in a research note on Monday, March 25th. Loop Capital dropped their price target on Apple from $185.00 to $170.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Rosenblatt Securities reiterated a “neutral” rating and issued a $196.00 price target (up from $189.00) on shares of Apple in a research note on Friday, May 3rd. Finally, Wedbush increased their price target on Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.59.

Check Out Our Latest Report on AAPL

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,999 shares of Apple stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the completion of the sale, the insider now owns 29,278 shares in the company, valued at approximately $5,574,531.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Apple news, insider Chris Kondo sold 4,999 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the transaction, the insider now owns 29,278 shares of the company’s stock, valued at approximately $5,574,531.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Deirdre O’brien sold 54,732 shares of Apple stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the completion of the transaction, the senior vice president now directly owns 136,572 shares in the company, valued at approximately $23,068,376.52. The disclosure for this sale can be found here. Insiders sold 346,270 shares of company stock worth $60,880,196 in the last 90 days. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $193.12 on Tuesday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $199.62. The stock has a market capitalization of $2.96 trillion, a P/E ratio of 30.03, a PEG ratio of 2.40 and a beta of 1.25. The firm has a fifty day simple moving average of $180.37 and a two-hundred day simple moving average of $183.39. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPLGet Free Report) last released its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. The firm had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business’s revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the business earned $1.52 EPS. On average, analysts expect that Apple Inc. will post 6.57 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were issued a dividend of $0.25 per share. This is a positive change from Apple’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a yield of 0.52%. Apple’s dividend payout ratio (DPR) is presently 15.55%.

Apple announced that its board has authorized a stock repurchase program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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