Summit Wealth Group LLC Trims Holdings in Apple Inc. (NASDAQ:AAPL)

Summit Wealth Group LLC lowered its position in shares of Apple Inc. (NASDAQ:AAPL) by 16.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,994 shares of the iPhone maker’s stock after selling 4,283 shares during the quarter. Apple comprises 1.5% of Summit Wealth Group LLC’s portfolio, making the stock its 18th largest position. Summit Wealth Group LLC’s holdings in Apple were worth $5,257,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Apple by 10.6% during the third quarter. State Street Corp now owns 584,010,284 shares of the iPhone maker’s stock valued at $136,074,372,000 after acquiring an additional 55,935,105 shares during the period. Geode Capital Management LLC raised its stake in shares of Apple by 6.5% in the 3rd quarter. Geode Capital Management LLC now owns 333,857,500 shares of the iPhone maker’s stock worth $77,542,863,000 after buying an additional 20,483,787 shares in the last quarter. FMR LLC boosted its position in shares of Apple by 5.3% during the 3rd quarter. FMR LLC now owns 363,859,362 shares of the iPhone maker’s stock valued at $84,779,231,000 after purchasing an additional 18,224,005 shares in the last quarter. Strategic Financial Concepts LLC increased its holdings in shares of Apple by 25,285.2% in the fourth quarter. Strategic Financial Concepts LLC now owns 9,628,864 shares of the iPhone maker’s stock valued at $2,411,260,000 after buying an additional 9,590,933 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Apple by 6.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 94,942,731 shares of the iPhone maker’s stock valued at $22,121,656,000 after purchasing an additional 5,893,741 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on AAPL shares. Morgan Stanley increased their target price on Apple from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Monday, April 28th. The Goldman Sachs Group reduced their price target on Apple from $259.00 to $256.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Jefferies Financial Group reiterated an “underperform” rating and issued a $170.62 target price (up previously from $167.88) on shares of Apple in a report on Friday. DA Davidson raised their price objective on shares of Apple from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Wedbush downgraded Apple from an “outperform” rating to a “neutral” rating in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.80.

Apple Trading Down 3.1 %

NASDAQ:AAPL opened at $198.89 on Tuesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The business’s 50-day simple moving average is $211.32 and its 200-day simple moving average is $228.33. The stock has a market capitalization of $2.99 trillion, a PE ratio of 31.57, a price-to-earnings-growth ratio of 2.44 and a beta of 1.27.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 160.83%. The company had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. During the same period last year, the business earned $1.53 EPS. The business’s quarterly revenue was up 5.1% on a year-over-year basis. Sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 12th will be paid a dividend of $0.26 per share. This is an increase from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.52%. The ex-dividend date is Monday, May 12th. Apple’s payout ratio is currently 16.20%.

Apple declared that its Board of Directors has approved a stock buyback program on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CFO Kevan Parekh sold 4,570 shares of the company’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the sale, the chief financial officer now owns 4,569 shares of the company’s stock, valued at $941,214. This represents a 50.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the completion of the transaction, the chief executive officer now directly owns 3,280,295 shares in the company, valued at $733,637,976.75. This trade represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 187,021 shares of company stock valued at $41,760,140 over the last ninety days. 0.06% of the stock is currently owned by company insiders.

About Apple

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.