Apple Inc. (NASDAQ:AAPL) Holdings Trimmed by Summit X LLC

Summit X LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,116 shares of the iPhone maker’s stock after selling 3,259 shares during the period. Apple comprises about 6.2% of Summit X LLC’s investment portfolio, making the stock its 2nd biggest holding. Summit X LLC’s holdings in Apple were worth $27,825,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. O Connor Financial Group LLC lifted its position in shares of Apple by 1.2% in the 4th quarter. O Connor Financial Group LLC now owns 3,578 shares of the iPhone maker’s stock worth $896,000 after purchasing an additional 41 shares during the period. Menard Financial Group LLC lifted its position in Apple by 0.4% during the 3rd quarter. Menard Financial Group LLC now owns 12,221 shares of the iPhone maker’s stock valued at $2,848,000 after acquiring an additional 48 shares during the period. Hanseatic Management Services Inc. lifted its position in Apple by 1.3% during the 4th quarter. Hanseatic Management Services Inc. now owns 3,775 shares of the iPhone maker’s stock valued at $945,000 after acquiring an additional 48 shares during the period. Family Capital Management Inc. lifted its position in Apple by 0.3% during the 4th quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker’s stock valued at $4,235,000 after acquiring an additional 48 shares during the period. Finally, Farmers & Merchants Trust Co of Chambersburg PA lifted its position in Apple by 0.3% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker’s stock valued at $4,178,000 after acquiring an additional 48 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Ratings Changes

AAPL has been the subject of a number of recent research reports. Wedbush reissued an “outperform” rating and set a $270.00 price target on shares of Apple in a research report on Friday, May 16th. Bank of America lowered their price target on shares of Apple from $250.00 to $240.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Evercore ISI lifted their price target on shares of Apple from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, March 18th. Needham & Company LLC reissued a “buy” rating and set a $225.00 price target on shares of Apple in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Apple from $270.00 to $245.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $235.80.

Insider Activity

In related news, insider Chris Kondo sold 4,486 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the sale, the insider now directly owns 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 38,822 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the sale, the senior vice president now owns 179,158 shares of the company’s stock, valued at $40,072,269.86. This trade represents a 17.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock valued at $42,694,080 over the last three months. Insiders own 0.06% of the company’s stock.

Apple Stock Down 2.3%

AAPL opened at $202.09 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The firm has a 50 day moving average price of $205.64 and a 200-day moving average price of $226.26. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The stock has a market capitalization of $3.02 trillion, a price-to-earnings ratio of 32.08, a PEG ratio of 2.44 and a beta of 1.27.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating 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 firm had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. During the same period in the previous year, the company earned $1.53 earnings per share. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. Equities research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. This is a boost from Apple’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. Apple’s payout ratio is presently 16.20%.

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Apple Company 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.