Parr Mcknight Wealth Management Group LLC Buys New Holdings in Apple Inc. (NASDAQ:AAPL)

Parr Mcknight Wealth Management Group LLC bought a new stake in shares of Apple Inc. (NASDAQ:AAPL) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 133,888 shares of the iPhone maker’s stock, valued at approximately $33,528,000. Apple accounts for 4.8% of Parr Mcknight Wealth Management Group LLC’s portfolio, making the stock its 2nd biggest holding.

Several other institutional investors also recently bought and sold shares of AAPL. OneAscent Wealth Management LLC lifted its holdings in Apple by 4.6% in the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock worth $2,337,000 after buying an additional 409 shares during the period. Allstate Corp lifted its holdings in Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker’s stock worth $113,062,000 after buying an additional 438,471 shares during the period. Vinva Investment Management Ltd lifted its holdings in Apple by 12.4% in the 4th quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker’s stock worth $192,700,000 after buying an additional 83,997 shares during the period. Tradewinds Capital Management LLC lifted its holdings in Apple by 9.2% in the 4th quarter. Tradewinds Capital Management LLC now owns 21,198 shares of the iPhone maker’s stock worth $5,308,000 after buying an additional 1,779 shares during the period. Finally, Berkshire Bank lifted its holdings in Apple by 2.7% in the 4th quarter. Berkshire Bank now owns 89,580 shares of the iPhone maker’s stock worth $22,433,000 after buying an additional 2,360 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Chris Kondo sold 4,486 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider now owns 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,507 shares of company stock valued at $42,694,080. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Up 0.5%

Apple stock opened at $196.58 on Thursday. The firm has a market cap of $2.94 trillion, a price-to-earnings ratio of 30.62, a PEG ratio of 2.18 and a beta of 1.22. The stock has a fifty day simple moving average of $202.17 and a two-hundred day simple moving average of $222.30. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.53 EPS. Equities analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.53%. Apple’s dividend payout ratio (DPR) is presently 16.20%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AAPL. KeyCorp raised Apple from an “underweight” rating to a “sector weight” rating in a research report on Monday, April 14th. Raymond James Financial decreased their target price on Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Bank of America reissued a “buy” rating and issued a $235.00 target price on shares of Apple in a research report on Tuesday, June 10th. Barclays decreased their target price on Apple from $197.00 to $173.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. Finally, Citigroup reissued a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $234.86.

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.