Pinnacle Wealth Planning Services Inc. Sells 19,353 Shares of Apple Inc. (NASDAQ:AAPL)

Pinnacle Wealth Planning Services Inc. lessened its stake in Apple Inc. (NASDAQ:AAPL) by 19.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,820 shares of the iPhone maker’s stock after selling 19,353 shares during the quarter. Apple comprises about 2.9% of Pinnacle Wealth Planning Services Inc.’s investment portfolio, making the stock its 5th largest holding. Pinnacle Wealth Planning Services Inc.’s holdings in Apple were worth $19,488,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AAPL. Advanced Portfolio Management LLC increased its stake in shares of Apple by 0.3% in the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock valued at $3,260,000 after acquiring an additional 47 shares in the last quarter. Hanseatic Management Services Inc. boosted its holdings in shares of Apple by 1.3% in the 4th quarter. Hanseatic Management Services Inc. now owns 3,775 shares of the iPhone maker’s stock worth $945,000 after buying an additional 48 shares during the last quarter. Family Capital Management Inc. boosted its holdings in shares of Apple by 0.3% in the 4th quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker’s stock worth $4,235,000 after buying an additional 48 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in shares of Apple by 0.3% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker’s stock worth $4,178,000 after buying an additional 48 shares during the last quarter. Finally, Scarborough Advisors LLC raised its stake in Apple by 0.3% in the 4th quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker’s stock valued at $3,992,000 after acquiring an additional 51 shares during the period. Institutional investors own 67.73% of the company’s stock.

Apple Price Performance

AAPL opened at $201.00 on Friday. 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. The business’s fifty day simple moving average is $202.35 and its 200-day simple moving average is $221.71. The company has a market capitalization of $3.00 trillion, a price-to-earnings ratio of 31.31, a PEG ratio of 2.19 and a beta of 1.22.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS 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 167.24%. The firm had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. During the same period last year, the firm posted $1.53 EPS. Apple’s revenue was up 5.1% on a year-over-year basis. On average, equities research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

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

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. This is a boost from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Monday, May 12th. Apple’s dividend payout ratio (DPR) is currently 16.20%.

Insider Activity at Apple

In other news, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares of the company’s stock, valued at $733,637,976.75. The trade was a 3.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the transaction, the chief financial officer now owns 4,569 shares in the company, valued at approximately $941,214. The trade was a 50.01% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,507 shares of company stock worth $42,694,080. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Loop Capital decreased their price target on Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Apple in a research note on Tuesday, June 10th. Evercore ISI raised their price objective on Apple to $250.00 and gave the company a “buy” rating in a research report on Friday, June 6th. UBS Group reaffirmed a “buy” rating on shares of Apple in a research report on Sunday, June 1st. Finally, TD Cowen reduced their price objective on Apple from $290.00 to $275.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and an average target price of $234.86.

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.