Elmwood Wealth Management Inc. Cuts Holdings in Apple Inc. $AAPL

Elmwood Wealth Management Inc. reduced its position in Apple Inc. (NASDAQ:AAPL) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,680 shares of the iPhone maker’s stock after selling 302 shares during the period. Apple makes up 2.2% of Elmwood Wealth Management Inc.’s investment portfolio, making the stock its 10th largest holding. Elmwood Wealth Management Inc.’s holdings in Apple were worth $5,260,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AAPL. Advanced Portfolio Management LLC boosted its position in shares of Apple by 0.3% during 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 during the last quarter. Salus Financial Advisors LLC lifted its position in Apple by 3.9% in the 1st quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker’s stock worth $291,000 after buying an additional 49 shares during the last quarter. Disciplined Investments LLC lifted its position in Apple by 0.7% in the 4th quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker’s stock worth $1,794,000 after buying an additional 51 shares during the last quarter. Redwood Financial Network Corp lifted its position in Apple by 0.6% in the 4th quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker’s stock worth $2,184,000 after buying an additional 53 shares during the last quarter. Finally, Mission Hills Financial Advisory LLC lifted its position in Apple by 1.3% in the 1st quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker’s stock worth $892,000 after buying an additional 53 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of Apple in a research report on Friday, July 25th. Bank of America boosted their target price on Apple from $240.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating in a research report on Friday, July 18th. Rosenblatt Securities restated a “neutral” rating and issued a $217.00 target price on shares of Apple in a research report on Tuesday, July 29th. Finally, TD Cowen dropped their target price on Apple from $290.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $237.60.

Apple Trading Down 0.3%

Apple stock opened at $230.89 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The business’s fifty day simple moving average is $210.28 and its two-hundred day simple moving average is $212.94. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a market capitalization of $3.43 trillion, a price-to-earnings ratio of 35.04, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%. The business had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period in the previous year, the company posted $1.40 earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio is presently 15.78%.

Apple declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, SVP Deirdre O’brien sold 34,821 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company’s stock, valued at $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.06% of the stock is currently owned by insiders.

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.