Strategic Financial Concepts LLC Has $11.63 Million Stock Holdings in Apple Inc. $AAPL

Strategic Financial Concepts LLC cut its holdings in Apple Inc. (NASDAQ:AAPL) by 1.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,332 shares of the iPhone maker’s stock after selling 571 shares during the period. Apple makes up approximately 2.2% of Strategic Financial Concepts LLC’s portfolio, making the stock its 8th biggest position. Strategic Financial Concepts LLC’s holdings in Apple were worth $11,625,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Burkett Financial Services LLC raised its position in shares of Apple by 0.6% in the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock worth $3,199,000 after acquiring an additional 93 shares in the last quarter. Avid Wealth Partners LLC grew its stake in shares of Apple by 28.3% in the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock valued at $935,000 after buying an additional 930 shares during the period. OneAscent Wealth Management LLC grew its stake in shares of Apple by 4.6% in the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock valued at $2,337,000 after buying an additional 409 shares during the period. TruWealth Advisors LLC grew its stake in shares of Apple by 2.8% in the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker’s stock valued at $42,045,000 after buying an additional 5,120 shares during the period. Finally, Allstate Corp grew its stake in shares of Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker’s stock valued at $113,062,000 after buying an additional 438,471 shares during the period. 67.73% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 34,821 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AAPL shares. Raymond James Financial restated an “outperform” rating and issued a $240.00 target price (up from $230.00) on shares of Apple in a research note on Friday, August 1st. TD Cowen reduced their target price on Apple from $290.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. UBS Group raised their target price on Apple from $210.00 to $220.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. BMO Capital Markets restated a “buy” rating on shares of Apple in a research note on Wednesday, August 13th. Finally, Barclays raised their target price on Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $237.60.

Apple Trading Down 0.3%

Shares of AAPL stock opened at $230.89 on Tuesday. The company’s fifty day simple moving average is $210.28 and its two-hundred day simple moving average is $212.94. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market capitalization of $3.43 trillion, a price-to-earnings ratio of 35.04, a PEG ratio of 2.42 and a beta of 1.16.

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

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

Apple Dividend Announcement

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

Apple 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.