Drive Wealth Management LLC Has $15.07 Million Stock Holdings in Apple Inc. $AAPL

Drive Wealth Management LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 67,838 shares of the iPhone maker’s stock after acquiring an additional 1,578 shares during the period. Apple makes up 3.5% of Drive Wealth Management LLC’s investment portfolio, making the stock its 4th biggest position. Drive Wealth Management LLC’s holdings in Apple were worth $15,069,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in AAPL. Advanced Portfolio Management LLC lifted its stake in shares of Apple by 0.3% in the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock worth $3,260,000 after buying an additional 47 shares in the last quarter. Salus Financial Advisors LLC lifted its position in Apple by 3.9% during the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker’s stock valued at $291,000 after purchasing an additional 49 shares during the period. Disciplined Investments LLC lifted its position in Apple by 0.7% during the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker’s stock valued at $1,794,000 after purchasing an additional 51 shares during the period. Sharpepoint LLC lifted its position in Apple by 3.5% during the first quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker’s stock valued at $322,000 after purchasing an additional 51 shares during the period. Finally, Redwood Financial Network Corp lifted its position in Apple by 0.6% during the fourth quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker’s stock valued at $2,184,000 after purchasing an additional 53 shares during the period. 67.73% of the stock is owned by institutional investors.

Apple Stock Up 3.8%

AAPL opened at $238.47 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The company has a market capitalization of $3.54 trillion, a PE ratio of 36.19, a PEG ratio of 2.42 and a beta of 1.11. The firm’s 50 day simple moving average is $217.73 and its two-hundred day simple moving average is $212.92.

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. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period last year, the firm earned $1.40 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis. As a group, equities analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s dividend payout ratio is 15.78%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and set a $270.00 price objective on shares of Apple in a research report on Wednesday. Jefferies Financial Group upgraded shares of Apple from an “underperform” rating to a “hold” rating in a research report on Friday, July 18th. DA Davidson restated a “buy” rating and set a $250.00 price objective on shares of Apple in a research report on Friday, August 1st. Loop Capital lowered their price objective on shares of Apple from $230.00 to $226.00 and set a “hold” rating on the stock in a research report on Thursday, August 21st. Finally, UBS Group increased their price objective on shares of Apple from $210.00 to $220.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $237.73.

Insider Activity

In other news, SVP Deirdre O’brien sold 34,821 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the sale, 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 at this hyperlink. 0.06% of the stock is currently owned by company insiders.

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.