Summit Financial Strategies Inc. Sells 146 Shares of Apple Inc. $AAPL

Summit Financial Strategies Inc. trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 0.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 69,663 shares of the iPhone maker’s stock after selling 146 shares during the quarter. Apple makes up approximately 1.6% of Summit Financial Strategies Inc.’s holdings, making the stock its 17th biggest position. Summit Financial Strategies Inc.’s holdings in Apple were worth $15,474,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Burkett Financial Services LLC grew its holdings in shares of Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock valued at $3,199,000 after purchasing an additional 93 shares in the last quarter. Avid Wealth Partners LLC lifted its position in shares of Apple by 28.3% during the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock worth $935,000 after purchasing an additional 930 shares during the last quarter. OneAscent Wealth Management LLC lifted its position in shares of Apple by 4.6% during the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock worth $2,337,000 after purchasing an additional 409 shares during the last quarter. Bell & Brown Wealth Advisors LLC lifted its position in shares of Apple by 0.4% during the first quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker’s stock worth $13,772,000 after purchasing an additional 240 shares during the last quarter. Finally, TruWealth Advisors LLC lifted its position in shares of Apple by 2.8% during the first quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker’s stock worth $42,045,000 after purchasing an additional 5,120 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

Insider Transactions at Apple

In other news, SVP Deirdre O’brien sold 34,821 shares of Apple 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 owned 136,687 shares in the company, valued at $30,508,538.40. The trade was a 20.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is currently owned by insiders.

Apple Trading Down 0.0%

Shares of NASDAQ:AAPL opened at $239.69 on Monday. 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 12-month low of $169.21 and a 12-month high of $260.10. The business has a 50 day moving average of $219.28 and a two-hundred day moving average of $212.40. The company has a market capitalization of $3.56 trillion, a PE ratio of 36.37, a PEG ratio of 2.50 and a beta of 1.11.

Apple (NASDAQ:AAPL) last released its quarterly earnings data 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 analyst estimates of $88.64 billion. During the same quarter in the prior year, the firm posted $1.40 EPS. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently commented on AAPL shares. Bank of America raised their price target on Apple from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. Evercore ISI restated an “outperform” rating and set a $250.00 price target on shares of Apple in a research note on Wednesday, August 13th. BMO Capital Markets restated a “buy” rating on shares of Apple in a research note on Wednesday, August 13th. Raymond James Financial restated an “outperform” rating and set a $240.00 price target (up previously from $230.00) on shares of Apple in a research note on Friday, August 1st. Finally, Wedbush restated an “outperform” rating and set a $270.00 price target on shares of Apple in a research note on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average target price of $239.05.

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.