Apple Inc. $AAPL is Modern Wealth Management LLC’s 7th Largest Position

Modern Wealth Management LLC boosted its position in Apple Inc. (NASDAQ:AAPL) by 11.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 349,317 shares of the iPhone maker’s stock after buying an additional 36,974 shares during the quarter. Apple makes up about 2.5% of Modern Wealth Management LLC’s holdings, making the stock its 7th largest position. Modern Wealth Management LLC’s holdings in Apple were worth $77,594,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. ROSS JOHNSON & Associates LLC grew its position in shares of Apple by 1,800.0% in the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after purchasing an additional 180 shares in the last quarter. Conquis Financial LLC purchased a new position in shares of Apple in the fourth quarter valued at $63,000. LSV Asset Management purchased a new position in shares of Apple in the fourth quarter valued at $65,000. Elite Financial Inc. purchased a new position in shares of Apple in the first quarter valued at $58,000. Finally, HFM Investment Advisors LLC purchased a new position in shares of Apple in the first quarter valued at $99,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Price Performance

Apple stock opened at $236.70 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The business has a 50-day simple moving average of $222.03 and a 200 day simple moving average of $211.99. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The stock has a market cap of $3.51 trillion, a price-to-earnings ratio of 35.92, a PEG ratio of 2.43 and a beta of 1.11.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (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 firm had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same quarter in the previous year, the company posted $1.40 earnings per share. The company’s revenue was up 9.6% compared to the same quarter last year. On average, research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

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

Insider Transactions at Apple

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction dated 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 completion of the sale, the senior vice president owned 136,687 shares of the company’s stock, valued at $30,508,538.40. The trade was 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.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Raymond James Financial reiterated an “outperform” rating and issued a $240.00 price target (up from $230.00) on shares of Apple in a research report on Friday, August 1st. Citigroup reiterated a “buy” rating on shares of Apple in a research report on Wednesday, September 10th. BMO Capital Markets reiterated a “buy” rating on shares of Apple in a research report on Wednesday, August 13th. Wedbush reiterated an “outperform” rating and issued a $270.00 price target on shares of Apple in a research report on Tuesday, September 9th. Finally, Rosenblatt Securities boosted their target price on Apple from $223.00 to $241.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $240.80.

About Apple

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.