Apple Inc. $AAPL is McLean Asset Management Corp’s 3rd Largest Position

McLean Asset Management Corp raised its position in Apple Inc. (NASDAQ:AAPL) by 0.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 98,957 shares of the iPhone maker’s stock after buying an additional 447 shares during the period. Apple comprises about 5.5% of McLean Asset Management Corp’s portfolio, making the stock its 3rd largest holding. McLean Asset Management Corp’s holdings in Apple were worth $21,022,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in AAPL. ROSS JOHNSON & Associates LLC increased its position in shares of Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after acquiring an additional 180 shares during the period. Life Planning Partners Inc acquired a new position in Apple in the fourth quarter valued at $47,000. Elite Financial Inc. acquired a new position in Apple in the first quarter valued at $58,000. Conquis Financial LLC acquired a new stake in shares of Apple during the fourth quarter worth about $63,000. Finally, LSV Asset Management acquired a new stake in shares of Apple during the fourth quarter worth about $65,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on AAPL shares. Monness Crespi & Hardt boosted their target price on shares of Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Tigress Financial raised their target price on shares of Apple from $300.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. Raymond James Financial reiterated an “outperform” rating and issued a $240.00 price target (up previously from $230.00) on shares of Apple in a report on Friday, August 1st. Phillip Securities lowered shares of Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 price target on the stock. in a report on Thursday, September 11th. Finally, Bank of America lifted their target price on shares of Apple from $260.00 to $270.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $241.93.

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 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. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

NASDAQ AAPL opened at $238.99 on Thursday. The stock has a market cap of $3.55 trillion, a P/E ratio of 36.27, a PEG ratio of 2.47 and a beta of 1.11. The company’s 50-day simple moving average is $223.15 and its 200 day simple moving average is $212.36. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data 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 firm had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. During the same period in the prior year, the firm earned $1.40 earnings per share. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio (DPR) is 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.