Elk River Wealth Management LLC Sells 454 Shares of Apple Inc. $AAPL

Elk River Wealth Management LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 104,950 shares of the iPhone maker’s stock after selling 454 shares during the period. Apple accounts for approximately 3.7% of Elk River Wealth Management LLC’s holdings, making the stock its 8th biggest holding. Elk River Wealth Management LLC’s holdings in Apple were worth $21,533,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in AAPL. Ryan Investment Management Inc. purchased a new position in shares of Apple in the 2nd quarter valued at $31,000. ROSS JOHNSON & Associates LLC boosted its position in Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares during the period. Conquis Financial LLC acquired a new stake in Apple in the 4th quarter valued at $63,000. LSV Asset Management purchased a new position in Apple in the fourth quarter valued at about $65,000. Finally, Elite Financial Inc. purchased a new position in Apple in the first quarter valued at about $58,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. UBS Group reiterated a “neutral” rating on shares of Apple in a research note on Monday, September 8th. BMO Capital Markets reaffirmed a “buy” rating on shares of Apple in a research report on Wednesday, August 13th. Bank of America lifted their price objective on shares of Apple from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Barclays boosted their target price on shares of Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st. Finally, Wedbush set a $310.00 price target on shares of Apple and gave the company an “outperform” rating in a report on Monday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $245.66.

Insiders Place Their Bets

In related news, SVP Deirdre O’brien sold 34,821 shares of the stock in a transaction dated 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 sale, the senior vice president owned 136,687 shares in the company, 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 this hyperlink. 0.06% of the stock is currently owned by company insiders.

Apple Trading Down 0.5%

NASDAQ:AAPL opened at $255.46 on Monday. The company has a market cap of $3.79 trillion, a PE ratio of 38.76, a P/E/G ratio of 2.65 and a beta of 1.11. The business’s 50 day moving average is $228.87 and its two-hundred day moving average is $213.22. 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 Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business’s revenue was up 9.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.40 EPS. On average, analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

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

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.