Profit Investment Management LLC Sells 221 Shares of Apple Inc. $AAPL

Profit Investment Management LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,700 shares of the iPhone maker’s stock after selling 221 shares during the quarter. Apple makes up 1.4% of Profit Investment Management LLC’s portfolio, making the stock its 28th largest holding. Profit Investment Management LLC’s holdings in Apple were worth $1,580,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Ryan Investment Management Inc. bought a new position in shares of Apple in the 2nd quarter valued at about $31,000. ROSS JOHNSON & Associates LLC boosted its stake in shares of Apple by 1,800.0% in the 1st 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 during the last quarter. Conquis Financial LLC acquired a new position in shares of Apple during the 4th quarter worth about $63,000. LSV Asset Management acquired a new position in shares of Apple during the 4th quarter worth about $65,000. Finally, Elite Financial Inc. acquired a new position in shares of Apple during the 1st quarter worth about $58,000. 67.73% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AAPL shares. Morgan Stanley set a $240.00 target price on Apple and gave the stock an “overweight” rating in a research report on Wednesday, September 3rd. Barclays boosted their target price on Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st. Melius Research set a $290.00 target price on Apple and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Citigroup reiterated a “buy” rating on shares of Apple in a research report on Wednesday, September 10th. Finally, Monness Crespi & Hardt boosted their price objective on Apple from $245.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $245.51.

Apple Trading Up 0.1%

NASDAQ AAPL opened at $254.63 on Wednesday. The stock has a market capitalization of $3.78 trillion, a price-to-earnings ratio of 38.64, a PEG ratio of 2.64 and a beta of 1.11. The stock’s 50 day moving average price is $230.51 and its two-hundred day moving average price is $213.80. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.40 EPS. As a group, analysts anticipate 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 paid 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 payout ratio is presently 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.