Parkshore Wealth Management Inc. Sells 361 Shares of Apple Inc. $AAPL

Parkshore Wealth Management Inc. trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 0.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 39,073 shares of the iPhone maker’s stock after selling 361 shares during the period. Apple accounts for approximately 3.9% of Parkshore Wealth Management Inc.’s portfolio, making the stock its 6th largest position. Parkshore Wealth Management Inc.’s holdings in Apple were worth $8,017,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Burkett Financial Services LLC lifted its position in 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 during the period. Avid Wealth Partners LLC raised its stake in shares of Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock worth $935,000 after buying an additional 930 shares in the last quarter. Bell & Brown Wealth Advisors LLC lifted its holdings in shares of Apple by 0.4% in the 1st quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker’s stock valued at $13,772,000 after buying an additional 240 shares during the period. OneAscent Wealth Management LLC boosted its stake in shares of Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock valued at $2,337,000 after buying an additional 409 shares in the last quarter. Finally, Andina Capital Management LLC grew its holdings in Apple by 209.2% during the first quarter. Andina Capital Management LLC now owns 6,786 shares of the iPhone maker’s stock worth $1,507,000 after acquiring an additional 4,591 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Activity at Apple

In related news, SVP Deirdre O’brien sold 34,821 shares of the company’s stock in a transaction 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 completion of the transaction, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.06% of the stock is currently owned by corporate insiders.

Apple Price Performance

Apple stock opened at $255.45 on Thursday. The stock has a market capitalization of $3.79 trillion, a P/E ratio of 38.76, a P/E/G ratio of 2.64 and a beta of 1.09. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The firm’s 50-day moving average is $231.34 and its two-hundred day moving average is $214.08.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data 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 the consensus estimate of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.40 earnings per share. Equities analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

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

Wall Street Analysts Forecast Growth

AAPL has been the subject of a number of recent analyst reports. Barclays raised their target price on Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a report on Friday, August 1st. Evercore ISI set a $290.00 target price on shares of Apple and gave the stock an “outperform” rating in a research report on Friday, September 26th. Tigress Financial lifted their price target on shares of Apple from $300.00 to $305.00 and gave the company a “strong-buy” rating in a research report on Wednesday, September 17th. Melius Research set a $290.00 price objective on Apple and gave the company a “buy” rating in a research note on Wednesday, September 10th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $266.00 target price on shares of Apple in a research report on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $245.51.

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.