Armstrong Advisory Group Inc. Sells 1,575 Shares of Apple Inc. $AAPL

Armstrong Advisory Group Inc. cut its stake in Apple Inc. (NASDAQ:AAPL) by 1.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,160 shares of the iPhone maker’s stock after selling 1,575 shares during the quarter. Apple accounts for about 1.3% of Armstrong Advisory Group Inc.’s portfolio, making the stock its 21st biggest position. Armstrong Advisory Group Inc.’s holdings in Apple were worth $16,857,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of AAPL. Ryan Investment Management Inc. bought a new position in Apple during the second quarter valued at about $31,000. ROSS JOHNSON & Associates LLC boosted its position in 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 purchasing an additional 180 shares during the period. Life Planning Partners Inc bought a new stake in shares of Apple in the fourth quarter valued at approximately $47,000. Elite Financial Inc. purchased a new position in Apple in the 1st quarter valued at approximately $58,000. Finally, Conquis Financial LLC bought a new stake in shares of Apple during the 4th quarter valued at $63,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Stock Up 0.7%

AAPL stock opened at $257.13 on Friday. 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 moving average of $232.20 and a 200 day moving average of $214.38. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market cap of $3.82 trillion, a PE ratio of 39.02, a price-to-earnings-growth ratio of 2.48 and a beta of 1.09.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating 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 the consensus estimate of $88.64 billion. During the same period last year, the company earned $1.40 earnings per share. The company’s revenue was up 9.6% on a year-over-year basis. On average, research analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently announced 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 was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio is currently 15.78%.

Insider Transactions at Apple

In other news, SVP Deirdre O’brien sold 34,821 shares of the firm’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 transaction, the senior vice president directly owned 136,687 shares in the company, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several analyst reports. Rosenblatt Securities raised their price target on shares of Apple from $223.00 to $241.00 and gave the company a “neutral” rating in a report on Wednesday, September 10th. Bank of America lifted their price target on Apple from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. UBS Group reiterated a “neutral” rating on shares of Apple in a research report on Monday, September 8th. Barclays upped their price target on shares of Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research report on Friday, August 1st. 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 research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $247.51.

Apple Company 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.