Chronos Wealth Management LLC Grows Stake in Apple Inc. $AAPL

Chronos Wealth Management LLC increased its position in Apple Inc. (NASDAQ:AAPL) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,776 shares of the iPhone maker’s stock after buying an additional 171 shares during the period. Apple accounts for approximately 6.4% of Chronos Wealth Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Chronos Wealth Management LLC’s holdings in Apple were worth $12,264,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AAPL. Ryan Investment Management Inc. bought a new stake in shares of Apple during the second quarter worth about $31,000. ROSS JOHNSON & Associates LLC boosted 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 valued at $42,000 after buying an additional 180 shares during the last quarter. Conquis Financial LLC purchased a new position in shares of Apple during the fourth quarter valued at approximately $63,000. LSV Asset Management bought a new stake in Apple during the fourth quarter worth $65,000. Finally, Elite Financial Inc. purchased a new stake in Apple in the 1st quarter valued at $58,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AAPL shares. Sanford C. Bernstein assumed coverage on shares of Apple in a report on Monday, September 15th. They issued an “outperform” rating and a $290.00 target price for the company. Loop Capital decreased their price objective on shares of Apple from $230.00 to $226.00 and set a “hold” rating for the company in a research note on Thursday, August 21st. Wedbush set a $310.00 target price on shares of Apple and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Apple in a report on Friday, July 25th. Finally, Melius Research set a $290.00 price target on Apple and gave the stock a “buy” rating in a report on Wednesday, September 10th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $247.49.

Insider Buying and Selling at Apple

In other news, SVP Katherine L. Adams sold 47,125 shares of the company’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the sale, the senior vice president directly owned 179,158 shares in the company, valued at $46,005,982.82. This represents a 20.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Timothy D. Cook sold 129,963 shares of the stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the completion of the sale, the chief executive officer directly owned 3,280,295 shares in the company, valued at approximately $842,412,558.95. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,922 shares of company stock valued at $64,320,190 in the last quarter. 0.06% of the stock is currently owned by corporate insiders.

Apple Stock Down 0.5%

AAPL opened at $256.69 on Tuesday. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a market cap of $3.81 trillion, a PE ratio of 38.95, a price-to-earnings-growth ratio of 2.51 and a beta of 1.09. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The company has a 50 day moving average of $233.94 and a 200 day moving average of $214.96.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter in the prior year, the business posted $1.40 earnings per share. The business’s quarterly revenue was up 9.6% on a year-over-year basis. On average, sell-side analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

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

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.