Apple Inc. $AAPL Holdings Boosted by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC increased its position in Apple Inc. (NASDAQ:AAPL) by 8.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,798 shares of the iPhone maker’s stock after buying an additional 4,331 shares during the period. Apple accounts for about 3.6% of Palumbo Wealth Management LLC’s investment portfolio, making the stock its 4th biggest position. Palumbo Wealth Management LLC’s holdings in Apple were worth $11,653,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AAPL. First National Bank of Hutchinson lifted its position in shares of Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after buying an additional 6,982 shares in the last quarter. Eagle Capital Management LLC lifted its position in shares of Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after buying an additional 272 shares in the last quarter. Brighton Jones LLC lifted its position in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after buying an additional 69,207 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in shares of Apple by 4.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock worth $16,742,000 after buying an additional 2,695 shares in the last quarter. Finally, Highview Capital Management LLC DE lifted its position in shares of Apple by 2.4% in the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock worth $12,587,000 after buying an additional 1,155 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Down 0.1%

AAPL opened at $256.48 on Wednesday. The stock has a market cap of $3.81 trillion, a price-to-earnings ratio of 38.92, a P/E/G ratio of 2.50 and a beta of 1.09. The stock’s 50 day moving average price is $234.84 and its 200-day moving average price is $215.25. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. 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 (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, 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 company had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter in the prior year, the firm earned $1.40 earnings per share. Apple’s revenue was up 9.6% compared to the same quarter last year. On average, equities analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

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

Analysts Set New Price Targets

A number of research firms recently commented on AAPL. Wedbush set a $310.00 target price on Apple and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Rosenblatt Securities upped their price objective on Apple from $223.00 to $241.00 and gave the company a “neutral” rating in a research report on Wednesday, September 10th. HSBC set a $220.00 price objective on Apple and gave the company a “hold” rating in a research report on Monday, September 8th. Barclays upped their price objective on Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research report on Friday, August 1st. Finally, Needham & Company LLC restated a “hold” rating on shares of Apple in a research report on Friday, July 25th. Three research 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus target price of $247.49.

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 43,013 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the transaction, the senior vice president owned 136,687 shares of the company’s stock, valued at $35,181,866.93. This represents a 23.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy D. Cook sold 129,963 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $256.81, for a total value of $33,375,798.03. Following the completion of the transaction, the chief executive officer directly owned 3,280,295 shares in the company, valued at approximately $842,412,558.95. This trade represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,922 shares of company stock valued at $64,320,190 over the last quarter. 0.06% of the stock is owned by corporate insiders.

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.