Pitti Group Wealth Management LLC Has $1.37 Million Stock Holdings in Apple Inc. $AAPL

Pitti Group Wealth Management LLC increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 10.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,660 shares of the iPhone maker’s stock after acquiring an additional 603 shares during the period. Apple comprises 1.2% of Pitti Group Wealth Management LLC’s holdings, making the stock its 20th largest holding. Pitti Group Wealth Management LLC’s holdings in Apple were worth $1,366,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in AAPL. Ryan Investment Management Inc. acquired a new stake in shares of Apple during the 2nd quarter worth approximately $31,000. ROSS JOHNSON & Associates LLC lifted its stake in 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. Elite Financial Inc. bought a new position in Apple in the 1st quarter valued at approximately $58,000. Conquis Financial LLC bought a new position in Apple in the 4th quarter valued at approximately $63,000. Finally, LSV Asset Management bought a new position in Apple in the 4th quarter valued at approximately $65,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Trading Down 0.1%

AAPL opened at $256.48 on Wednesday. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. 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 company has a fifty day moving average of $234.84 and a 200-day moving average of $215.25. The stock has a market cap of $3.81 trillion, a PE ratio of 38.92, a price-to-earnings-growth ratio of 2.50 and a beta of 1.09.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. During the same period in the prior year, the company posted $1.40 earnings per share. Apple’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, sell-side analysts predict 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. Stockholders of record on Monday, August 11th were given a dividend of $0.26 per share. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. Apple’s dividend payout ratio is 15.78%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on AAPL shares. Morgan Stanley set a $298.00 price objective on shares of Apple and gave the company an “overweight” rating in a research note on Thursday, October 2nd. Monness Crespi & Hardt increased their price objective on shares of Apple from $245.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, August 1st. DA Davidson reissued a “neutral” rating and issued a $250.00 price objective on shares of Apple in a research note on Thursday, September 11th. Evercore ISI set a $290.00 price objective on shares of Apple and gave the company an “outperform” rating in a research note on Friday, September 26th. Finally, UBS Group reissued a “neutral” rating on shares of Apple in a research note on Monday, September 8th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have given 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 an average price target of $247.49.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 43,013 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 129,963 shares of the firm’s stock in a transaction on 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 owned 3,280,295 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 254,922 shares of company stock worth $64,320,190. 0.06% of the stock is currently owned by company insiders.

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.