Global Wealth Management LLC boosted its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 17.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,657 shares of the iPhone maker’s stock after purchasing an additional 403 shares during the quarter. Apple comprises 0.3% of Global Wealth Management LLC’s holdings, making the stock its 22nd largest holding. Global Wealth Management LLC’s holdings in Apple were worth $554,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the business. Retirement Guys Formula LLC increased its holdings in Apple by 2.5% in the second quarter. Retirement Guys Formula LLC now owns 22,285 shares of the iPhone maker’s stock worth $4,572,000 after purchasing an additional 543 shares in the last quarter. LeConte Wealth Management LLC grew its stake in Apple by 28.4% in the second quarter. LeConte Wealth Management LLC now owns 12,154 shares of the iPhone maker’s stock valued at $2,494,000 after acquiring an additional 2,691 shares during the period. Herbst Group LLC grew its stake in Apple by 0.3% in the second quarter. Herbst Group LLC now owns 21,951 shares of the iPhone maker’s stock valued at $4,504,000 after acquiring an additional 57 shares during the period. Palumbo Wealth Management LLC grew its stake in Apple by 8.3% in the second quarter. Palumbo Wealth Management LLC now owns 56,798 shares of the iPhone maker’s stock valued at $11,653,000 after acquiring an additional 4,331 shares during the period. Finally, McAdam LLC grew its stake in Apple by 7.5% in the second quarter. McAdam LLC now owns 80,263 shares of the iPhone maker’s stock valued at $16,467,000 after acquiring an additional 5,585 shares during the period. 67.73% of the stock is currently owned by institutional investors.
Apple Stock Performance
NASDAQ:AAPL opened at $258.06 on Thursday. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The business’s fifty day moving average is $235.82 and its 200 day moving average is $215.55. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The firm has a market cap of $3.83 trillion, a price-to-earnings ratio of 39.16, a PEG ratio of 2.50 and a beta of 1.09.
Apple Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple’s payout ratio is presently 15.78%.
Wall Street Analyst Weigh In
A number of brokerages have commented on AAPL. Evercore ISI set a $290.00 price objective on Apple and gave the company an “outperform” rating in a research note on Friday, September 26th. Phillip Securities cut Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 price objective for the company. in a research note on Thursday, September 11th. Citigroup reissued a “buy” rating on shares of Apple in a research note on Wednesday, September 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Apple in a research note on Wednesday. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $240.00 target price (up previously from $230.00) on shares of Apple in a research report on Friday, August 1st. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $248.29.
Read Our Latest Research Report on AAPL
Insider Buying and Selling
In related news, CEO Timothy D. Cook sold 129,963 shares of the business’s 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 transaction, the chief executive officer directly owned 3,280,295 shares in the company, valued at $842,412,558.95. The trade was a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Deirdre O’brien sold 43,013 shares of the stock in a transaction dated 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 transaction, the senior vice president owned 136,687 shares in the company, valued at $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,922 shares of company stock worth $64,320,190 over the last ninety days. 0.06% of the stock is owned by corporate insiders.
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.
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