Magnus Financial Group LLC Sells 426 Shares of Apple Inc. $AAPL

Magnus Financial Group LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 138,694 shares of the iPhone maker’s stock after selling 426 shares during the quarter. Apple comprises 2.5% of Magnus Financial Group LLC’s investment portfolio, making the stock its 8th biggest position. Magnus Financial Group LLC’s holdings in Apple were worth $28,456,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ryan Investment Management Inc. acquired a new position in Apple during the second quarter worth 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 acquiring an additional 180 shares during the last quarter. Elite Financial Inc. acquired a new position in Apple during the first quarter worth about $58,000. Conquis Financial LLC acquired a new position in Apple during the fourth quarter worth about $63,000. Finally, LSV Asset Management acquired a new position in Apple during the fourth quarter worth about $65,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Price Performance

Shares of AAPL opened at $258.06 on Thursday. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm’s 50 day moving average price is $235.82 and its 200 day moving average price is $215.55. The company has a market cap of $3.83 trillion, a P/E ratio of 39.16, a PEG ratio of 2.50 and a beta of 1.09. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last announced its earnings results 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 firm had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period in the prior year, the firm earned $1.40 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were issued 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 15.78%.

Insiders Place Their Bets

In other Apple news, CEO Timothy D. Cook sold 129,963 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The shares were 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 owned 3,280,295 shares in the company, valued at $842,412,558.95. The trade was a 3.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Katherine L. Adams sold 47,125 shares of the business’s stock in a transaction that occurred on 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 transaction, the senior vice president owned 179,158 shares of the company’s stock, valued at $46,005,982.82. This trade represents a 20.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 254,922 shares of company stock worth $64,320,190 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Evercore ISI set a $290.00 target price on shares of Apple and gave the stock an “outperform” rating in a research note on Friday, September 26th. Wedbush set a $310.00 target price on shares of Apple and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Sanford C. Bernstein assumed coverage on shares of Apple in a research note on Monday, September 15th. They set an “outperform” rating and a $290.00 target price on the stock. Morgan Stanley set a $298.00 target price on shares of Apple and gave the stock an “overweight” rating in a research note on Thursday, October 2nd. Finally, DA Davidson reaffirmed a “neutral” rating and set a $250.00 target price on shares of Apple in a research note on Thursday, September 11th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $248.29.

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.