EdgeRock Capital LLC Has $6.52 Million Position in Apple Inc. $AAPL

EdgeRock Capital LLC grew its stake in Apple Inc. (NASDAQ:AAPL) by 23.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,765 shares of the iPhone maker’s stock after buying an additional 5,974 shares during the period. Apple accounts for about 2.1% of EdgeRock Capital LLC’s holdings, making the stock its 15th biggest holding. EdgeRock Capital LLC’s holdings in Apple were worth $6,515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. FORM Wealth Advisors LLC boosted its holdings in Apple by 1.5% in the second quarter. FORM Wealth Advisors LLC now owns 13,382 shares of the iPhone maker’s stock worth $2,746,000 after acquiring an additional 194 shares in the last quarter. Blue Oak Capital LLC increased its position in Apple by 77.5% in the second quarter. Blue Oak Capital LLC now owns 8,635 shares of the iPhone maker’s stock worth $1,772,000 after buying an additional 3,771 shares during the last quarter. Legend Financial Advisors Inc. increased its position in Apple by 40.6% in the second quarter. Legend Financial Advisors Inc. now owns 11,211 shares of the iPhone maker’s stock worth $2,300,000 after buying an additional 3,237 shares during the last quarter. CX Institutional boosted its holdings in shares of Apple by 9.6% in the second quarter. CX Institutional now owns 208,224 shares of the iPhone maker’s stock worth $42,721,000 after acquiring an additional 18,246 shares during the period. Finally, American National Bank & Trust boosted its holdings in shares of Apple by 2.4% in the second quarter. American National Bank & Trust now owns 195,482 shares of the iPhone maker’s stock worth $40,107,000 after acquiring an additional 4,543 shares during the period. Institutional investors own 67.73% of the company’s stock.

Wall Street Analyst Weigh In

AAPL has been the subject of several research analyst reports. Bank of America lifted their price objective on Apple from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Morgan Stanley set a $298.00 price objective on Apple and gave the company an “overweight” rating in a research report on Thursday, October 2nd. DA Davidson restated a “neutral” rating and issued a $250.00 price objective on shares of Apple in a research note on Thursday, September 11th. Jefferies Financial Group downgraded shares of Apple from a “hold” rating to an “underperform” rating and lowered their price target for the company from $205.82 to $205.16 in a report on Friday, October 3rd. Finally, Phillip Securities downgraded shares of 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. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $248.29.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $245.27 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The firm has a market capitalization of $3.64 trillion, a P/E ratio of 37.22, a P/E/G ratio of 2.47 and a beta of 1.09. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company’s fifty day moving average price is $237.61 and its 200 day moving average price is $215.92.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating 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 business had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter in the previous year, the firm earned $1.40 earnings per share. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, sell-side analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently disclosed 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 of this dividend was Monday, August 11th. Apple’s dividend payout ratio (DPR) is currently 15.78%.

Insiders Place Their Bets

In other Apple news, CEO Timothy D. Cook sold 129,963 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The shares were 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 $842,412,558.95. This trade represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Katherine L. Adams sold 47,125 shares of the firm’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 sale, the senior vice president owned 179,158 shares of the company’s stock, valued at approximately $46,005,982.82. This represents a 20.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,922 shares of company stock valued at $64,320,190. Company insiders own 0.06% of the company’s stock.

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.