PMG Wealth Management Inc. Sells 337 Shares of Apple Inc. $AAPL

PMG Wealth Management Inc. trimmed its stake in shares of Apple Inc. (NASDAQ:AAPL) by 10.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,880 shares of the iPhone maker’s stock after selling 337 shares during the quarter. PMG Wealth Management Inc.’s holdings in Apple were worth $591,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ryan Investment Management Inc. bought a new position in Apple during the second quarter worth $31,000. ROSS JOHNSON & Associates LLC boosted its position in shares of Apple by 1,800.0% in the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after acquiring an additional 180 shares during the period. LSV Asset Management bought a new stake in shares of Apple in the fourth quarter valued at about $65,000. Elite Financial Inc. bought a new stake in shares of Apple in the first quarter valued at about $58,000. Finally, HFM Investment Advisors LLC bought a new stake in shares of Apple in the first quarter valued at about $99,000. 67.73% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Katherine L. Adams sold 47,125 shares of the company’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 value of $12,101,228.75. Following the completion of the transaction, the senior vice president owned 179,158 shares of the company’s stock, valued at $46,005,982.82. This represents a 20.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 129,963 shares of the company’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 value of $33,375,798.03. Following the completion of the transaction, the chief executive officer directly owned 3,280,295 shares of the company’s stock, valued at $842,412,558.95. This represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 254,922 shares of company stock valued at $64,320,190. 0.06% of the stock is currently owned by corporate insiders.

Apple Stock Up 0.0%

Shares of NASDAQ AAPL opened at $247.77 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The company has a market cap of $3.68 trillion, a price-to-earnings ratio of 37.60, a PEG ratio of 2.41 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 stock has a 50-day moving average price of $239.39 and a two-hundred day moving average price of $216.26.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The firm had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.40 earnings per share. As a group, analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a dividend of $0.26 per share. 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 payout ratio is presently 15.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Apple in a research report on Friday, July 25th. Bank of America boosted their target price on shares of Apple from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Phillip Securities cut shares of Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 target price for the company. in a research report on Thursday, September 11th. HSBC set a $220.00 target price on shares of Apple and gave the company a “hold” rating in a research report on Monday, September 8th. Finally, Monness Crespi & Hardt upped their price objective on shares of Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average 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.