Legacy Wealth Management Inc Raises Stock Holdings in Apple Inc. $AAPL

Legacy Wealth Management Inc boosted its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 31.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,862 shares of the iPhone maker’s stock after purchasing an additional 924 shares during the quarter. Apple makes up 0.0% of Legacy Wealth Management Inc’s holdings, making the stock its 20th largest position. Legacy Wealth Management Inc’s holdings in Apple were worth $792,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC lifted its position in Apple by 0.6% during the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock worth $3,199,000 after buying an additional 93 shares in the last quarter. Avid Wealth Partners LLC grew its stake in shares of Apple by 28.3% in the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock valued at $935,000 after buying an additional 930 shares in the last quarter. Bell & Brown Wealth Advisors LLC grew its stake in shares of Apple by 0.4% in the first quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker’s stock valued at $13,772,000 after buying an additional 240 shares in the last quarter. American National Bank & Trust grew its stake in Apple by 2.4% during the 2nd quarter. American National Bank & Trust now owns 195,482 shares of the iPhone maker’s stock worth $40,107,000 after purchasing an additional 4,543 shares in the last quarter. Finally, Andina Capital Management LLC grew its stake in Apple by 209.2% during the 1st quarter. Andina Capital Management LLC now owns 6,786 shares of the iPhone maker’s stock worth $1,507,000 after purchasing an additional 4,591 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Trading Up 2.0%

Shares of AAPL opened at $252.29 on Friday. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market capitalization of $3.74 trillion, a P/E ratio of 38.28, a price-to-earnings-growth ratio of 2.41 and a beta of 1.09. 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 stock’s fifty day simple moving average is $241.13 and its 200 day simple moving average is $216.86.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The firm had revenue of $94.04 billion during 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 quarterly revenue was up 9.6% compared to the same quarter last year. On average, equities research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were paid 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 (DPR) is currently 15.78%.

Insiders Place Their Bets

In other news, 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 transaction of $11,071,116.07. Following the transaction, the senior vice president owned 136,687 shares of the company’s stock, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 129,963 shares of the 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 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 position. The disclosure for this sale can be found here. Insiders have sold 259,121 shares of company stock valued at $65,358,981 over the last ninety days. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Rosenblatt Securities lifted their price target on Apple from $223.00 to $241.00 and gave the stock a “neutral” rating in a report on Wednesday, September 10th. Melius Research set a $290.00 price target on Apple and gave the company a “buy” rating in a research report on Wednesday, September 10th. Barclays increased their target price on Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research note on Friday, August 1st. Jefferies Financial Group downgraded Apple from a “hold” rating to an “underperform” rating and cut their target price for the stock from $205.82 to $205.16 in a research note on Friday, October 3rd. Finally, Monness Crespi & Hardt increased their target price on Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a research note 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $248.29.

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.