New Wave Wealth Advisors LLC Sells 6,859 Shares of Apple Inc. $AAPL

New Wave Wealth Advisors LLC decreased its position in Apple Inc. (NASDAQ:AAPL) by 31.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,687 shares of the iPhone maker’s stock after selling 6,859 shares during the quarter. Apple accounts for 1.3% of New Wave Wealth Advisors LLC’s portfolio, making the stock its 22nd largest position. New Wave Wealth Advisors LLC’s holdings in Apple were worth $3,013,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in AAPL. Ryan Investment Management Inc. purchased a new stake in Apple in the second quarter worth $31,000. ROSS JOHNSON & Associates LLC grew its stake in Apple by 1,800.0% in the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares during the period. Elite Financial Inc. purchased a new stake in Apple in the first quarter worth $58,000. LSV Asset Management purchased a new stake in Apple in the fourth quarter worth $65,000. Finally, HFM Investment Advisors LLC purchased a new stake in Apple in the first quarter worth $99,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Performance

NASDAQ:AAPL opened at $262.77 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. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $265.29. The stock has a 50-day moving average price of $242.49 and a 200 day moving average price of $217.74. The stock has a market capitalization of $3.90 trillion, a P/E ratio of 39.87, a P/E/G ratio of 2.55 and a beta of 1.09.

Apple (NASDAQ:AAPL) last released its quarterly 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. The business had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.40 EPS. Equities research analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend 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%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AAPL shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Apple in a research note on Wednesday, October 8th. The Goldman Sachs Group set a $279.00 price target on Apple and gave the stock a “buy” rating in a research note on Tuesday. 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. 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. Finally, Bank of America upped their price target on Apple from $260.00 to $270.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $252.47.

Insiders Place Their Bets

In related news, CFO Kevan Parekh sold 4,199 shares of the firm’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $247.39, for a total transaction of $1,038,790.61. Following the completion of the sale, the chief financial officer directly owned 8,765 shares of the company’s stock, valued at approximately $2,168,373.35. This trade represents a 32.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $12,101,228.75. Following the sale, the senior vice president directly 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 disclosure for this sale can be found here. Insiders sold a total of 259,121 shares of company stock valued at $65,358,981 over the last quarter. 0.06% of the stock is currently owned by 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.