ELCO Management Co. LLC Has $6.12 Million Position in Apple Inc. $AAPL

ELCO Management Co. LLC trimmed its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,834 shares of the iPhone maker’s stock after selling 807 shares during the period. Apple makes up about 3.2% of ELCO Management Co. LLC’s investment portfolio, making the stock its 7th biggest position. ELCO Management Co. LLC’s holdings in Apple were worth $6,121,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of AAPL. Whalen Wealth Management Inc. raised its position in Apple by 6.0% in the 2nd quarter. Whalen Wealth Management Inc. now owns 7,175 shares of the iPhone maker’s stock worth $1,472,000 after purchasing an additional 405 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Apple by 0.7% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 980,700 shares of the iPhone maker’s stock valued at $201,210,000 after buying an additional 7,000 shares during the period. Quaker Wealth Management LLC raised its position in shares of Apple by 201.9% during the second quarter. Quaker Wealth Management LLC now owns 27,264 shares of the iPhone maker’s stock worth $5,594,000 after acquiring an additional 54,028 shares during the last quarter. Human Investing LLC raised its position in shares of Apple by 1.4% during the second quarter. Human Investing LLC now owns 16,246 shares of the iPhone maker’s stock worth $3,333,000 after acquiring an additional 230 shares during the last quarter. Finally, Oarsman Capital Inc. lifted its stake in shares of Apple by 5.2% during the second quarter. Oarsman Capital Inc. now owns 42,016 shares of the iPhone maker’s stock valued at $8,620,000 after acquiring an additional 2,094 shares during the period. 67.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Barclays lifted their price objective on Apple from $180.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, October 31st. Tigress Financial lifted their price target on shares of Apple from $300.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, September 17th. Wall Street Zen lowered shares of Apple from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. The Goldman Sachs Group raised their price objective on shares of Apple from $279.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Jefferies Financial Group upgraded shares of Apple from an “underperform” rating to a “hold” rating and upped their target price for the company from $203.07 to $246.99 in a research report on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $278.22.

Apple Trading Up 0.4%

Shares of NASDAQ AAPL opened at $278.63 on Friday. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $280.38. The stock has a market cap of $4.12 trillion, a price-to-earnings ratio of 42.28, a P/E/G ratio of 2.62 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. The company’s fifty day moving average is $263.27 and its 200-day moving average is $231.72.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, October 30th. The iPhone maker reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.11. The business had revenue of $102.47 billion during the quarter, compared to analysts’ expectations of $101.65 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.64 EPS. Equities research analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Stockholders of record on Monday, November 10th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, November 10th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s dividend payout ratio (DPR) is currently 13.92%.

Insider Buying and Selling at Apple

In related news, CEO Timothy D. Cook sold 129,963 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $256.81, 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 approximately $842,412,558.95. The trade was a 3.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chris Kondo sold 3,752 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $271.23, for a total value of $1,017,654.96. Following the transaction, the insider directly owned 15,098 shares of the company’s stock, valued at approximately $4,095,030.54. This trade represents a 19.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 228,052 shares of company stock worth $58,604,588 over the last three months. 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.