Correct Capital Wealth Management Sells 2,641 Shares of Apple Inc. $AAPL

Correct Capital Wealth Management trimmed its stake in Apple Inc. (NASDAQ:AAPL) by 8.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,944 shares of the iPhone maker’s stock after selling 2,641 shares during the period. Apple accounts for about 0.9% of Correct Capital Wealth Management’s investment portfolio, making the stock its 15th largest position. Correct Capital Wealth Management’s holdings in Apple were worth $5,938,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ryan Investment Management Inc. bought a new position in Apple in the 2nd quarter worth $31,000. ROSS JOHNSON & Associates LLC grew 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 purchasing an additional 180 shares during the last quarter. Nexus Investment Management ULC increased its stake in shares of Apple by 333.3% in the second quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock worth $53,000 after purchasing an additional 200 shares during the period. Elite Financial Inc. acquired a new position in shares of Apple during the 1st quarter worth about $58,000. Finally, LSV Asset Management bought a new stake in Apple during the 4th quarter valued at approximately $65,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Price Performance

NASDAQ:AAPL opened at $278.78 on Thursday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.86 and a current ratio of 0.89. The company has a 50-day moving average of $267.42 and a 200-day moving average of $235.90. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $288.62. The company has a market capitalization of $4.12 trillion, a price-to-earnings ratio of 37.32, a PEG ratio of 2.59 and a beta of 1.10.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.11. Apple had a net margin of 26.92% and a return on equity of 164.05%. The business had revenue of $102.47 billion for the quarter, compared to analysts’ expectations of $101.65 billion. During the same quarter in the previous year, the firm posted $1.64 earnings per share. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 13th. Stockholders of record on Monday, November 10th were issued a $0.26 dividend. 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 is presently 13.92%.

Insider Buying and Selling at Apple

In related news, CFO Kevan Parekh sold 4,199 shares of the business’s stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $247.39, for a total value of $1,038,790.61. Following the sale, the chief financial officer owned 8,765 shares of the company’s stock, valued at $2,168,373.35. The trade was a 32.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Katherine L. Adams sold 47,125 shares of the company’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the sale, the senior vice president owned 179,158 shares in the company, valued at $46,005,982.82. This trade represents a 20.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 228,052 shares of company stock worth $58,604,588 over the last three months. 0.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

AAPL has been the topic of several recent analyst reports. Citigroup reaffirmed a “buy” rating and issued a $330.00 price target (up from $315.00) on shares of Apple in a research report on Tuesday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Apple in a research report on Monday. HSBC set a $220.00 target price on shares of Apple and gave the company a “hold” rating in a research note on Monday, September 8th. BMO Capital Markets restated a “buy” rating on shares of Apple in a report on Wednesday, August 13th. Finally, Monness Crespi & Hardt upped their price objective on shares of Apple from $270.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $282.51.

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.