ZRC Wealth Management LLC Sells 269 Shares of Apple Inc. (NASDAQ:AAPL)

ZRC Wealth Management LLC cut its stake in Apple Inc. (NASDAQ:AAPL) by 0.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,773 shares of the iPhone maker’s stock after selling 269 shares during the quarter. Apple comprises approximately 3.2% of ZRC Wealth Management LLC’s investment portfolio, making the stock its 7th biggest position. ZRC Wealth Management LLC’s holdings in Apple were worth $6,692,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of AAPL. Yeomans Consulting Group Inc. purchased a new position in Apple during the fourth quarter worth about $1,713,000. Raleigh Capital Management Inc. grew its stake in shares of Apple by 11.8% in the 4th quarter. Raleigh Capital Management Inc. now owns 15,511 shares of the iPhone maker’s stock valued at $2,986,000 after buying an additional 1,643 shares during the period. GLOBALT Investments LLC GA acquired a new stake in shares of Apple during the 4th quarter worth approximately $38,406,000. Barden Capital Management Inc. raised its position in shares of Apple by 132.8% during the 4th quarter. Barden Capital Management Inc. now owns 32,636 shares of the iPhone maker’s stock valued at $6,283,000 after buying an additional 18,615 shares during the period. Finally, Sunpointe LLC acquired a new position in Apple in the fourth quarter valued at approximately $4,782,000. 60.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AAPL has been the topic of a number of research analyst reports. Raymond James lifted their target price on Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Morgan Stanley restated an “overweight” rating and issued a $273.00 price objective on shares of Apple in a report on Tuesday, August 6th. Moffett Nathanson began coverage on shares of Apple in a research note on Monday, August 19th. They set a “neutral” rating and a $211.00 target price for the company. Cfra lifted their price target on shares of Apple from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Finally, Rosenblatt Securities upped their price objective on shares of Apple from $260.00 to $261.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Apple presently has an average rating of “Moderate Buy” and an average price target of $233.63.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 8,706 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total value of $1,958,850.00. Following the transaction, the insider now directly owns 15,419 shares in the company, valued at $3,469,275. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the transaction, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The disclosure for this sale can be found here. Insiders sold a total of 188,884 shares of company stock worth $38,092,387 over the last 90 days. 0.06% of the stock is owned by insiders.

Apple Trading Up 0.1 %

Shares of NASDAQ:AAPL opened at $227.18 on Tuesday. The company has a market cap of $3.48 trillion, a PE ratio of 35.33, a P/E/G ratio of 2.60 and a beta of 1.24. The company’s 50 day moving average is $220.53 and its two-hundred day moving average is $194.75. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.23. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.34 by $0.06. The firm had revenue of $85.78 billion for the quarter, compared to analyst estimates of $84.43 billion. Apple had a return on equity of 145.35% and a net margin of 26.44%. Apple’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.26 earnings per share. Equities analysts predict that Apple Inc. will post 6.61 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 15th. Stockholders of record on Monday, August 12th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Monday, August 12th. Apple’s dividend payout ratio (DPR) is presently 15.55%.

Apple declared that its board has initiated a share repurchase program on Thursday, May 2nd that permits the company to buyback $110.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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.