Alliance Wealth Management Group Cuts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Alliance Wealth Management Group lessened its position in Apple Inc. (NASDAQ:AAPL) by 6.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,057 shares of the iPhone maker’s stock after selling 2,037 shares during the quarter. Apple comprises 1.6% of Alliance Wealth Management Group’s holdings, making the stock its 20th largest position. Alliance Wealth Management Group’s holdings in Apple were worth $5,909,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Christopher J. Hasenberg Inc acquired a new stake in Apple in the 1st quarter valued at about $35,000. Fidelis Capital Partners LLC increased its holdings in shares of Apple by 17.9% in the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock valued at $35,000 after purchasing an additional 31,278 shares during the last quarter. A.P. Gilfoyle & Co. L.P. purchased a new position in Apple during the fourth quarter worth approximately $39,000. University of Texas Texas AM Investment Managment Co. boosted its stake in Apple by 657.1% during the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after buying an additional 368 shares during the last quarter. Finally, Clarity Asset Management Inc. purchased a new stake in Apple in the 4th quarter valued at $85,000. 60.41% of the stock is owned by institutional investors and hedge funds.

Apple Trading Down 2.7 %

Shares of NASDAQ:AAPL opened at $222.77 on Wednesday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.23. The company’s 50 day moving average is $222.57 and its two-hundred day moving average is $196.53. The company has a market cap of $3.42 trillion, a PE ratio of 34.65, a P/E/G ratio of 2.69 and a beta of 1.24. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The firm had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.26 earnings per share. Equities analysts predict that Apple Inc. will post 6.7 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.45%. The ex-dividend date was Monday, August 12th. Apple’s payout ratio is 15.55%.

Analysts Set New Price Targets

AAPL has been the topic of several recent research reports. Bank of America reissued a “buy” rating and set a $256.00 price target on shares of Apple in a research report on Tuesday, August 27th. DA Davidson upgraded shares of Apple from a “neutral” rating to a “buy” rating and boosted their target price for the company from $200.00 to $230.00 in a report on Tuesday, June 11th. Evercore ISI restated an “outperform” rating and set a $250.00 price target on shares of Apple in a report on Tuesday, August 27th. Melius Research reiterated a “buy” rating and issued a $265.00 price objective on shares of Apple in a report on Tuesday, August 27th. Finally, Monness Crespi & Hardt raised their target price on Apple from $205.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $237.30.

Insider Activity at Apple

In other Apple news, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Chris Kondo sold 8,706 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the transaction, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. Insiders sold 113,884 shares of company stock valued at $23,723,887 over the last three months. 0.06% of the stock is owned by corporate 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.