Apple Inc. (NASDAQ:AAPL) Position Lowered by Mitchell & Pahl Private Wealth LLC

Mitchell & Pahl Private Wealth LLC lowered its position in Apple Inc. (NASDAQ:AAPL) by 1.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,135 shares of the iPhone maker’s stock after selling 302 shares during the quarter. Apple comprises about 3.2% of Mitchell & Pahl Private Wealth LLC’s holdings, making the stock its 2nd biggest holding. Mitchell & Pahl Private Wealth LLC’s holdings in Apple were worth $6,136,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AAPL. Sound Income Strategies LLC increased its stake in Apple by 12.8% during the second quarter. Sound Income Strategies LLC now owns 87,269 shares of the iPhone maker’s stock worth $18,381,000 after acquiring an additional 9,886 shares during the last quarter. Cypress Wealth Services LLC grew its holdings in shares of Apple by 0.5% during the 2nd quarter. Cypress Wealth Services LLC now owns 132,701 shares of the iPhone maker’s stock worth $27,950,000 after purchasing an additional 725 shares during the period. FSM Wealth Advisors LLC increased its position in shares of Apple by 1.5% during the 2nd quarter. FSM Wealth Advisors LLC now owns 38,446 shares of the iPhone maker’s stock worth $8,098,000 after purchasing an additional 572 shares during the last quarter. Congress Park Capital LLC raised its holdings in Apple by 2.7% in the 2nd quarter. Congress Park Capital LLC now owns 46,905 shares of the iPhone maker’s stock valued at $9,879,000 after buying an additional 1,254 shares during the period. Finally, Diversify Advisory Services LLC lifted its position in Apple by 3.9% in the second quarter. Diversify Advisory Services LLC now owns 288,767 shares of the iPhone maker’s stock valued at $66,035,000 after buying an additional 10,951 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Apple Price Performance

AAPL stock opened at $222.77 on Wednesday. The stock has a 50-day simple moving average of $222.57 and a 200-day simple moving average of $196.53. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. The firm has a market cap of $3.42 trillion, a P/E ratio of 34.65, a price-to-earnings-growth ratio of 2.69 and a beta of 1.24. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $237.23.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping 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 net margin of 26.44% and a return on equity of 147.15%. Apple’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.26 earnings per share. On average, equities analysts predict that Apple Inc. will post 6.7 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s dividend payout ratio (DPR) is 15.55%.

Analysts Set New Price Targets

A number of brokerages have weighed in on AAPL. Piper Sandler reiterated a “neutral” rating and set a $225.00 price target on shares of Apple in a research report on Tuesday, August 27th. KeyCorp restated a “hold” rating and set a $247.61 price target on shares of Apple in a research report on Wednesday, August 28th. Moffett Nathanson began coverage on Apple in a research note on Monday, August 19th. They issued a “neutral” rating and a $211.00 price objective for the company. Cfra increased their target price on Apple from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Bank of America reaffirmed a “buy” rating and issued a $256.00 target price on shares of Apple in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $237.30.

Insider Buying and Selling

In other news, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the sale, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Chris Kondo sold 5,178 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the completion of the sale, the insider now directly owns 24,125 shares of the company’s stock, valued at approximately $5,223,062.50. 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 business’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 value of $20,644,000.00. Following the completion of the sale, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. Insiders have sold a total of 113,884 shares of company stock valued at $23,723,887 over the last quarter. Corporate insiders own 0.06% of the company’s stock.

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.