Patriot Investment Management Group Inc. Has $8.40 Million Position in Apple Inc. (NASDAQ:AAPL)

Patriot Investment Management Group Inc. lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 11.5% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 39,858 shares of the iPhone maker’s stock after selling 5,190 shares during the period. Apple makes up 0.7% of Patriot Investment Management Group Inc.’s investment portfolio, making the stock its 25th biggest holding. Patriot Investment Management Group Inc.’s holdings in Apple were worth $8,395,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in AAPL. Financial Council Asset Management Inc raised its position in shares of Apple by 4.6% during the fourth quarter. Financial Council Asset Management Inc now owns 48,571 shares of the iPhone maker’s stock valued at $9,351,000 after buying an additional 2,151 shares during the last quarter. Friedenthal Financial acquired a new position in shares of Apple during the fourth quarter valued at about $111,000. Ellis Investment Partners LLC raised its position in shares of Apple by 0.3% during the fourth quarter. Ellis Investment Partners LLC now owns 100,100 shares of the iPhone maker’s stock valued at $19,272,000 after buying an additional 343 shares during the last quarter. Highview Capital Management LLC DE raised its position in Apple by 1.0% in the fourth quarter. Highview Capital Management LLC DE now owns 47,229 shares of the iPhone maker’s stock worth $9,093,000 after purchasing an additional 453 shares in the last quarter. Finally, Morris Financial Concepts Inc. raised its position in Apple by 2.5% in the fourth quarter. Morris Financial Concepts Inc. now owns 6,746 shares of the iPhone maker’s stock worth $1,299,000 after purchasing an additional 162 shares in the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Insider Activity at Apple

In other news, SVP Katherine L. Adams sold 100,000 shares of the company’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 completion of the sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, SVP Katherine L. Adams sold 100,000 shares of the 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 transaction, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Chris Kondo sold 8,706 shares of the firm’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 transaction, the insider now directly owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,884 shares of company stock worth $23,723,887. Insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of AAPL stock opened at $220.82 on Friday. The firm has a market capitalization of $3.39 trillion, a price-to-earnings ratio of 34.34, a price-to-earnings-growth ratio of 2.69 and a beta of 1.24. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.23. The firm has a fifty day moving average of $223.09 and a 200-day moving average of $197.15. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data 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 business had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.26 EPS. On average, equities research analysts forecast that Apple Inc. will post 6.7 earnings per share for the current year.

Apple Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently issued reports on AAPL shares. Oppenheimer increased their price target on shares of Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, June 28th. Piper Sandler Companies reissued a “neutral” rating and issued a $225.00 price target (up previously from $190.00) on shares of Apple in a research report on Tuesday, July 9th. Citigroup reissued a “buy” rating and issued a $255.00 price target on shares of Apple in a research report on Tuesday, August 27th. DA Davidson raised shares of Apple from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $200.00 to $230.00 in a report on Tuesday, June 11th. Finally, Wedbush raised their price objective on shares of Apple from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average price target of $238.62.

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.