Lorne Steinberg Wealth Management Inc. Lowers Position in Apple Inc. (NASDAQ:AAPL)

Lorne Steinberg Wealth Management Inc. lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 11.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,720 shares of the iPhone maker’s stock after selling 2,028 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Apple were worth $3,311,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Foresight Capital Management Advisors Inc. lifted its holdings in shares of Apple by 0.3% during the 2nd quarter. Foresight Capital Management Advisors Inc. now owns 19,005 shares of the iPhone maker’s stock worth $4,003,000 after acquiring an additional 55 shares during the period. Hoese & Co LLP raised its position in Apple by 6.7% in the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock worth $175,000 after purchasing an additional 57 shares in the last quarter. Stableford Capital II LLC lifted its stake in Apple by 0.3% during the first quarter. Stableford Capital II LLC now owns 17,156 shares of the iPhone maker’s stock worth $2,942,000 after purchasing an additional 59 shares during the period. Whitcomb & Hess Inc. boosted its holdings in Apple by 1.7% during the second quarter. Whitcomb & Hess Inc. now owns 3,540 shares of the iPhone maker’s stock valued at $746,000 after purchasing an additional 59 shares in the last quarter. Finally, Kwmg LLC grew its stake in shares of Apple by 0.6% in the 1st quarter. Kwmg LLC now owns 10,640 shares of the iPhone maker’s stock valued at $1,825,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 60.41% of the company’s stock.

Insider Activity

In related 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 transaction, the senior vice president now directly owns 191,543 shares in the company, valued at approximately $39,542,136.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction that occurred 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 sale, the insider now directly owns 15,419 shares in the company, valued at approximately $3,469,275. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Katherine L. Adams sold 100,000 shares of the business’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 transaction of $20,644,000.00. Following the sale, the senior vice president now directly owns 191,543 shares in the company, valued at $39,542,136.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,884 shares of company stock worth $23,723,887. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on AAPL shares. Piper Sandler reaffirmed a “neutral” rating and issued a $225.00 price target on shares of Apple in a research note on Tuesday. Citigroup restated a “buy” rating and issued a $255.00 target price on shares of Apple in a research note on Tuesday, August 27th. Monness Crespi & Hardt reiterated a “buy” rating and set a $245.00 target price on shares of Apple in a research report on Monday, September 9th. Rosenblatt Securities restated a “buy” rating and issued a $261.00 price target on shares of Apple in a research report on Tuesday. Finally, 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. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $238.62.

Apple Stock Down 0.1 %

Shares of NASDAQ AAPL opened at $222.50 on Friday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.23. The stock’s fifty day moving average is $223.14 and its 200 day moving average is $198.52. 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 stock has a market capitalization of $3.38 trillion, a P/E ratio of 34.60, a PEG ratio of 2.62 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its earnings results 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. Apple had a return on equity of 147.15% and a net margin of 26.44%. The firm had revenue of $85.78 billion during the quarter, compared to analysts’ expectations of $84.43 billion. During the same period in the prior year, the company earned $1.26 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. Sell-side analysts forecast that Apple Inc. will post 6.7 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business 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 was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.45%. Apple’s dividend payout ratio (DPR) is currently 15.55%.

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.