Apple Inc. (NASDAQ:AAPL) is Elite Wealth Management Inc.’s 3rd Largest Position

Elite Wealth Management Inc. reduced its position in Apple Inc. (NASDAQ:AAPL) by 2.1% in the 2nd quarter, Holdings Channel reports. The firm owned 223,790 shares of the iPhone maker’s stock after selling 4,774 shares during the period. Apple makes up 1.6% of Elite Wealth Management Inc.’s holdings, making the stock its 3rd biggest holding. Elite Wealth Management Inc.’s holdings in Apple were worth $47,135,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in AAPL. Fidelis Capital Partners LLC raised its stake in Apple by 17.9% during the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock valued at $35,000 after acquiring an additional 31,278 shares during the last quarter. Access Investment Management LLC acquired a new position in Apple during the 1st quarter worth approximately $140,000. Hoese & Co LLP increased its position in Apple by 6.7% during the 2nd quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock worth $175,000 after purchasing an additional 57 shares during the period. Sage Financial Group Inc. acquired a new position in Apple during the 2nd quarter worth approximately $206,000. Finally, Benchmark Wealth Management LLC acquired a new position in Apple during the 2nd quarter worth approximately $208,000. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Trading Down 0.1 %

Shares of Apple stock opened at $226.96 on Friday. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.49. The firm has a market cap of $3.43 trillion, a PE ratio of 37.33, a P/E/G ratio of 2.18 and a beta of 1.24. The business’s fifty day moving average is $226.82 and its two-hundred day moving average is $214.03. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.04. The business had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. Apple had a return on equity of 152.94% and a net margin of 23.97%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. Analysts anticipate that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 11th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.00 annualized dividend and a yield of 0.44%. Apple’s dividend payout ratio is currently 16.45%.

Analysts Set New Price Targets

Several research firms have issued reports on AAPL. Cfra boosted their target price on Apple from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Loop Capital dropped their target price on Apple from $300.00 to $275.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Bank of America reiterated a “buy” rating and set a $256.00 target price on shares of Apple in a research report on Thursday, October 3rd. Maxim Group boosted their target price on Apple from $203.00 to $215.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group cut Apple from a “buy” rating to a “hold” rating and boosted their target price for the stock from $205.00 to $212.92 in a research report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Apple presently has an average rating of “Moderate Buy” and an average price target of $235.51.

Insider Activity at Apple

In related news, insider Chris Kondo sold 8,706 shares of the stock in a transaction on 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 in the company, valued at approximately $3,469,275. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares in the company, valued at $3,469,275. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Katherine L. Adams sold 61,019 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $226.20, for a total value of $13,802,497.80. Following the sale, the senior vice president now owns 187,043 shares of the company’s stock, valued at $42,309,126.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 412,746 shares of company stock worth $93,021,362. Corporate insiders own 0.06% of the company’s stock.

Apple Company 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.