Apple Inc. (NASDAQ:AAPL) Shares Sold by Summit Investment Advisory Services LLC

Summit Investment Advisory Services LLC lowered its stake in Apple Inc. (NASDAQ:AAPL) by 76.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,311 shares of the iPhone maker’s stock after selling 4,253 shares during the period. Summit Investment Advisory Services LLC’s holdings in Apple were worth $305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Hershey Financial Advisers LLC acquired a new stake in Apple in the second quarter valued at $42,000. Christopher J. Hasenberg Inc increased its holdings in shares of Apple by 88.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock valued at $69,000 after acquiring an additional 144 shares during the last quarter. Hoese & Co LLP raised its position in shares of 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 acquiring an additional 57 shares in the last quarter. Sage Financial Group Inc. purchased a new stake in Apple during the second quarter worth approximately $206,000. Finally, Benchmark Wealth Management LLC acquired a new position in Apple in the second quarter valued at approximately $208,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Stock Up 1.6 %

AAPL opened at $246.75 on Tuesday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87. The company has a market cap of $3.73 trillion, a price-to-earnings ratio of 40.58, a PEG ratio of 2.38 and a beta of 1.23. Apple Inc. has a one year low of $164.07 and a one year high of $247.24. The business’s fifty day moving average is $230.80 and its two-hundred day moving average is $222.26.

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

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Friday, November 8th. Apple’s dividend payout ratio (DPR) is presently 16.45%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Piper Sandler restated a “neutral” rating and set a $225.00 price objective on shares of Apple in a research report on Wednesday, October 9th. Citigroup upped their price objective on shares of Apple to $185.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. New Street Research reiterated a “neutral” rating and set a $225.00 target price on shares of Apple in a research report on Wednesday, September 25th. Bank of America upped their target price on Apple to $256.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Melius Research reiterated a “buy” rating and issued a $265.00 price objective on shares of Apple in a research note on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $236.78.

Insiders Place Their Bets

In other news, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the sale, the chief executive officer now directly owns 3,280,180 shares in the company, valued at $736,269,202.80. The trade was a 6.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Chris Kondo sold 4,130 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the transaction, the insider now directly owns 15,419 shares in the company, valued at $3,528,946.53. The trade was a 21.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 408,170 shares of company stock valued at $92,007,745. 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.