Denver Wealth Management Inc. Decreases Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Denver Wealth Management Inc. decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 34,117 shares of the iPhone maker’s stock after selling 1,001 shares during the period. Apple makes up approximately 3.7% of Denver Wealth Management Inc.’s investment portfolio, making the stock its 5th biggest position. Denver Wealth Management Inc.’s holdings in Apple were worth $7,949,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hershey Financial Advisers LLC bought a new position in Apple in the second quarter worth about $42,000. Christopher J. Hasenberg Inc grew its holdings in shares of Apple by 88.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock worth $69,000 after acquiring an additional 144 shares during the period. Cordant Inc. grew its holdings in shares of Apple by 34.3% during the 3rd quarter. Cordant Inc. now owns 678 shares of the iPhone maker’s stock worth $158,000 after acquiring an additional 173 shares during the period. Hoese & Co LLP raised its position in shares of Apple by 6.7% in 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. Finally, Sage Financial Group Inc. bought a new stake in shares of Apple in the 2nd quarter worth approximately $206,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AAPL. UBS Group reiterated a “neutral” rating and issued a $236.00 target price on shares of Apple in a research note on Monday, December 2nd. Tigress Financial lifted their price objective on Apple from $245.00 to $295.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 28th. Piper Sandler restated a “neutral” rating and issued a $225.00 price target on shares of Apple in a research report on Wednesday, October 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price target on shares of Apple in a report on Tuesday, December 10th. Finally, Bank of America increased their target price on Apple to $256.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $236.78.

Insiders Place Their Bets

In other news, insider Chris Kondo sold 4,130 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the transaction, the insider now owns 15,419 shares in the company, valued at $3,528,946.53. The trade was a 21.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jeffrey E. Williams sold 59,730 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.86, for a total value of $13,550,347.80. Following the completion of the transaction, the chief operating officer now owns 489,944 shares in the company, valued at $111,148,695.84. The trade was a 10.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 408,170 shares of company stock valued at $92,007,745. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Performance

AAPL opened at $251.04 on Tuesday. The business has a 50 day moving average of $233.09 and a 200-day moving average of $224.30. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $251.38. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The stock has a market cap of $3.79 trillion, a price-to-earnings ratio of 41.29, a PEG ratio of 2.41 and a beta of 1.23.

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

Apple Dividend Announcement

The business also recently disclosed 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 0.40%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio is currently 16.45%.

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.