Primoris Wealth Advisors LLC Cuts Holdings in Apple Inc. (NASDAQ:AAPL)

Primoris Wealth Advisors LLC reduced its holdings in Apple Inc. (NASDAQ:AAPL) by 0.5% in the third quarter, HoldingsChannel reports. The firm owned 22,064 shares of the iPhone maker’s stock after selling 115 shares during the period. Apple makes up about 3.7% of Primoris Wealth Advisors LLC’s investment portfolio, making the stock its 3rd biggest holding. Primoris Wealth Advisors LLC’s holdings in Apple were worth $5,141,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of AAPL. Lantz Financial LLC boosted its holdings in Apple by 8.6% in the second quarter. Lantz Financial LLC now owns 29,751 shares of the iPhone maker’s stock worth $6,266,000 after acquiring an additional 2,361 shares in the last quarter. Unique Wealth LLC raised its position in shares of Apple by 8.5% during the second quarter. Unique Wealth LLC now owns 19,553 shares of the iPhone maker’s stock worth $4,119,000 after purchasing an additional 1,526 shares during the period. Tennessee Valley Asset Management Partners lifted its holdings in shares of Apple by 0.6% in the 2nd quarter. Tennessee Valley Asset Management Partners now owns 19,335 shares of the iPhone maker’s stock worth $4,072,000 after purchasing an additional 114 shares in the last quarter. Sumitomo Life Insurance Co. grew its position in Apple by 19.3% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 232,788 shares of the iPhone maker’s stock valued at $47,865,000 after purchasing an additional 37,601 shares during the period. Finally, TCW Group Inc. increased its stake in Apple by 2.9% during the 2nd quarter. TCW Group Inc. now owns 538,410 shares of the iPhone maker’s stock valued at $113,400,000 after purchasing an additional 15,399 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Apple Price Performance

Shares of NASDAQ AAPL opened at $237.87 on Thursday. The stock’s 50-day simple moving average is $240.63 and its two-hundred day simple moving average is $230.52. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $260.10. The firm has a market capitalization of $3.58 trillion, a P/E ratio of 39.12, a P/E/G ratio of 2.41 and a beta of 1.20. 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 quarterly earnings results 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 business had revenue of $94.93 billion for the quarter, compared to analysts’ expectations of $94.52 billion. During the same period last year, the business earned $1.46 earnings per share. The business’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, equities analysts anticipate that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 11th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.42%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio (DPR) is currently 16.45%.

Insiders Place Their Bets

In other Apple news, insider Chris Kondo sold 4,130 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $228.87, for a total value of $945,233.10. Following the sale, the insider now owns 15,419 shares in the company, valued at approximately $3,528,946.53. This represents a 21.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jeffrey E. Williams sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $249.97, for a total value of $24,997,000.00. Following the transaction, the chief operating officer now directly owns 389,944 shares of the company’s stock, valued at approximately $97,474,301.68. This trade represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

AAPL has been the subject of a number of recent research reports. Wedbush boosted their price objective on Apple from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, December 26th. Maxim Group upped their price target on Apple from $203.00 to $215.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Citigroup raised their price objective on Apple to $185.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Moffett Nathanson reiterated a “sell” rating and issued a $188.00 target price (down previously from $202.00) on shares of Apple in a research note on Tuesday, January 7th. Finally, UBS Group reiterated a “neutral” rating and issued a $236.00 target price on shares of Apple in a report on Monday, December 2nd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $239.85.

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.