Redmont Wealth Advisors LLC Sells 200 Shares of Apple Inc. (NASDAQ:AAPL)

Redmont Wealth Advisors LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 7.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,328 shares of the iPhone maker’s stock after selling 200 shares during the period. Redmont Wealth Advisors LLC’s holdings in Apple were worth $490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Christopher J. Hasenberg Inc bought a new stake in Apple in the first quarter worth $35,000. Fidelis Capital Partners LLC increased its position in Apple by 17.9% in the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares during the last quarter. A.P. Gilfoyle & Co. L.P. bought a new stake in Apple in the fourth quarter worth $39,000. Gilfoyle & Co LLC increased its position in Apple by 168.0% in the fourth quarter. Gilfoyle & Co LLC now owns 268 shares of the iPhone maker’s stock worth $52,000 after purchasing an additional 168 shares during the last quarter. Finally, University of Texas Texas AM Investment Managment Co. increased its position in Apple by 657.1% in the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after purchasing an additional 368 shares during the last quarter. Institutional investors own 60.41% of the company’s stock.

Insiders Place Their Bets

In other Apple news, SVP Katherine L. Adams sold 100,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total value 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 $39,542,136.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 15,419 shares in the company, valued at $3,469,275. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,884 shares of company stock worth $23,723,887. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

Shares of Apple stock opened at $226.49 on Thursday. The company has a market capitalization of $3.47 trillion, a PE ratio of 35.22, a P/E/G ratio of 2.60 and a beta of 1.24. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. The company has a 50-day simple moving average of $220.80 and a two-hundred day simple moving average of $195.02. Apple Inc. has a one year low of $164.07 and a one year high of $237.23.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The business had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 145.35%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.26 earnings per share. Research analysts expect that Apple Inc. will post 6.61 EPS for the current fiscal year.

Apple declared that its board has initiated a stock buyback plan on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders 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 yield of 0.44%. Apple’s dividend payout ratio is presently 15.55%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AAPL shares. Itau BBA Securities raised shares of Apple from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $162.00 to $188.00 in a research note on Friday, May 3rd. Citigroup reaffirmed a “buy” rating and set a $255.00 price objective on shares of Apple in a research note on Tuesday. Piper Sandler reaffirmed a “neutral” rating and set a $225.00 price objective on shares of Apple in a research note on Tuesday. Sanford C. Bernstein lifted their price objective on shares of Apple from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Finally, Oppenheimer lifted their price objective on shares of Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $237.30.

Apple 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.