Apple Inc. (NASDAQ:AAPL) Position Trimmed by Mid American Wealth Advisory Group Inc.

Mid American Wealth Advisory Group Inc. lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 1.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,005 shares of the iPhone maker’s stock after selling 188 shares during the quarter. Apple makes up 1.9% of Mid American Wealth Advisory Group Inc.’s investment portfolio, making the stock its 17th largest holding. Mid American Wealth Advisory Group Inc.’s holdings in Apple were worth $2,950,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. One Wealth Management Investment & Advisory Services LLC acquired a new stake in shares of Apple during the 4th quarter valued at about $9,954,000. Wallington Asset Management LLC lifted its holdings in shares of Apple by 1.2% during the 4th quarter. Wallington Asset Management LLC now owns 126,413 shares of the iPhone maker’s stock valued at $24,338,000 after buying an additional 1,491 shares during the last quarter. First Merchants Corp lifted its holdings in shares of Apple by 0.7% during the 4th quarter. First Merchants Corp now owns 223,530 shares of the iPhone maker’s stock valued at $43,036,000 after buying an additional 1,463 shares during the last quarter. Americana Partners LLC lifted its holdings in shares of Apple by 11.3% during the 4th quarter. Americana Partners LLC now owns 176,605 shares of the iPhone maker’s stock valued at $34,264,000 after buying an additional 17,871 shares during the last quarter. Finally, Phillips Financial Management LLC lifted its holdings in Apple by 4.3% in the 4th quarter. Phillips Financial Management LLC now owns 21,031 shares of the iPhone maker’s stock worth $4,049,000 after purchasing an additional 875 shares during the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Insider Activity

In other news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was 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 of the company’s stock, valued at $39,542,136.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Apple news, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the transaction, the senior vice president now owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Chris Kondo sold 8,706 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the transaction, the insider now directly owns 15,419 shares in the company, valued at approximately $3,469,275. The disclosure for this sale can be found here. Insiders have sold 113,884 shares of company stock valued at $23,723,887 over the last 90 days. 0.06% of the stock is owned by company insiders.

Apple Price Performance

Shares of AAPL stock opened at $229.79 on Friday. The stock’s fifty day moving average is $221.05 and its 200-day moving average is $195.24. 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 stock has a market capitalization of $3.52 trillion, a PE ratio of 35.74, a PEG ratio of 2.60 and a beta of 1.24. Apple Inc. has a 52 week low of $164.07 and a 52 week 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 the consensus estimate of $1.34 by $0.06. The company had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. Apple had a return on equity of 145.35% and a net margin of 26.44%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.26 earnings per share. Equities research analysts expect that Apple Inc. will post 6.61 EPS for the current fiscal year.

Apple declared that its board has authorized a stock repurchase plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s dividend payout ratio (DPR) is presently 15.55%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Apple from $245.00 to $265.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Canaccord Genuity Group boosted their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Saturday, May 4th. Piper Sandler Companies reiterated a “neutral” rating and set a $225.00 price target (up from $190.00) on shares of Apple in a report on Tuesday, July 9th. Canaccord Genuity Group upped their price target on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, Barclays cut their price target on Apple from $187.00 to $186.00 and set an “underweight” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $237.30.

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.