Apple Inc. (NASDAQ:AAPL) is Echo Wealth Management LLC’s 9th Largest Position

Echo Wealth Management LLC grew its stake in shares of Apple Inc. (NASDAQ:AAPL) by 65.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,185 shares of the iPhone maker’s stock after acquiring an additional 11,550 shares during the quarter. Apple comprises about 4.6% of Echo Wealth Management LLC’s investment portfolio, making the stock its 9th biggest holding. Echo Wealth Management LLC’s holdings in Apple were worth $6,147,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Home Federal Bank of Tennessee grew its position in shares of Apple by 1.5% during the 2nd quarter. Home Federal Bank of Tennessee now owns 30,550 shares of the iPhone maker’s stock valued at $6,434,000 after acquiring an additional 452 shares during the period. Atlas Wealth Partners LLC purchased a new position in Apple during the second quarter valued at $1,278,000. Ruedi Wealth Management Inc. grew its holdings in Apple by 1.1% during the second quarter. Ruedi Wealth Management Inc. now owns 20,263 shares of the iPhone maker’s stock valued at $4,268,000 after purchasing an additional 227 shares during the period. Divergent Wealth Advisors purchased a new stake in Apple in the second quarter worth about $317,000. Finally, Comprehensive Financial Consultants Institutional Inc. raised its stake in shares of Apple by 3.1% in the second quarter. Comprehensive Financial Consultants Institutional Inc. now owns 29,262 shares of the iPhone maker’s stock worth $6,163,000 after buying an additional 878 shares during the period. 60.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. DA Davidson upgraded shares of Apple from a “neutral” rating to a “buy” rating and upped their price target for the stock from $200.00 to $230.00 in a research report on Tuesday, June 11th. Piper Sandler Companies reiterated a “neutral” rating and issued a $225.00 price target (up previously from $190.00) on shares of Apple in a research note on Tuesday, July 9th. Evercore ISI restated an “outperform” rating and issued a $250.00 price objective on shares of Apple in a research report on Tuesday, August 27th. Tigress Financial increased their target price on Apple from $245.00 to $295.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group boosted their price target on Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus target price of $238.62.

Insider Activity

In other Apple news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction on 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 owns 15,419 shares of the company’s stock, valued at $3,469,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction on 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 sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was 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 of the company’s stock, valued at $3,469,275. The disclosure for this sale can be found here. Insiders sold a total of 113,884 shares of company stock valued at $23,723,887 in the last three months. 0.06% of the stock is currently owned by corporate insiders.

Apple Price Performance

Shares of NASDAQ AAPL opened at $222.50 on Friday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.23. The business’s 50 day moving average price is $223.14 and its 200 day moving average price is $198.52. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. The firm has a market cap of $3.38 trillion, a P/E ratio of 34.60, a P/E/G ratio of 2.62 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 147.15%. The business had revenue of $85.78 billion for the quarter, compared to the consensus estimate of $84.43 billion. During the same period in the prior year, the firm earned $1.26 EPS. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts expect that Apple Inc. will post 6.7 earnings per share for the current year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a yield of 0.45%. Apple’s dividend payout ratio is presently 15.55%.

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.