Summit Financial Strategies Inc. Reduces Stock Position in Apple Inc. (NASDAQ:AAPL)

Summit Financial Strategies Inc. cut its stake in Apple Inc. (NASDAQ:AAPL) by 0.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,796 shares of the iPhone maker’s stock after selling 343 shares during the quarter. Apple accounts for about 1.9% of Summit Financial Strategies Inc.’s investment portfolio, making the stock its 14th largest holding. Summit Financial Strategies Inc.’s holdings in Apple were worth $14,911,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Marietta Wealth Management LLC grew its position in Apple by 5.5% in the 2nd quarter. Marietta Wealth Management LLC now owns 116,753 shares of the iPhone maker’s stock worth $24,591,000 after purchasing an additional 6,114 shares during the period. CAP Partners LLC lifted its holdings in shares of Apple by 1.3% during the 2nd quarter. CAP Partners LLC now owns 18,859 shares of the iPhone maker’s stock valued at $3,972,000 after buying an additional 239 shares during the period. OFI Invest Asset Management boosted its stake in shares of Apple by 22.8% in the 2nd quarter. OFI Invest Asset Management now owns 1,118,291 shares of the iPhone maker’s stock worth $219,775,000 after buying an additional 207,743 shares during the last quarter. Mason & Associates Inc grew its holdings in shares of Apple by 9.1% in the second quarter. Mason & Associates Inc now owns 33,556 shares of the iPhone maker’s stock worth $7,067,000 after acquiring an additional 2,785 shares during the period. Finally, TCW Group Inc. increased its position in Apple by 2.9% during the second quarter. TCW Group Inc. now owns 538,410 shares of the iPhone maker’s stock valued at $113,400,000 after acquiring an additional 15,399 shares during the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Apple

In related news, SVP Katherine L. Adams sold 100,000 shares of the 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 sale, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Apple news, insider Chris Kondo sold 8,706 shares of the firm’s 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 sale, the insider now owns 15,419 shares of the company’s stock, valued at $3,469,275. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 191,543 shares in the company, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,884 shares of company stock worth $23,723,887. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

AAPL stock opened at $216.79 on Wednesday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.23. The firm has a market capitalization of $3.32 trillion, a P/E ratio of 33.72, a price-to-earnings-growth ratio of 2.62 and a beta of 1.24. The company has a fifty day simple moving average of $222.67 and a two-hundred day simple moving average of $199.26. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29.

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

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s payout ratio is 15.55%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Bank of America reissued a “buy” rating and issued a $256.00 target price on shares of Apple in a research report on Thursday, September 5th. KeyCorp reissued a “hold” rating and issued a $247.61 price objective on shares of Apple in a report on Wednesday, August 28th. Morgan Stanley reaffirmed an “overweight” rating and set a $273.00 target price on shares of Apple in a report on Tuesday, September 10th. Monness Crespi & Hardt reiterated a “buy” rating and issued a $245.00 price target on shares of Apple in a research report on Monday, September 9th. Finally, Piper Sandler Companies reissued a “neutral” rating and set a $225.00 price objective (up previously from $190.00) on shares of Apple in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $239.17.

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.