Chesapeake Wealth Management Lowers Position in Apple Inc. (NASDAQ:AAPL)

Chesapeake Wealth Management decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,098 shares of the iPhone maker’s stock after selling 98 shares during the quarter. Apple comprises approximately 3.8% of Chesapeake Wealth Management’s portfolio, making the stock its 3rd biggest holding. Chesapeake Wealth Management’s holdings in Apple were worth $10,552,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Access Investment Management LLC bought a new position in shares of Apple in the first quarter worth $140,000. Hoese & Co LLP increased its stake in Apple by 6.7% in the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after acquiring an additional 57 shares during the last quarter. Sage Financial Group Inc. bought a new position in Apple in the second quarter valued at $206,000. Benchmark Wealth Management LLC bought a new position in Apple in the second quarter valued at $208,000. Finally, SMH Capital Advisors Inc. bought a new position in Apple in the second quarter valued at $209,000. Institutional investors own 60.41% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on AAPL shares. Rosenblatt Securities increased their target price on Apple from $261.00 to $262.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Cfra upped their price target on shares of Apple from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Oppenheimer restated a “buy” rating and set a $250.00 price target on shares of Apple in a research report on Tuesday, October 1st. StockNews.com lowered shares of Apple from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Maxim Group upped their price target on shares of Apple from $203.00 to $215.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus target price of $235.51.

Apple Price Performance

AAPL stock opened at $226.96 on Friday. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $237.49. The company has a market cap of $3.43 trillion, a P/E ratio of 37.33, a PEG ratio of 2.18 and a beta of 1.24. The firm has a 50-day moving average of $226.82 and a 200 day moving average of $214.03. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share 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 during the quarter, compared to the consensus estimate of $94.52 billion. During the same quarter last year, the firm earned $1.46 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, sell-side analysts forecast that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 11th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend is Friday, November 8th. Apple’s dividend payout ratio is 16.45%.

Insider Buying and Selling at Apple

In other Apple news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the transaction, the chief executive officer now owns 3,280,180 shares of the company’s stock, valued at approximately $736,269,202.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the sale, the chief executive officer now owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Katherine L. Adams sold 61,019 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $226.20, for a total transaction of $13,802,497.80. Following the sale, the senior vice president now directly owns 187,043 shares of the company’s stock, valued at $42,309,126.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 412,746 shares of company stock valued at $93,021,362. Corporate insiders own 0.06% of the company’s stock.

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.