Alpha Omega Wealth Management LLC Cuts Stock Position in Apple Inc. $AAPL

Key Points

• Alpha Omega Wealth Management LLC reduced its stake in Apple Inc. by 1.4%, now holding 73,907 shares valued at approximately $15.16 million, making it the third largest position in their portfolio.
• Apple reported a strong quarterly earnings result, with earnings per share of $1.57 and revenue of $94.04 billion, surpassing analysts' expectations.
• The company recently announced a quarterly dividend of $0.26 per share, which translates to an annual yield of 0.4%.

Alpha Omega Wealth Management LLC lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,907 shares of the iPhone maker's stock after selling 1,037 shares during the period. Apple makes up 2.7% of Alpha Omega Wealth Management LLC's portfolio, making the stock its 3rd biggest position. Alpha Omega Wealth Management LLC's holdings in Apple were worth $15,164,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AAPL. Ryan Investment Management Inc. bought a new stake in Apple in the 2nd quarter valued at approximately $31,000. ROSS JOHNSON & Associates LLC lifted its stake in Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after acquiring an additional 180 shares in the last quarter. Life Planning Partners Inc bought a new stake in Apple in the 4th quarter valued at approximately $47,000. Elite Financial Inc. bought a new stake in Apple in the 1st quarter valued at approximately $58,000. Finally, Conquis Financial LLC bought a new stake in Apple in the 4th quarter valued at approximately $63,000. Institutional investors own 67.73% of the company's stock.

Apple Stock Performance

AAPL opened at $258.02 on Friday. The business has a fifty day simple moving average of $233.09 and a 200 day simple moving average of $214.69. The company has a market capitalization of $3.83 trillion, a PE ratio of 39.15, a price-to-earnings-growth ratio of 2.50 and a beta of 1.09. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company's revenue was up 9.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.40 EPS. Research analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio is presently 15.78%.

Insider Activity

In other news, SVP Deirdre O'brien sold 43,013 shares of the company's stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $35,181,866.93. This represents a 23.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 129,963 shares of the company's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $256.81, for a total value of $33,375,798.03. Following the sale, the chief executive officer owned 3,280,295 shares of the company's stock, valued at approximately $842,412,558.95. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 254,922 shares of company stock worth $64,320,190. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Moffett Nathanson upgraded Apple from a "sell" rating to a "neutral" rating and set a $225.00 target price on the stock in a research note on Thursday, September 4th. Jefferies Financial Group cut Apple from a "hold" rating to an "underperform" rating and cut their target price for the company from $205.82 to $205.16 in a research note on Friday. Evercore ISI set a $290.00 target price on Apple and gave the company an "outperform" rating in a research note on Friday, September 26th. Raymond James Financial reaffirmed an "outperform" rating and set a $240.00 price target (up previously from $230.00) on shares of Apple in a research report on Friday, August 1st. Finally, Seaport Res Ptn raised Apple to a "strong-buy" rating in a research report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $247.49.

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.

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