Apple Inc. $AAPL Shares Sold by Focus Financial Network Inc.

Key Points

• Focus Financial Network Inc. reduced its stake in Apple Inc. by 7.0% in the second quarter, now owning 360,470 shares valued at approximately $73.96 million.
• Several institutional investors increased their positions in Apple, including Avid Wealth Partners, which grew its holdings by 28.3%.
• Analysts have varied ratings on AAPL, with Citigroup restating a "buy" rating and Evercore ISI raising their target price to $260.00 while maintaining an "outperform" rating.

Focus Financial Network Inc. decreased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 7.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 360,470 shares of the iPhone maker's stock after selling 27,247 shares during the quarter. Apple comprises approximately 2.9% of Focus Financial Network Inc.'s portfolio, making the stock its 5th biggest holding. Focus Financial Network Inc.'s holdings in Apple were worth $73,958,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Burkett Financial Services LLC increased its holdings in Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock valued at $3,199,000 after acquiring an additional 93 shares in the last quarter. Avid Wealth Partners LLC grew its position in shares of Apple by 28.3% in the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after purchasing an additional 930 shares during the last quarter. Bell & Brown Wealth Advisors LLC grew its position in shares of Apple by 0.4% in the first quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker's stock valued at $13,772,000 after purchasing an additional 240 shares during the last quarter. OneAscent Wealth Management LLC increased its stake in shares of Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after purchasing an additional 409 shares in the last quarter. Finally, Andina Capital Management LLC raised its position in shares of Apple by 209.2% during the 1st quarter. Andina Capital Management LLC now owns 6,786 shares of the iPhone maker's stock worth $1,507,000 after purchasing an additional 4,591 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AAPL has been the topic of several analyst reports. Citigroup restated a "buy" rating on shares of Apple in a report on Wednesday, September 10th. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research report on Friday, July 25th. Jefferies Financial Group lifted their price target on Apple from $190.67 to $205.82 and gave the company a "hold" rating in a report on Monday, September 8th. HSBC set a $220.00 price objective on shares of Apple and gave the company a "hold" rating in a research note on Monday, September 8th. Finally, Evercore ISI raised their target price on shares of Apple from $250.00 to $260.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $244.66.

Insiders Place Their Bets

In related news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.06% of the company's stock.

Apple Stock Up 1.8%

Shares of NASDAQ:AAPL opened at $256.87 on Friday. The stock has a 50-day simple moving average of $227.98 and a 200-day simple moving average of $212.99. The stock has a market capitalization of $3.81 trillion, a P/E ratio of 38.98, a PEG ratio of 2.62 and a beta of 1.11. 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 quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly 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. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same period in the previous year, the company posted $1.40 earnings per share. Apple's revenue was up 9.6% compared to the same quarter last year. Equities analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

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

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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