Apple Inc. $AAPL Stock Position Cut by Fingerlakes Wealth Management Inc.

Fingerlakes Wealth Management Inc. cut its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,251 shares of the iPhone maker's stock after selling 1,632 shares during the quarter. Apple makes up approximately 6.3% of Fingerlakes Wealth Management Inc.'s holdings, making the stock its 2nd largest holding. Fingerlakes Wealth Management Inc.'s holdings in Apple were worth $7,386,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of AAPL. Burkett Financial Services LLC increased its holdings in shares of Apple by 0.6% in 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 during the last quarter. Avid Wealth Partners LLC increased its holdings in shares of Apple by 28.3% in the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after acquiring an additional 930 shares during the last quarter. OneAscent Wealth Management LLC increased its holdings in shares of Apple by 4.6% in the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after acquiring an additional 409 shares during the last quarter. TruWealth Advisors LLC increased its holdings in shares of Apple by 2.8% in the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock valued at $42,045,000 after acquiring an additional 5,120 shares during the last quarter. Finally, Allstate Corp increased its holdings in shares of Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after acquiring an additional 438,471 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AAPL shares. Bank of America reiterated a "buy" rating and issued a $250.00 price target on shares of Apple in a report on Monday. Wedbush reiterated an "outperform" rating and issued a $270.00 price target on shares of Apple in a report on Thursday, August 7th. Barclays boosted their price objective on Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. Loop Capital reduced their price objective on Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research report on Thursday, August 21st. Finally, Scotiabank lowered Apple to a "market perform" rating in a research report on Friday, May 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $237.37.

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.06% of the stock is owned by company insiders.

Apple Trading Up 0.9%

Shares of Apple stock opened at $232.56 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The firm has a market cap of $3.45 trillion, a price-to-earnings ratio of 35.29, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. The business has a fifty day simple moving average of $215.17 and a 200-day simple moving average of $213.08. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10.

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

Apple Dividend Announcement

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

Apple announced that its board has initiated a stock repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its stock is undervalued.

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.

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