Baker Tilly Wealth Management LLC Sells 1,296 Shares of Apple Inc. $AAPL

Key Points

• Baker Tilly Wealth Management LLC reduced its stake in Apple Inc. by 5.1% during the second quarter, selling 1,296 shares to hold 24,310 shares worth approximately $4,988,000.
• Apple reported $94.04 billion in revenue and an EPS of $1.57 for its latest quarter, surpassing expectations significantly.
• The company has announced a quarterly dividend of $0.26 with a yield of 0.4%, reflecting a 15.78% dividend payout ratio.

Baker Tilly Wealth Management LLC lowered its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,310 shares of the iPhone maker's stock after selling 1,296 shares during the quarter. Apple makes up about 1.8% of Baker Tilly Wealth Management LLC's investment portfolio, making the stock its 12th largest position. Baker Tilly Wealth Management LLC's holdings in Apple were worth $4,988,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Exchange Traded Concepts LLC raised its position in shares of Apple by 35.4% during the second quarter. Exchange Traded Concepts LLC now owns 928,218 shares of the iPhone maker's stock worth $190,442,000 after acquiring an additional 242,435 shares during the last quarter. Envision Financial LLC raised its position in shares of Apple by 11.1% during the second quarter. Envision Financial LLC now owns 2,573 shares of the iPhone maker's stock worth $528,000 after acquiring an additional 257 shares during the last quarter. Marshall Financial Group LLC raised its position in shares of Apple by 0.5% during the second quarter. Marshall Financial Group LLC now owns 58,879 shares of the iPhone maker's stock worth $12,362,000 after acquiring an additional 300 shares during the last quarter. Bigelow Investment Advisors LLC raised its position in shares of Apple by 10.8% during the second quarter. Bigelow Investment Advisors LLC now owns 31,695 shares of the iPhone maker's stock worth $6,503,000 after acquiring an additional 3,093 shares during the last quarter. Finally, Family Legacy Financial Solutions LLC bought a new stake in shares of Apple during the second quarter worth $700,000. Institutional investors own 67.73% of the company's stock.

Apple Trading Down 0.5%

AAPL opened at $255.46 on Friday. The stock has a market capitalization of $3.79 trillion, a P/E ratio of 38.76, a P/E/G ratio of 2.67 and a beta of 1.11. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The firm's fifty day simple moving average is $228.87 and its 200 day simple moving average is $213.22. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm's revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.40 EPS. As a group, research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal 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 given a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. Apple's dividend payout ratio (DPR) is 15.78%.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AAPL. The Goldman Sachs Group restated a "buy" rating and set a $266.00 target price on shares of Apple in a research report on Tuesday, August 26th. HSBC set a $220.00 price objective on Apple and gave the stock a "hold" rating in a research note on Monday, September 8th. Moffett Nathanson raised Apple from a "sell" rating to a "neutral" rating and set a $225.00 price objective for the company in a research note on Thursday, September 4th. Loop Capital decreased their price objective on Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research note on Thursday, August 21st. Finally, Jefferies Financial Group lifted their price objective on Apple from $190.67 to $205.82 and gave the stock a "hold" rating in a research note on Monday, September 8th. Two equities 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $245.66.

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.

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