Independent Wealth Network Inc. Sells 1,409 Shares of Apple Inc. $AAPL

Key Points

• Independent Wealth Network Inc. reduced its stake in Apple Inc. by 6.8%, selling 1,409 shares during the 2nd quarter, leaving it with 19,418 shares worth approximately $3.98 million.
• CEO Timothy D. Cook sold 129,963 shares of Apple stock for about $33.38 million, reducing his position by 3.81% to 3,280,295 shares.
• Analysts maintain a consensus rating of "Moderate Buy" for Apple stock, with an average price target of $248.29, indicating positive sentiment among investors.

Independent Wealth Network Inc. lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 6.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,418 shares of the iPhone maker's stock after selling 1,409 shares during the period. Apple accounts for approximately 1.4% of Independent Wealth Network Inc.'s holdings, making the stock its 14th biggest holding. Independent Wealth Network Inc.'s holdings in Apple were worth $3,984,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Ryan Investment Management Inc. bought a new stake in Apple in the second quarter valued at $31,000. ROSS JOHNSON & Associates LLC boosted its holdings in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after buying an additional 180 shares in the last quarter. Elite Financial Inc. bought a new stake in shares of Apple during the 1st quarter valued at $58,000. LSV Asset Management bought a new stake in shares of Apple during the 4th quarter valued at $65,000. Finally, HFM Investment Advisors LLC bought a new stake in shares of Apple during the 1st quarter valued at $99,000. Institutional investors own 67.73% of the company's stock.

Insiders Place Their Bets

In other Apple news, CEO Timothy D. Cook sold 129,963 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.81, for a total value of $33,375,798.03. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Deirdre O'brien sold 43,013 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the transaction, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,922 shares of company stock valued at $64,320,190. 0.06% of the stock is owned by insiders.

Apple Stock Performance

Shares of Apple stock opened at $245.27 on Monday. The stock has a market cap of $3.64 trillion, a price-to-earnings ratio of 37.22, a PEG ratio of 2.39 and a beta of 1.09. The firm's 50-day moving average is $237.61 and its 200 day moving average is $215.83. 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 announced its quarterly 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 analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple's revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.40 EPS. Sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders 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 payout ratio is 15.78%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. DA Davidson restated a "neutral" rating and set a $250.00 target price on shares of Apple in a report on Thursday, September 11th. JPMorgan Chase & Co. boosted their target price on shares of Apple from $255.00 to $280.00 and gave the company an "overweight" rating in a report on Friday, September 19th. BMO Capital Markets restated a "buy" rating on shares of Apple in a report on Wednesday, August 13th. Rosenblatt Securities boosted their target price on shares of Apple from $223.00 to $241.00 and gave the company a "neutral" rating in a report on Wednesday, September 10th. Finally, Citigroup restated a "buy" rating on shares of Apple in a report on Wednesday, September 10th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $248.29.

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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