Parr Mcknight Wealth Management Group LLC Makes New Investment in Apple Inc. (NASDAQ:AAPL)

Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 133,888 shares of the iPhone maker's stock, valued at approximately $33,528,000. Apple comprises 4.8% of Parr Mcknight Wealth Management Group LLC's holdings, making the stock its 2nd biggest holding.

Other hedge funds have also added to or reduced their stakes in the company. Drystone LLC purchased a new stake in Apple during the 4th quarter valued at about $25,000. Conquis Financial LLC bought a new position in shares of Apple in the fourth quarter worth approximately $63,000. LSV Asset Management purchased a new stake in shares of Apple during the fourth quarter valued at approximately $65,000. Pillar Financial Advisors LLC purchased a new stake in shares of Apple during the fourth quarter valued at approximately $82,000. Finally, Compass Planning Associates Inc bought a new stake in shares of Apple during the fourth quarter valued at approximately $96,000. 67.73% of the stock is owned by institutional investors.

Insider Transactions at Apple

In other news, COO Jeffrey E. Williams sold 35,493 shares of Apple stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the sale, the chief operating officer now directly owns 390,059 shares of the company's stock, valued at approximately $87,377,116.59. The trade was a 8.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 108,136 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the sale, the chief executive officer now owns 3,280,295 shares in the company, valued at $733,637,976.75. This represents a 3.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 191,507 shares of company stock valued at $42,694,080. 0.06% of the stock is currently owned by corporate insiders.

Apple Price Performance

Shares of Apple stock traded up $0.94 during trading hours on Thursday, hitting $196.58. The company's stock had a trading volume of 45,342,877 shares, compared to its average volume of 54,338,522. The company has a market cap of $2.94 trillion, a PE ratio of 30.62, a PEG ratio of 2.18 and a beta of 1.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The business has a 50 day moving average price of $202.17 and a two-hundred day moving average price of $222.30. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The company had revenue of $95.36 billion for the quarter, compared to analysts' expectations of $94.04 billion. During the same period in the previous year, the firm earned $1.53 EPS. The firm's revenue was up 5.1% compared to the same quarter last year. Analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple declared that its board has approved a share repurchase plan on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.53%. This is a boost from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is presently 16.20%.

Analysts Set New Price Targets

AAPL has been the topic of several recent analyst reports. Raymond James Financial cut their target price on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Monness Crespi & Hardt upped their price target on Apple to $245.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Needham & Company LLC reissued a "hold" rating on shares of Apple in a research report on Tuesday, June 10th. Finally, Evercore ISI upped their target price on shares of Apple to $250.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $234.86.

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.