PBMares Wealth Management LLC Has $7.01 Million Stock Position in Apple Inc. $AAPL

Key Points

• PBMares Wealth Management LLC has reduced its stake in Apple Inc. by 10.5%, now holding 34,165 shares valued at $7.01 million.
• Analysts have a generally positive outlook on Apple, with the company receiving multiple ratings upgrades and a consensus target price of $248.29.
• Insider sales have increased, with the CFO and SVP selling significant shares, indicating a potential shift in management's confidence in the stock's performance.

PBMares Wealth Management LLC lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 10.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 34,165 shares of the iPhone maker's stock after selling 4,017 shares during the period. Apple makes up 1.3% of PBMares Wealth Management LLC's portfolio, making the stock its 18th largest holding. PBMares Wealth Management LLC's holdings in Apple were worth $7,010,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in AAPL. Ryan Investment Management Inc. acquired a new position in shares of Apple during the 2nd quarter worth approximately $31,000. ROSS JOHNSON & Associates LLC boosted its position 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 worth $42,000 after acquiring an additional 180 shares in the last quarter. Elite Financial Inc. acquired a new stake in shares of Apple during the 1st quarter worth approximately $58,000. LSV Asset Management acquired a new stake in shares of Apple during the 4th quarter worth approximately $65,000. Finally, HFM Investment Advisors LLC acquired a new stake in shares of Apple during the 1st quarter worth approximately $99,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Wall Street Analyst Weigh In

AAPL has been the topic of several analyst reports. Moffett Nathanson upgraded shares of Apple from a "sell" rating to a "neutral" rating and set a $225.00 price target on the stock in a research report on Thursday, September 4th. Raymond James Financial reiterated an "outperform" rating and set a $240.00 price target (up previously from $230.00) on shares of Apple in a research report on Friday, August 1st. Citigroup reiterated a "buy" rating on shares of Apple in a research report on Wednesday, September 10th. Weiss Ratings reissued a "hold (c+)" rating on shares of Apple in a research note on Wednesday, October 8th. Finally, Barclays increased their price objective on shares of Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Apple has an average rating of "Moderate Buy" and a consensus target price of $248.29.

Insider Activity at Apple

In other news, CFO Kevan Parekh sold 4,199 shares of the company's stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $247.39, for a total transaction of $1,038,790.61. Following the transaction, the chief financial officer owned 8,765 shares in the company, valued at approximately $2,168,373.35. This represents a 32.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Deirdre O'brien sold 43,013 shares of the company's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at $35,181,866.93. This represents a 23.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 259,121 shares of company stock worth $65,358,981 over the last three months. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

AAPL stock opened at $252.29 on Monday. The company has a fifty day moving average price of $241.13 and a 200-day moving average price of $216.91. The company has a market capitalization of $3.74 trillion, a P/E ratio of 38.28, a PEG ratio of 2.46 and a beta of 1.09. Apple Inc. has a 52-week low of $169.21 and a 52-week 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 posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. During the same period in the prior year, the company posted $1.40 earnings per share. Apple's revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, equities analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders 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 dividend payout ratio is currently 15.78%.

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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