Peak Financial Management Inc. Sells 3,792 Shares of Apple Inc. $AAPL

Key Points

• Peak Financial Management Inc. reduced its holdings in Apple Inc. by 9.5% during the 1st quarter, now owning 35,978 shares valued at approximately $7.99 million.
• Several institutional investors, including First National Bank of Hutchinson and Brighton Jones LLC, increased their stakes in Apple, reflecting a trend of institutional investor activity around the stock.
• Apple reported a quarterly earnings per share (EPS) of $1.57, exceeding analysts' expectations and demonstrating a 9.6% revenue increase year-over-year.

Peak Financial Management Inc. trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 9.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,978 shares of the iPhone maker's stock after selling 3,792 shares during the period. Apple accounts for about 2.4% of Peak Financial Management Inc.'s investment portfolio, making the stock its 17th biggest holding. Peak Financial Management Inc.'s holdings in Apple were worth $7,992,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Life Planning Partners Inc bought a new stake in shares of Apple during the fourth quarter worth approximately $47,000. Elite Financial Inc. acquired a new position in Apple during the first quarter valued at approximately $58,000. Conquis Financial LLC acquired a new position in Apple during the fourth quarter valued at approximately $63,000. LSV Asset Management acquired a new position in Apple during the fourth quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in Apple during the fourth quarter valued at approximately $82,000. 67.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AAPL shares. DA Davidson restated a "neutral" rating and set a $250.00 price objective on shares of Apple in a report on Thursday. Monness Crespi & Hardt boosted their price objective on shares of Apple from $245.00 to $270.00 and gave the company a "buy" rating in a report on Friday, August 1st. Bank of America upped their price target on shares of Apple from $260.00 to $270.00 and gave the company a "buy" rating in a report on Wednesday. Melius Research set a $290.00 price target on shares of Apple and gave the company a "buy" rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on shares of Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $240.80.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.06% of the company's stock.

Apple Stock Up 1.7%

Shares of AAPL stock traded up $3.89 during trading on Friday, reaching $233.92. The company's stock had a trading volume of 35,600,487 shares, compared to its average volume of 56,755,895. The business has a fifty day moving average price of $221.08 and a 200-day moving average price of $212.48. 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 company has a market cap of $3.47 trillion, a price-to-earnings ratio of 35.46, a price-to-earnings-growth ratio of 2.37 and a beta of 1.11. Apple Inc. has a one year low of $169.21 and a one year high of $260.10.

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

Apple Dividend Announcement

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

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.