Pennsylvania Capital Management Inc. ADV Cuts Position in Apple Inc. $AAPL

Key Points

• Pennsylvania Capital Management Inc. ADV decreased its stake in Apple Inc. by 8.0%, owning 150,419 shares valued at approximately $30.86 million.
• Several institutional investors, including First National Bank of Hutchinson and Brighton Jones LLC, increased their holdings in Apple during the fourth quarter, reflecting strong interest in the stock.
• Apple recently announced a quarterly dividend of $0.26 per share, representing a 0.4% dividend yield and a payout ratio of 15.78%.

Pennsylvania Capital Management Inc. ADV lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 8.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,419 shares of the iPhone maker's stock after selling 13,057 shares during the quarter. Apple accounts for approximately 9.9% of Pennsylvania Capital Management Inc. ADV's investment portfolio, making the stock its 2nd biggest holding. Pennsylvania Capital Management Inc. ADV's holdings in Apple were worth $30,862,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. First National Bank of Hutchinson increased its holdings in shares of Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Eagle Capital Management LLC increased its holdings in shares of Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after purchasing an additional 272 shares during the last quarter. Brighton Jones LLC increased its holdings in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of Apple by 4.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock valued at $16,742,000 after purchasing an additional 2,695 shares during the last quarter. Finally, Highview Capital Management LLC DE increased its holdings in shares of Apple by 2.4% in the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock valued at $12,587,000 after purchasing an additional 1,155 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Buying and Selling

In other news, SVP Deirdre O'brien sold 43,013 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the completion of the sale, the senior vice president owned 136,687 shares of the company's stock, valued at approximately $35,181,866.93. This represents a 23.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 129,963 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.81, for a total value of $33,375,798.03. Following the sale, the chief executive officer directly owned 3,280,295 shares of the company's stock, valued at approximately $842,412,558.95. This trade represents a 3.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 259,121 shares of company stock valued at $65,358,981. Corporate insiders own 0.06% of the company's stock.

Apple Stock Up 2.0%

Apple stock opened at $252.29 on Friday. 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 Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The firm has a 50 day moving average price of $241.13 and a two-hundred day moving average price of $216.81. The firm has a market cap of $3.74 trillion, a price-to-earnings ratio of 38.28, a PEG ratio of 2.46 and a beta of 1.09.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to the consensus estimate 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 last year, the firm posted $1.40 EPS. Equities analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were given 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%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. 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 note on Thursday, September 4th. Sanford C. Bernstein began coverage on shares of Apple in a research note on Monday, September 15th. They issued an "outperform" rating and a $290.00 price target on the stock. Wedbush set a $310.00 price objective on shares of Apple and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Rosenblatt Securities increased their price objective on shares of Apple from $223.00 to $241.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 10th. Finally, Monness Crespi & Hardt increased their price objective on shares of Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $248.29.

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.

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