Pinnacle Wealth Management LLC Has $1.55 Million Holdings in Apple Inc. $AAPL

Key Points

• Pinnacle Wealth Management LLC reduced its stake in Apple Inc. by 34.6%, selling 3,690 shares and holding a total of 6,980 shares valued at approximately $1.55 million as of the end of the first quarter.
• Apple reported earnings of $1.57 EPS for the last quarter, surpassing analysts' expectations, with revenues of $94.04 billion, up 9.6% from the previous year.
• Apple also declared a quarterly dividend of $0.26 per share, reflecting an annual yield of 0.5% with a dividend payout ratio of 15.78%.

Pinnacle Wealth Management LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 34.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,980 shares of the iPhone maker's stock after selling 3,690 shares during the quarter. Apple accounts for about 1.7% of Pinnacle Wealth Management LLC's holdings, making the stock its 12th biggest position. Pinnacle Wealth Management LLC's holdings in Apple were worth $1,550,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AAPL. Advanced Portfolio Management LLC grew its stake in Apple by 0.3% during the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after buying an additional 47 shares during the last quarter. Salus Financial Advisors LLC grew its position in shares of Apple by 3.9% during the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock worth $291,000 after acquiring an additional 49 shares during the last quarter. Disciplined Investments LLC increased its holdings in shares of Apple by 0.7% in the 4th quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock worth $1,794,000 after acquiring an additional 51 shares during the period. Sharpepoint LLC lifted its position in Apple by 3.5% in the 1st quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker's stock valued at $322,000 after purchasing an additional 51 shares during the last quarter. Finally, Redwood Financial Network Corp grew its position in Apple by 0.6% in the 4th quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock worth $2,184,000 after purchasing an additional 53 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. HSBC set a $220.00 price target on Apple and gave the company a "hold" rating in a report on Monday, September 8th. BMO Capital Markets reissued a "buy" rating on shares of Apple in a report on Wednesday, August 13th. Melius Research set a $290.00 price target on Apple and gave the company a "buy" rating in a research note on Wednesday. DA Davidson reiterated a "neutral" rating and set a $250.00 price target on shares of Apple in a research report on Thursday. Finally, Moffett Nathanson raised Apple from a "sell" rating to a "neutral" rating and set a $225.00 target price for the company in a research note on Thursday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $240.80.

Apple Stock Up 1.8%

Shares of NASDAQ AAPL traded up $4.04 during mid-day trading on Friday, reaching $234.07. The company had a trading volume of 55,768,555 shares, compared to its average volume of 45,223,864. The stock has a fifty day moving average of $221.50 and a two-hundred day moving average of $212.39. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a market capitalization of $3.47 trillion, a price-to-earnings ratio of 35.52, a PEG ratio of 2.39 and a beta of 1.11. 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 announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating 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 firm had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period in the previous year, the firm posted $1.40 earnings per share. The firm's revenue was up 9.6% on a year-over-year basis. As a group, equities research analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

The business also recently announced 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. 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 dividend payout ratio is presently 15.78%.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the sale, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is owned by insiders.

About Apple

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.