Apple Inc. (NASDAQ:AAPL) is Pinnacle Wealth Planning Services Inc.'s 5th Largest Position

Pinnacle Wealth Planning Services Inc. decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 19.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,820 shares of the iPhone maker's stock after selling 19,353 shares during the quarter. Apple makes up 2.9% of Pinnacle Wealth Planning Services Inc.'s investment portfolio, making the stock its 5th largest position. Pinnacle Wealth Planning Services Inc.'s holdings in Apple were worth $19,488,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AAPL. Drystone LLC purchased a new position in shares of Apple during the fourth quarter valued at about $25,000. Life Planning Partners Inc purchased a new position in shares of Apple during the fourth quarter valued at about $47,000. Conquis Financial LLC purchased a new position in shares of Apple during the fourth quarter valued at about $63,000. LSV Asset Management purchased a new position in shares of Apple during the fourth quarter valued at about $65,000. Finally, Pillar Financial Advisors LLC purchased a new position in shares of Apple during the fourth quarter valued at about $82,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Insider Activity at Apple

In other Apple news, SVP Katherine L. Adams sold 38,822 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the completion of the sale, the senior vice president now directly owns 179,158 shares of the company's stock, valued at approximately $40,072,269.86. This represents a 17.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 108,136 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares of the company's stock, valued at approximately $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. Insiders have sold a total of 191,507 shares of company stock worth $42,694,080 over the last quarter. Company insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Jefferies Financial Group reiterated an "underperform" rating and set a $170.62 price target (up previously from $167.88) on shares of Apple in a research report on Friday, May 2nd. Rosenblatt Securities cut shares of Apple from a "buy" rating to a "neutral" rating and set a $217.00 price target on the stock. in a research report on Friday, May 2nd. China Renaissance initiated coverage on shares of Apple in a research report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price target on the stock. Tigress Financial boosted their price objective on shares of Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a research note on Thursday, April 3rd. Finally, Citigroup reissued a "buy" rating on shares of Apple in a research note on Tuesday, June 10th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $234.86.

Apple Stock Performance

Apple stock traded up $4.42 during midday trading on Friday, reaching $201.00. 95,792,149 shares of the company traded hands, compared to its average volume of 53,610,148. The firm has a market capitalization of $3.00 trillion, a price-to-earnings ratio of 31.31, a price-to-earnings-growth ratio of 2.24 and a beta of 1.22. The business has a 50 day moving average of $202.35 and a two-hundred day moving average of $221.56. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.53 earnings per share. As a group, research analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple announced that its Board of Directors has approved a share buyback plan on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. Apple's dividend payout ratio is 16.20%.

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.