SK Wealth Management LLC Buys 1,419 Shares of Apple Inc. $AAPL

Key Points

• SK Wealth Management LLC increased its position in Apple Inc. by 11.2% in Q2, acquiring an additional 1,419 shares, bringing its total to 14,034 shares valued at approximately $2,963,000.
• Multiple hedge funds, including Vanguard Group Inc. and UBS AM, have also raised their stakes in Apple, reflecting significant interest from institutional investors who own 67.73% of the company's stock.
• Apple recently reported a quarterly EPS of $1.57, exceeding estimates, along with a revenue of $94.04 billion, marking a 9.6% year-over-year increase.

SK Wealth Management LLC raised its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 11.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 14,034 shares of the iPhone maker's stock after purchasing an additional 1,419 shares during the quarter. Apple makes up approximately 1.3% of SK Wealth Management LLC's investment portfolio, making the stock its 16th largest holding. SK Wealth Management LLC's holdings in Apple were worth $2,963,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Apple by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 1,400,790,809 shares of the iPhone maker's stock worth $311,157,662,000 after acquiring an additional 5,005,297 shares in the last quarter. Geode Capital Management LLC grew its stake in Apple by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock worth $84,999,145,000 after purchasing an additional 6,307,413 shares during the period. Norges Bank bought a new stake in Apple in the fourth quarter worth approximately $46,868,648,000. Northern Trust Corp increased its holdings in Apple by 13.3% in the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after purchasing an additional 20,079,472 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Apple by 14.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock valued at $26,220,566,000 after buying an additional 13,137,968 shares during the period. Institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Friday, July 25th. Sanford C. Bernstein assumed coverage on shares of Apple in a research note on Monday, September 15th. They issued an "outperform" rating and a $290.00 price target for the company. Phillip Securities cut shares of Apple from a "hold" rating to a "moderate sell" rating and set a $200.00 price objective on the stock. in a research report on Thursday, September 11th. Barclays raised their target price on Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $266.00 target price on shares of Apple in a research report on Tuesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Apple currently has an average rating of "Moderate Buy" and a consensus price target of $244.66.

Apple Trading Up 1.8%

AAPL opened at $256.87 on Friday. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm has a market capitalization of $3.81 trillion, a PE ratio of 38.98, a P/E/G ratio of 2.62 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The company's 50-day moving average is $227.98 and its 200 day moving average is $212.99.

Apple (NASDAQ:AAPL - Get Free Report) last issued 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. The firm had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company's revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.40 EPS. As a group, research analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple's dividend payout ratio is presently 15.78%.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction 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 transaction, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.06% of the company's stock.

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.

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