Spire Wealth Management Has $111.12 Million Stake in Apple Inc. (NASDAQ:AAPL)

Spire Wealth Management reduced its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 10.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 500,240 shares of the iPhone maker's stock after selling 58,014 shares during the period. Apple comprises 3.6% of Spire Wealth Management's investment portfolio, making the stock its 2nd biggest position. Spire Wealth Management's holdings in Apple were worth $111,118,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Burkett Financial Services LLC lifted its stake in Apple by 0.6% in the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after purchasing an additional 93 shares in the last quarter. Avid Wealth Partners LLC raised its position in shares of Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after buying an additional 930 shares in the last quarter. OneAscent Wealth Management LLC raised its position in shares of Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after buying an additional 409 shares in the last quarter. TruWealth Advisors LLC raised its position in shares of Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock valued at $42,045,000 after buying an additional 5,120 shares in the last quarter. Finally, Allstate Corp raised its position in shares of Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after buying an additional 438,471 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AAPL has been the topic of several research reports. Bank of America raised their price objective on shares of Apple from $240.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday. 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 objective on the stock. Needham & Company LLC restated a "hold" rating on shares of Apple in a research report on Friday, July 25th. Monness Crespi & Hardt raised their price objective on shares of Apple from $245.00 to $270.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Scotiabank lowered shares of Apple to a "market perform" rating in a report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $237.60.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.06% of the stock is currently owned by insiders.

Apple Stock Performance

NASDAQ AAPL traded up $9.32 during trading hours on Friday, hitting $229.35. 113,661,399 shares of the company's stock traded hands, compared to its average volume of 56,719,256. The business's fifty day moving average price is $206.84 and its two-hundred day moving average price is $213.21. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $3.40 trillion, a P/E ratio of 34.80, a P/E/G ratio of 2.30 and a beta of 1.16. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

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

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 11th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple's dividend payout ratio is presently 15.78%.

Apple declared that its board has authorized a share buyback program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

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.