Summa Corp. Has $2.28 Million Stake in Apple Inc. (NASDAQ:AAPL)

Summa Corp. lessened its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 10.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,280 shares of the iPhone maker's stock after selling 1,211 shares during the quarter. Apple comprises about 1.3% of Summa Corp.'s investment portfolio, making the stock its 11th biggest holding. Summa Corp.'s holdings in Apple were worth $2,283,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

AAPL has been the topic of several research analyst reports. Morgan Stanley reiterated an "overweight" rating on shares of Apple in a research report on Friday, June 13th. Jefferies Financial Group upgraded shares of Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Evercore ISI lifted their price objective on shares of Apple to $250.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. DA Davidson lifted their price objective on shares of Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Monness Crespi & Hardt lifted their price objective on shares of Apple to $245.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Two research 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, the company has a consensus rating of "Moderate Buy" and a consensus price target of $234.94.

Apple Stock Up 0.1%

Shares of AAPL stock traded up $0.17 on Monday, hitting $214.05. The company's stock had a trading volume of 37,786,671 shares, compared to its average volume of 47,818,408. 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 Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm's fifty day moving average price is $204.87 and its 200-day moving average price is $214.22. The stock has a market capitalization of $3.20 trillion, a price-to-earnings ratio of 33.34, a P/E/G ratio of 2.39 and a beta of 1.20.

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

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a dividend of $0.26 per share. This is a positive change from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Apple's payout ratio is currently 16.20%.

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

Insiders Place Their Bets

In other Apple news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.06% of the stock is currently owned by corporate insiders.

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.