Western Pacific Wealth Management LP Reduces Stock Holdings in Apple Inc. $AAPL

Western Pacific Wealth Management LP trimmed its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 23.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 47,676 shares of the iPhone maker's stock after selling 14,652 shares during the period. Apple accounts for about 9.4% of Western Pacific Wealth Management LP's investment portfolio, making the stock its largest position. Western Pacific Wealth Management LP's holdings in Apple were worth $9,782,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Arkfeld Wealth Strategies L.L.C. grew its position in shares of Apple by 1.3% during the 2nd quarter. Arkfeld Wealth Strategies L.L.C. now owns 67,199 shares of the iPhone maker's stock worth $14,108,000 after buying an additional 858 shares during the period. Ryan Investment Management Inc. acquired a new stake in Apple in the second quarter valued at approximately $31,000. Kozak & Associates Inc. grew its stake in shares of Apple by 1.8% in the second quarter. Kozak & Associates Inc. now owns 91,825 shares of the iPhone maker's stock worth $19,388,000 after purchasing an additional 1,621 shares during the last quarter. Voisard Asset Management Group Inc. raised its stake in Apple by 6.2% during the second quarter. Voisard Asset Management Group Inc. now owns 9,403 shares of the iPhone maker's stock worth $1,929,000 after buying an additional 545 shares during the last quarter. Finally, Moody National Bank Trust Division boosted its holdings in shares of Apple by 0.8% during the 2nd quarter. Moody National Bank Trust Division now owns 155,800 shares of the iPhone maker's stock worth $31,965,000 after buying an additional 1,182 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.06% of the company's stock.

Apple Stock Down 0.5%

AAPL stock opened at $255.46 on Friday. The company has a market cap of $3.79 trillion, a price-to-earnings ratio of 38.76, a PEG ratio of 2.65 and a beta of 1.11. The company has a 50 day moving average of $228.87 and a two-hundred day moving average of $213.20. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company 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 business earned $1.40 earnings per share. The company's quarterly revenue was up 9.6% on a year-over-year basis. On average, equities analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have commented on AAPL shares. Wedbush set a $310.00 price objective on shares of Apple and gave the company an "outperform" rating in a research note on Monday, September 22nd. Melius Research set a $290.00 price objective on Apple and gave the company a "buy" rating in a research report on Wednesday, September 10th. BMO Capital Markets reissued a "buy" rating on shares of Apple in a report on Wednesday, August 13th. The Goldman Sachs Group reissued a "buy" rating and issued a $266.00 price objective on shares of Apple in a research note on Tuesday, August 26th. Finally, UBS Group reiterated a "neutral" rating on shares of Apple in a report on Monday, September 8th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $245.66.

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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