PMG Wealth Management Inc. Purchases New Position in Apple Inc. (NASDAQ:AAPL)

PMG Wealth Management Inc. bought a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 3,232 shares of the iPhone maker's stock, valued at approximately $809,000. Apple comprises 0.7% of PMG Wealth Management Inc.'s investment portfolio, making the stock its 24th largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Drystone LLC acquired a new position in Apple in the 4th quarter valued at about $25,000. SPX Gestao de Recursos Ltda acquired a new position in shares of Apple in the third quarter valued at approximately $71,000. Teachers Insurance & Annuity Association of America bought a new position in shares of Apple during the third quarter worth approximately $77,000. Compass Planning Associates Inc acquired a new stake in Apple during the 4th quarter worth approximately $96,000. Finally, ARK Investment Management LLC acquired a new position in Apple in the 3rd quarter valued at $110,000. Institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on AAPL shares. Citigroup reduced their target price on shares of Apple from $275.00 to $245.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Monness Crespi & Hardt increased their target price on shares of Apple to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, January 22nd. Tigress Financial boosted their price target on Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a research note on Thursday, April 3rd. Oppenheimer lowered Apple from an "outperform" rating to a "market perform" rating in a research note on Wednesday, January 29th. Finally, Morgan Stanley lifted their price objective on Apple from $220.00 to $235.00 and gave the company an "overweight" rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and an average target price of $232.63.

Insider Activity at Apple

In other news, SVP Katherine L. Adams sold 38,822 shares of the stock in a transaction dated 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 transaction, the senior vice president now owns 179,158 shares of the company's stock, valued at $40,072,269.86. This represents a 17.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jeffrey E. Williams sold 35,493 shares of the business's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total value of $7,950,786.93. Following the completion of the sale, the chief operating officer now directly owns 390,059 shares of the company's stock, valued at $87,377,116.59. The trade was a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 187,021 shares of company stock worth $41,760,140 over the last quarter. Company insiders own 0.06% of the company's stock.

Apple Trading Up 0.4 %

Shares of Apple stock traded up $0.82 during trading on Thursday, hitting $213.32. The company's stock had a trading volume of 55,559,513 shares, compared to its average volume of 56,562,730. The stock has a market cap of $3.20 trillion, a price-to-earnings ratio of 33.86, a price-to-earnings-growth ratio of 2.44 and a beta of 1.26. Apple Inc. has a 52 week low of $169.11 and a 52 week high of $260.10. The stock has a 50-day moving average price of $213.66 and a two-hundred day moving average price of $228.95. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.61 by $0.04. Apple had a return on equity of 160.83% and a net margin of 24.30%. During the same period last year, the firm posted $1.53 EPS. Equities research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 12th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is currently 15.87%.

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.