Summit Financial Group Inc. reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 29.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,597 shares of the iPhone maker’s stock after selling 3,179 shares during the period. Summit Financial Group Inc.’s holdings in Apple were worth $1,702,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in AAPL. Nuveen Asset Management LLC increased its holdings in Apple by 2,874.9% during the second quarter. Nuveen Asset Management LLC now owns 35,914,893 shares of the iPhone maker’s stock valued at $7,108,275,000 after buying an additional 34,707,634 shares during the last quarter. Thoroughbred Financial Services LLC increased its holdings in Apple by 19,949.3% during the second quarter. Thoroughbred Financial Services LLC now owns 10,055,128 shares of the iPhone maker’s stock valued at $1,005,513,000 after buying an additional 10,004,976 shares during the last quarter. Great West Life Assurance Co. Can purchased a new stake in Apple during the second quarter valued at approximately $809,074,000. Renaissance Technologies LLC purchased a new stake in Apple during the second quarter valued at approximately $459,677,000. Finally, Morgan Stanley increased its holdings in Apple by 5.8% during the second quarter. Morgan Stanley now owns 36,261,306 shares of the iPhone maker’s stock valued at $7,176,836,000 after buying an additional 1,996,126 shares during the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Timothy D. Cook sold 265,160 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.17, for a total transaction of $54,668,037.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the transaction, the director now owns 1,150,783 shares of the company’s stock, valued at approximately $232,101,423.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 372,090 shares of company stock valued at $77,691,639. 0.05% of the stock is owned by company insiders.
Shares of NASDAQ:AAPL traded up $2.35 during midday trading on Wednesday, reaching $226.75. 5,635,419 shares of the company were exchanged, compared to its average volume of 30,093,834. The company has a current ratio of 1.50, a quick ratio of 1.47 and a debt-to-equity ratio of 0.88. The business’s fifty day moving average is $215.63 and its two-hundred day moving average is $202.07. Apple Inc. has a one year low of $142.00 and a one year high of $229.93. The stock has a market cap of $1,014.10 billion, a PE ratio of 19.04, a price-to-earnings-growth ratio of 2.00 and a beta of 1.24.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.10 by $0.08. Apple had a net margin of 21.50% and a return on equity of 52.13%. The firm had revenue of $53.81 billion during the quarter, compared to analyst estimates of $53.39 billion. During the same quarter in the prior year, the business earned $2.34 earnings per share. Apple’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, sell-side analysts expect that Apple Inc. will post 11.68 EPS for the current year.
A number of analysts have commented on the stock. Macquarie set a $210.00 target price on shares of Apple and gave the company a “hold” rating in a report on Tuesday, September 10th. Wedbush reaffirmed an “outperform” rating on shares of Apple in a report on Wednesday, October 2nd. JPMorgan Chase & Co. set a $265.00 target price on shares of Apple and gave the company an “overweight” rating in a report on Monday, September 30th. Cascend Securities upped their price target on shares of Apple from $260.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Raymond James upgraded shares of Apple from a “market perform” rating to an “outperform” rating and set a $250.00 price target for the company in a research report on Thursday, July 18th. Four investment analysts have rated the stock with a sell rating, seventeen have given a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the company’s stock. Apple presently has a consensus rating of “Hold” and an average target price of $221.64.
Apple Company Profile
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
See Also: Balanced Fund
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