Parr Mcknight Wealth Management Group LLC Sells 8,323 Shares of Apple Inc. $AAPL

Parr Mcknight Wealth Management Group LLC cut its stake in Apple Inc. (NASDAQ:AAPL) by 6.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,355 shares of the iPhone maker’s stock after selling 8,323 shares during the quarter. Apple makes up approximately 3.5% of Parr Mcknight Wealth Management Group LLC’s investment portfolio, making the stock its 3rd largest holding. Parr Mcknight Wealth Management Group LLC’s holdings in Apple were worth $25,719,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ryan Investment Management Inc. bought a new stake in Apple in the 2nd quarter valued at $31,000. ROSS JOHNSON & Associates LLC lifted its holdings in shares of Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after buying an additional 180 shares in the last quarter. Nexus Investment Management ULC lifted its holdings in shares of Apple by 333.3% during the second quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock worth $53,000 after buying an additional 200 shares in the last quarter. Elite Financial Inc. acquired a new stake in shares of Apple during the first quarter worth $58,000. Finally, LSV Asset Management bought a new stake in shares of Apple in the fourth quarter valued at about $65,000. Institutional investors own 67.73% of the company’s stock.

Apple Stock Up 0.1%

AAPL stock opened at $278.28 on Friday. The firm has a 50-day moving average price of $268.24 and a 200-day moving average price of $237.03. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $288.62. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $4.11 trillion, a P/E ratio of 37.25, a price-to-earnings-growth ratio of 2.60 and a beta of 1.10.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.11. The company had revenue of $102.47 billion for the quarter, compared to analyst estimates of $101.65 billion. Apple had a net margin of 26.92% and a return on equity of 164.05%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.64 EPS. As a group, equities research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Stockholders of record on Monday, November 10th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, November 10th. Apple’s dividend payout ratio is presently 13.92%.

Insider Activity at Apple

In other news, SVP Deirdre O’brien sold 43,013 shares of Apple stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the sale, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kevan Parekh sold 4,199 shares of the business’s stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $247.39, for a total value of $1,038,790.61. Following the sale, the chief financial officer owned 8,765 shares in the company, valued at approximately $2,168,373.35. This trade represents a 32.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 228,052 shares of company stock worth $58,604,588 over the last 90 days. 0.06% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on AAPL. Cowen restated a “buy” rating on shares of Apple in a research report on Monday, October 27th. Wedbush set a $350.00 price target on Apple and gave the stock an “outperform” rating in a research report on Monday, December 8th. UBS Group reaffirmed a “neutral” rating on shares of Apple in a report on Monday, December 8th. Barclays upped their target price on Apple from $180.00 to $230.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. Finally, Monness Crespi & Hardt raised their price target on Apple from $270.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average price target of $282.51.

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.