Lorne Steinberg Wealth Management Inc. Lowers Stake in Apple Inc. (NASDAQ:AAPL)

Lorne Steinberg Wealth Management Inc. lessened its holdings in Apple Inc. (NASDAQ:AAPL) by 11.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,720 shares of the iPhone maker’s stock after selling 2,028 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Apple were worth $3,311,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Yeomans Consulting Group Inc. bought a new stake in Apple in the 4th quarter worth about $1,713,000. Raleigh Capital Management Inc. boosted its holdings in shares of Apple by 11.8% during the 4th quarter. Raleigh Capital Management Inc. now owns 15,511 shares of the iPhone maker’s stock valued at $2,986,000 after acquiring an additional 1,643 shares during the last quarter. GLOBALT Investments LLC GA bought a new stake in shares of Apple in the fourth quarter worth approximately $38,406,000. Barden Capital Management Inc. raised its holdings in shares of Apple by 132.8% during the fourth quarter. Barden Capital Management Inc. now owns 32,636 shares of the iPhone maker’s stock valued at $6,283,000 after purchasing an additional 18,615 shares during the last quarter. Finally, Sunpointe LLC bought a new position in Apple during the fourth quarter valued at approximately $4,782,000. Institutional investors own 60.41% of the company’s stock.

Insider Transactions at Apple

In other news, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the completion of the sale, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Apple news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the transaction, the senior vice president now directly owns 191,543 shares in the company, valued at $39,542,136.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Chris Kondo sold 5,178 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $216.50, for a total value of $1,121,037.00. Following the sale, the insider now directly owns 24,125 shares in the company, valued at approximately $5,223,062.50. The disclosure for this sale can be found here. Insiders sold 113,884 shares of company stock worth $23,723,887 over the last 90 days. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on AAPL shares. Moffett Nathanson began coverage on Apple in a research report on Monday, August 19th. They set a “neutral” rating and a $211.00 price objective for the company. Loop Capital raised shares of Apple from a “hold” rating to a “buy” rating and upped their price target for the company from $170.00 to $300.00 in a research report on Monday, July 15th. Robert W. Baird raised their price objective on shares of Apple from $200.00 to $240.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Raymond James boosted their target price on shares of Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, DA Davidson upgraded shares of Apple from a “neutral” rating to a “buy” rating and increased their price target for the stock from $200.00 to $230.00 in a research report on Tuesday, June 11th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $238.62.

Apple Trading Down 0.1 %

AAPL opened at $222.50 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. Apple Inc. has a one year low of $164.07 and a one year high of $237.23. The company has a market cap of $3.38 trillion, a P/E ratio of 34.60, a PEG ratio of 2.62 and a beta of 1.24. The business’s 50-day simple moving average is $223.14 and its 200-day simple moving average is $198.52.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.06. The business had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.26 EPS. As a group, equities research analysts expect that Apple Inc. will post 6.7 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.45%. Apple’s dividend payout ratio (DPR) is currently 15.55%.

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.