Cadence Wealth Management LLC Has $566,000 Stake in Apple Inc. (NASDAQ:AAPL)

Cadence Wealth Management LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL) by 15.6% in the third quarter, Holdings Channel reports. The institutional investor owned 2,428 shares of the iPhone maker’s stock after selling 450 shares during the period. Apple accounts for approximately 0.5% of Cadence Wealth Management LLC’s holdings, making the stock its 21st largest position. Cadence Wealth Management LLC’s holdings in Apple were worth $566,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Bull Oak Capital LLC increased its position in shares of Apple by 252.3% during the third quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after buying an additional 111 shares during the period. Hershey Financial Advisers LLC purchased a new stake in Apple in the 2nd quarter valued at about $42,000. Christopher J. Hasenberg Inc boosted its stake in shares of Apple by 88.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock worth $69,000 after buying an additional 144 shares during the last quarter. ARK Investment Management LLC bought a new position in shares of Apple in the third quarter valued at approximately $110,000. Finally, Cordant Inc. increased its position in shares of Apple by 34.3% during the third quarter. Cordant Inc. now owns 678 shares of the iPhone maker’s stock valued at $158,000 after acquiring an additional 173 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on AAPL. Evercore ISI reissued a “buy” rating and issued a $250.00 price objective on shares of Apple in a research report on Thursday, September 26th. Citigroup raised their price target on shares of Apple to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Raymond James upped their price objective on Apple to $250.00 and gave the company a “buy” rating in a research note on Monday. JPMorgan Chase & Co. decreased their target price on Apple from $265.00 to $260.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Wedbush increased their target price on shares of Apple from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday, December 26th. Four analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Apple currently has a consensus rating of “Moderate Buy” and an average target price of $237.99.

Apple Price Performance

AAPL opened at $223.83 on Thursday. The stock has a market capitalization of $3.37 trillion, a P/E ratio of 36.81, a PEG ratio of 2.25 and a beta of 1.20. The stock has a 50-day moving average price of $241.09 and a 200-day moving average price of $230.82. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $260.10.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Apple had a net margin of 23.97% and a return on equity of 152.94%. The firm had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. During the same period in the previous year, the business posted $1.46 EPS. The business’s quarterly revenue was up 6.1% on a year-over-year basis. Equities analysts predict that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were given a dividend of $0.25 per share. The ex-dividend date was Friday, November 8th. This represents a $1.00 annualized dividend and a yield of 0.45%. Apple’s payout ratio is 16.45%.

Insider Activity

In other Apple news, insider Chris Kondo sold 4,130 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the completion of the sale, the insider now owns 15,419 shares in the company, valued at approximately $3,528,946.53. The trade was a 21.13 % 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. Also, COO Jeffrey E. Williams sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the completion of the transaction, the chief operating officer now owns 389,944 shares in the company, valued at $97,474,301.68. This represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

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.