Summit Financial Strategies Inc. Has $14.91 Million Stake in Apple Inc. (NASDAQ:AAPL)

Summit Financial Strategies Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL) by 0.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,796 shares of the iPhone maker’s stock after selling 343 shares during the period. Apple makes up about 1.9% of Summit Financial Strategies Inc.’s portfolio, making the stock its 14th largest holding. Summit Financial Strategies Inc.’s holdings in Apple were worth $14,911,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in AAPL. Norges Bank bought a new position in shares of Apple in the 4th quarter valued at $33,912,466,000. Vanguard Group Inc. boosted its position in Apple by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock worth $253,766,929,000 after buying an additional 18,067,216 shares during the period. Swedbank AB acquired a new stake in Apple in the first quarter valued at $3,026,492,000. Global Assets Advisory LLC lifted its stake in shares of Apple by 23,076.4% in the first quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock worth $1,584,512,000 after acquiring an additional 9,200,345 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Apple by 158.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 11,532,438 shares of the iPhone maker’s stock valued at $1,977,582,000 after purchasing an additional 7,067,379 shares during the last quarter. Institutional investors own 60.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AAPL. Monness Crespi & Hardt restated a “buy” rating and set a $245.00 price target on shares of Apple in a report on Monday, September 9th. Bank of America reissued a “buy” rating and issued a $256.00 price objective on shares of Apple in a research note on Thursday, September 5th. Evercore ISI reissued an “outperform” rating and set a $250.00 target price on shares of Apple in a research report on Monday. Piper Sandler Companies restated a “neutral” rating and set a $225.00 price objective (up previously from $190.00) on shares of Apple in a report on Tuesday, July 9th. Finally, Piper Sandler reiterated a “neutral” rating and set a $225.00 price target on shares of Apple in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $239.17.

Apple Stock Performance

Apple stock opened at $216.79 on Wednesday. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.23. The stock’s 50 day simple moving average is $222.67 and its two-hundred day simple moving average is $199.26. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. The stock has a market cap of $3.32 trillion, a price-to-earnings ratio of 33.72, a PEG ratio of 2.62 and a beta of 1.24.

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

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s dividend payout ratio (DPR) is presently 15.55%.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the transaction, the insider now directly owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the sale, the insider now owns 15,419 shares in the company, valued at approximately $3,469,275. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Katherine L. Adams sold 100,000 shares of Apple 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 transaction, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. Insiders have sold 113,884 shares of company stock valued at $23,723,887 in the last three months. 0.06% of the stock is currently owned by company insiders.

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.