Chesapeake Wealth Management Trims Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Chesapeake Wealth Management cut its position in Apple Inc. (NASDAQ:AAPL) by 0.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,098 shares of the iPhone maker’s stock after selling 98 shares during the quarter. Apple accounts for about 3.8% of Chesapeake Wealth Management’s holdings, making the stock its 3rd biggest holding. Chesapeake Wealth Management’s holdings in Apple were worth $10,552,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Francis Financial Inc. lifted its holdings in Apple by 6.5% during the 1st quarter. Francis Financial Inc. now owns 15,902 shares of the iPhone maker’s stock worth $2,727,000 after buying an additional 975 shares during the period. Oak Asset Management LLC lifted its holdings in Apple by 1.0% during the 1st quarter. Oak Asset Management LLC now owns 155,643 shares of the iPhone maker’s stock worth $26,690,000 after buying an additional 1,525 shares during the period. Omega Financial Group LLC lifted its holdings in Apple by 3.1% during the 1st quarter. Omega Financial Group LLC now owns 7,741 shares of the iPhone maker’s stock worth $1,327,000 after buying an additional 232 shares during the period. Mirador Capital Partners LP lifted its holdings in Apple by 3.3% during the 1st quarter. Mirador Capital Partners LP now owns 98,274 shares of the iPhone maker’s stock worth $16,852,000 after buying an additional 3,130 shares during the period. Finally, Aviance Capital Partners LLC lifted its holdings in Apple by 4.7% during the 1st quarter. Aviance Capital Partners LLC now owns 263,707 shares of the iPhone maker’s stock worth $45,220,000 after buying an additional 11,730 shares during the period. 60.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 223,986 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value of $50,275,897.56. Following the transaction, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Timothy D. Cook sold 223,986 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value of $50,275,897.56. Following the transaction, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Katherine L. Adams sold 61,019 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total value of $13,802,497.80. Following the completion of the transaction, the senior vice president now owns 187,043 shares in the company, valued at $42,309,126.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 412,746 shares of company stock worth $93,021,362 in the last 90 days. Insiders own 0.06% of the company’s stock.

Apple Price Performance

AAPL stock opened at $226.96 on Friday. The company has a market capitalization of $3.43 trillion, a P/E ratio of 37.33, a price-to-earnings-growth ratio of 2.18 and a beta of 1.24. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $237.49. The business has a 50-day simple moving average of $226.82 and a two-hundred day simple moving average of $214.03.

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

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 11th will be paid a $0.25 dividend. The ex-dividend date is Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.44%. Apple’s payout ratio is presently 16.45%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Citigroup lifted their target price on Apple to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. New Street Research reaffirmed a “neutral” rating and set a $225.00 target price on shares of Apple in a report on Wednesday, September 25th. Rosenblatt Securities lifted their price objective on Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Piper Sandler reissued a “neutral” rating and issued a $225.00 price objective on shares of Apple in a research report on Wednesday, October 9th. Finally, Tigress Financial lifted their price objective on Apple from $245.00 to $295.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.51.

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.