Apple Inc. (NASDAQ:AAPL) Position Raised by Elk River Wealth Management LLC

Elk River Wealth Management LLC increased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 106,964 shares of the iPhone maker’s stock after purchasing an additional 937 shares during the quarter. Apple accounts for 4.5% of Elk River Wealth Management LLC’s holdings, making the stock its 5th biggest holding. Elk River Wealth Management LLC’s holdings in Apple were worth $24,923,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Granite Investment Partners LLC lifted its holdings in Apple by 2.7% during the 2nd quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock valued at $60,958,000 after buying an additional 7,606 shares in the last quarter. Truist Financial Corp lifted its position in shares of Apple by 1.8% in the 2nd quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock worth $1,473,224,000 after purchasing an additional 126,210 shares during the period. EP Wealth Advisors LLC boosted its position in Apple by 5.2% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,928,110 shares of the iPhone maker’s stock valued at $406,099,000 after acquiring an additional 95,235 shares in the last quarter. CHICAGO TRUST Co NA boosted its position in Apple by 15.2% during the third quarter. CHICAGO TRUST Co NA now owns 149,219 shares of the iPhone maker’s stock valued at $34,768,000 after purchasing an additional 19,670 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Apple by 34.9% in the third quarter. GAMMA Investing LLC now owns 200,214 shares of the iPhone maker’s stock worth $46,650,000 after purchasing an additional 51,842 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Price Performance

Shares of AAPL opened at $242.65 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $242.76. The company has a market cap of $3.67 trillion, a P/E ratio of 39.91, a PEG ratio of 2.35 and a beta of 1.23. The firm’s 50 day moving average price is $229.59 and its 200 day moving average price is $220.74.

Apple (NASDAQ:AAPL) last released its 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. Apple had a return on equity of 152.94% and a net margin of 23.97%. The firm had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. During the same period last year, the business posted $1.46 earnings per share. Apple’s revenue was up 6.1% compared to the same quarter last year. On average, research analysts forecast that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 11th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.41%. Apple’s payout ratio is 16.45%.

Insider Activity at Apple

In other news, CEO Timothy D. Cook sold 223,986 shares of the stock in a transaction dated 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 approximately $736,269,202.80. This represents a 6.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jeffrey E. Williams sold 59,730 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.86, for a total value of $13,550,347.80. Following the sale, the chief operating officer now owns 489,944 shares of the company’s stock, valued at approximately $111,148,695.84. The trade was a 10.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 408,170 shares of company stock valued at $92,007,745 over the last 90 days. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on AAPL shares. Monness Crespi & Hardt restated a “buy” rating and set a $245.00 target price on shares of Apple in a research note on Monday, September 9th. Wedbush reissued an “outperform” rating and set a $300.00 target price on shares of Apple in a research report on Friday, November 29th. Oppenheimer reaffirmed a “buy” rating and set a $250.00 target price on shares of Apple in a report on Tuesday, October 1st. KeyCorp lowered Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price objective for the company. in a research note on Friday, October 25th. Finally, New Street Research restated a “neutral” rating and set a $225.00 price target on shares of Apple in a research report on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.68.

Apple 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.