Apple Inc. (NASDAQ:AAPL) Position Reduced by Lake Street Private Wealth LLC

Lake Street Private Wealth LLC reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 19.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,331 shares of the iPhone maker’s stock after selling 41,462 shares during the quarter. Apple comprises 6.6% of Lake Street Private Wealth LLC’s investment portfolio, making the stock its biggest position. Lake Street Private Wealth LLC’s holdings in Apple were worth $41,085,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. High Net Worth Advisory Group LLC lifted its stake in Apple by 1.7% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 64,015 shares of the iPhone maker’s stock worth $14,916,000 after purchasing an additional 1,066 shares in the last quarter. Granite Investment Partners LLC raised its position in shares of Apple by 2.7% in the second quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock worth $60,958,000 after buying an additional 7,606 shares in the last quarter. Truist Financial Corp boosted its stake in Apple by 1.8% during the second quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock valued at $1,473,224,000 after buying an additional 126,210 shares during the period. EP Wealth Advisors LLC grew its position in Apple by 5.2% during the second quarter. EP Wealth Advisors LLC now owns 1,928,110 shares of the iPhone maker’s stock worth $406,099,000 after buying an additional 95,235 shares in the last quarter. Finally, CHICAGO TRUST Co NA increased its stake in Apple by 15.2% in the 3rd quarter. CHICAGO TRUST Co NA now owns 149,219 shares of the iPhone maker’s stock worth $34,768,000 after acquiring an additional 19,670 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Apple Price Performance

AAPL opened at $254.49 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. The company has a market cap of $3.85 trillion, a price-to-earnings ratio of 41.86, a price-to-earnings-growth ratio of 2.41 and a beta of 1.23. The stock has a fifty day simple moving average of $234.97 and a two-hundred day simple moving average of $225.48. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $255.00.

Apple (NASDAQ:AAPL) last issued 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 company had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. Apple’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. Research analysts predict that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 11th were paid a $0.25 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 0.39%. Apple’s payout ratio is currently 16.45%.

Insider Activity at Apple

In other news, SVP Katherine L. Adams sold 61,019 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $226.20, for a total value of $13,802,497.80. Following the transaction, the senior vice president now owns 187,043 shares in the company, valued at approximately $42,309,126.60. This represents a 24.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Chris Kondo sold 4,130 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following 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 position. The disclosure for this sale can be found here. Insiders sold a total of 508,170 shares of company stock valued at $117,004,745 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Citigroup boosted their price objective on Apple to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Monness Crespi & Hardt reissued a “buy” rating and issued a $245.00 price target on shares of Apple in a report on Monday, September 9th. New Street Research reaffirmed a “neutral” rating and set a $225.00 price objective on shares of Apple in a report on Wednesday, September 25th. Tigress Financial raised their price target on Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 28th. Finally, Loop Capital cut their price objective on Apple from $300.00 to $275.00 and set a “buy” rating for the company in a report on Monday, November 4th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $236.78.

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.