Cadence Wealth Management LLC Sells 450 Shares of Apple Inc. (NASDAQ:AAPL)

Cadence Wealth Management LLC trimmed its stake in shares of Apple Inc. (NASDAQ:AAPL) by 15.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,428 shares of the iPhone maker’s stock after selling 450 shares during the period. Apple makes up about 0.5% of Cadence Wealth Management LLC’s investment portfolio, making the stock its 21st biggest position. Cadence Wealth Management LLC’s holdings in Apple were worth $566,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Bull Oak Capital LLC grew its position in shares of Apple by 252.3% during the 3rd 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 acquired a new position in Apple in the second quarter valued at about $42,000. Christopher J. Hasenberg Inc boosted its holdings in Apple by 88.9% during the third 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 stake in shares of Apple in the 3rd quarter valued at about $110,000. Finally, Cordant Inc. raised its position in shares of Apple by 34.3% in the 3rd 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 period. 67.73% of the stock is owned by institutional investors.

Insider Buying and Selling at Apple

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

Apple Stock Performance

NASDAQ:AAPL opened at $223.83 on Thursday. The stock has a 50 day simple moving average of $241.09 and a 200 day simple moving average of $230.82. The stock has a market cap of $3.37 trillion, a P/E ratio of 36.81, a PEG ratio of 2.25 and a beta of 1.20. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $260.10. 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 (NASDAQ:AAPL) last announced 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 net margin of 23.97% and a return on equity of 152.94%. The company had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. During the same quarter in the previous year, the business posted $1.46 earnings per share. Apple’s quarterly revenue was up 6.1% on a year-over-year basis. Research analysts anticipate that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders 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 yield of 0.45%. Apple’s dividend payout ratio (DPR) is presently 16.45%.

Wall Street Analyst Weigh In

A number of analysts recently commented on AAPL shares. Maxim Group upped their price objective on shares of Apple from $203.00 to $215.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Evercore ISI restated a “buy” rating and set a $250.00 target price on shares of Apple in a report on Thursday, September 26th. Bank of America reissued a “buy” rating and set a $256.00 price objective on shares of Apple in a research report on Friday, January 3rd. Oppenheimer reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Apple in a research report on Tuesday, October 1st. Finally, KeyCorp cut Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 target price for the company. in a report on Friday, October 25th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $237.99.

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.