Denver Wealth Management Inc. Reduces Stake in Apple Inc. (NASDAQ:AAPL)

Denver Wealth Management Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,118 shares of the iPhone maker’s stock after selling 887 shares during the quarter. Apple makes up 3.7% of Denver Wealth Management Inc.’s portfolio, making the stock its 5th biggest position. Denver Wealth Management Inc.’s holdings in Apple were worth $7,396,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Yeomans Consulting Group Inc. acquired a new position in shares of Apple during the fourth quarter valued at about $1,713,000. Raleigh Capital Management Inc. raised its stake in Apple by 11.8% in the 4th quarter. Raleigh Capital Management Inc. now owns 15,511 shares of the iPhone maker’s stock worth $2,986,000 after acquiring an additional 1,643 shares during the last quarter. GLOBALT Investments LLC GA acquired a new stake in Apple during the 4th quarter worth about $38,406,000. Barden Capital Management Inc. lifted its holdings in shares of Apple by 132.8% during the fourth quarter. Barden Capital Management Inc. now owns 32,636 shares of the iPhone maker’s stock worth $6,283,000 after purchasing an additional 18,615 shares during the period. Finally, Sunpointe LLC acquired a new stake in shares of Apple in the fourth quarter worth $4,782,000. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Analyst Upgrades and Downgrades

AAPL has been the topic of a number of recent analyst reports. Bank of America reissued a “buy” rating and set a $256.00 price target on shares of Apple in a report on Thursday, September 5th. The Goldman Sachs Group increased their target price on shares of Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Sanford C. Bernstein lifted their price target on Apple from $195.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. Morgan Stanley reissued an “overweight” rating and issued a $273.00 price target on shares of Apple in a report on Tuesday, September 10th. Finally, StockNews.com raised shares of Apple from a “hold” rating to a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $239.17.

Insider Buying and Selling

In related news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the transaction, the insider now owns 15,419 shares in the company, valued at $3,469,275. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Apple news, insider Chris Kondo sold 8,706 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total value of $1,958,850.00. Following the transaction, the insider now directly owns 15,419 shares in the company, valued at $3,469,275. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the sale, 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. Over the last ninety days, insiders have sold 113,884 shares of company stock worth $23,723,887. Company insiders own 0.06% of the company’s stock.

Apple Price Performance

Apple stock opened at $228.20 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $237.23. The firm has a market cap of $3.50 trillion, a PE ratio of 35.49, a price-to-earnings-growth ratio of 2.62 and a beta of 1.24. The company’s 50 day moving average is $222.41 and its two-hundred day moving average is $199.99.

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

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Monday, August 12th. Apple’s dividend payout ratio is presently 15.55%.

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.