Abound Wealth Management Decreases Position in Apple Inc. (NASDAQ:AAPL)

Abound Wealth Management lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,906 shares of the iPhone maker’s stock after selling 55 shares during the quarter. Apple accounts for about 2.6% of Abound Wealth Management’s portfolio, making the stock its 11th largest position. Abound Wealth Management’s holdings in Apple were worth $7,141,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Swedbank AB acquired a new stake in Apple in the first quarter valued at approximately $3,026,492,000. Strategic Financial Concepts LLC increased its position in shares of Apple by 14,145.8% in the 2nd quarter. Strategic Financial Concepts LLC now owns 7,612,261 shares of the iPhone maker’s stock valued at $1,603,000 after purchasing an additional 7,558,826 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Apple by 158.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 11,532,438 shares of the iPhone maker’s stock valued at $1,977,582,000 after purchasing an additional 7,067,379 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Apple by 161.2% during the 1st quarter. Lazard Asset Management LLC now owns 8,759,445 shares of the iPhone maker’s stock worth $1,502,068,000 after purchasing an additional 5,405,542 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new position in shares of Apple during the second quarter worth $834,368,000. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Apple Trading Down 1.3 %

Shares of AAPL opened at $222.91 on Friday. The stock’s fifty day simple moving average is $227.18 and its 200 day simple moving average is $212.33. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.49. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $3.39 trillion, a P/E ratio of 33.93, a price-to-earnings-growth ratio of 2.45 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.15. The company had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. On average, equities research analysts forecast that Apple Inc. will post 6.6 earnings per share for the current year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 11th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Friday, November 8th. Apple’s payout ratio is 15.22%.

Insider Buying and Selling

In other news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the sale, the chief executive officer now directly owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the sale, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the transaction, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at approximately $736,269,202.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 517,924 shares of company stock valued at $114,786,399 in the last quarter. Company insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of recent analyst reports. Bank of America reaffirmed a “buy” rating and set a $256.00 price target on shares of Apple in a report on Thursday, October 3rd. Rosenblatt Securities boosted their target price on Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research note on Friday. TD Cowen increased their price target on shares of Apple from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. restated an “overweight” rating and set a $265.00 price objective on shares of Apple in a research report on Tuesday, September 10th. Finally, Piper Sandler Companies reaffirmed a “neutral” rating and issued a $225.00 target price (up from $190.00) on shares of Apple in a research report on Tuesday, July 9th. Two equities research 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 issued a strong buy rating to the stock. According to data from MarketBeat, Apple has an average rating of “Moderate Buy” and an average target price of $236.23.

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.