Passive Capital Management LLC. Acquires 1,462 Shares of Apple Inc. (NASDAQ:AAPL)

Passive Capital Management LLC. increased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 52.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,244 shares of the iPhone maker’s stock after purchasing an additional 1,462 shares during the quarter. Passive Capital Management LLC.’s holdings in Apple were worth $894,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Granite Investment Partners LLC lifted its holdings 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 valued at $60,958,000 after purchasing an additional 7,606 shares in the last quarter. Truist Financial Corp lifted its stake in Apple by 1.8% in the 2nd quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock valued at $1,473,224,000 after acquiring an additional 126,210 shares in the last quarter. 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 worth $406,099,000 after acquiring an additional 95,235 shares during the last quarter. Bellwether Advisors LLC grew its stake in shares of Apple by 387.3% during the 2nd quarter. Bellwether Advisors LLC now owns 24,349 shares of the iPhone maker’s stock worth $5,128,000 after acquiring an additional 19,352 shares in the last quarter. Finally, Gentry Private Wealth LLC acquired a new stake in shares of Apple in the second quarter valued at approximately $876,000. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Apple Price Performance

Shares of Apple stock opened at $228.02 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $3.45 trillion, a price-to-earnings ratio of 37.50, a price-to-earnings-growth ratio of 2.20 and a beta of 1.24. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.49. The company has a 50-day simple moving average of $227.18 and a two-hundred day simple moving average of $217.00.

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 the consensus estimate of $1.60 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. The business had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. During the same period in the previous year, the company posted $1.46 earnings per share. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts forecast that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio (DPR) is currently 16.45%.

Analysts Set New Price Targets

AAPL has been the topic of several recent research reports. New Street Research reiterated a “neutral” rating and issued a $225.00 price target on shares of Apple in a research note on Wednesday, September 25th. TD Cowen lifted their target price on Apple from $220.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Jefferies Financial Group lowered Apple from a “buy” rating to a “hold” rating and upped their target price for the stock from $205.00 to $212.92 in a report on Monday, October 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price target on shares of Apple in a research report on Friday, November 1st. 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 investment 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $235.51.

Insider Buying and Selling

In related news, SVP Katherine L. Adams sold 61,019 shares of Apple 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 directly owns 187,043 shares of the company’s stock, valued at $42,309,126.60. This trade represents a 24.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Luca Maestri sold 59,305 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $226.52, for a total value of $13,433,768.60. Following the sale, the chief financial officer now owns 107,788 shares of the company’s stock, valued at $24,416,137.76. The trade was a 35.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 404,040 shares of company stock worth $91,062,512. Company insiders own 0.06% of the company’s stock.

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.