Planning Capital Management Corp Has $6.29 Million Stake in Apple Inc. (NASDAQ:AAPL)

Planning Capital Management Corp grew its position in Apple Inc. (NASDAQ:AAPL) by 23.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,978 shares of the iPhone maker’s stock after acquiring an additional 5,046 shares during the quarter. Apple accounts for about 4.2% of Planning Capital Management Corp’s holdings, making the stock its 2nd largest position. Planning Capital Management Corp’s holdings in Apple were worth $6,286,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Lantz Financial LLC increased its stake in shares of Apple by 8.6% in the 2nd quarter. Lantz Financial LLC now owns 29,751 shares of the iPhone maker’s stock valued at $6,266,000 after buying an additional 2,361 shares during the period. TFC Financial Management Inc. increased its stake in shares of Apple by 0.7% in the 2nd quarter. TFC Financial Management Inc. now owns 52,910 shares of the iPhone maker’s stock valued at $11,144,000 after buying an additional 377 shares during the period. Busey Bank increased its stake in shares of Apple by 0.8% in the 2nd quarter. Busey Bank now owns 1,025,702 shares of the iPhone maker’s stock valued at $216,033,000 after buying an additional 7,805 shares during the period. Iowa State Bank increased its stake in shares of Apple by 1.8% in the 2nd quarter. Iowa State Bank now owns 83,106 shares of the iPhone maker’s stock valued at $17,504,000 after buying an additional 1,431 shares during the period. Finally, First Bancorp Inc ME increased its stake in shares of Apple by 3.3% in the 2nd quarter. First Bancorp Inc ME now owns 30,201 shares of the iPhone maker’s stock valued at $6,361,000 after buying an additional 956 shares during the period. Institutional investors own 67.73% of the company’s stock.

Wall Street Analyst Weigh In

AAPL has been the subject of several research reports. Wells Fargo & Company lifted their target price on Apple to $275.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Evercore ISI reaffirmed a “buy” rating and set a $250.00 price objective on shares of Apple in a research note on Thursday, September 26th. Wedbush lifted their price objective on Apple from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, December 26th. Piper Sandler reaffirmed a “neutral” rating and set a $225.00 price objective on shares of Apple in a research note on Wednesday, October 9th. Finally, UBS Group reaffirmed a “neutral” rating and set a $236.00 price objective on shares of Apple in a research note on Monday, December 2nd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $238.02.

Insiders Place Their Bets

In related news, COO Jeffrey E. Williams sold 100,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the sale, the chief operating officer now owns 389,944 shares of the company’s stock, valued at $97,474,301.68. This trade represents a 20.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Chris Kondo sold 4,130 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $228.87, for a total value of $945,233.10. Following the sale, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. This trade represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Apple Price Performance

Apple stock opened at $222.64 on Wednesday. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $260.10. The stock’s 50 day moving average is $241.12 and its 200-day moving average is $230.85. 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 capitalization of $3.35 trillion, a price-to-earnings ratio of 36.62, a PEG ratio of 2.25 and a beta of 1.20.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 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 company had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts expect that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

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 of this dividend 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%.

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.