Summit Asset Management LLC Has $10.24 Million Stake in Apple Inc. (NASDAQ:AAPL)

Summit Asset Management LLC decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,952 shares of the iPhone maker’s stock after selling 617 shares during the quarter. Apple comprises approximately 1.9% of Summit Asset Management LLC’s investment portfolio, making the stock its 16th biggest holding. Summit Asset Management LLC’s holdings in Apple were worth $10,241,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

AAPL has been the topic of several recent analyst reports. Rosenblatt Securities lifted their price objective on shares of Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Jefferies Financial Group lowered shares of Apple from a “hold” rating to an “underperform” rating and cut their price target for the company from $211.84 to $200.75 in a research note on Tuesday. UBS Group reaffirmed a “neutral” rating and issued a $236.00 price target on shares of Apple in a research note on Monday, December 2nd. Moffett Nathanson reaffirmed a “sell” rating and issued a $188.00 price target (down previously from $202.00) on shares of Apple in a research note on Tuesday, January 7th. Finally, KeyCorp lowered shares of Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price target on the stock. in a research note 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 given a strong buy rating to the stock. According to data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus target price of $238.02.

Apple Price Performance

NASDAQ:AAPL opened at $222.64 on Wednesday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $260.10. The firm has a market cap of $3.35 trillion, a price-to-earnings ratio of 36.62, a P/E/G ratio of 2.25 and a beta of 1.20. The firm’s 50-day simple moving average is $241.12 and its 200 day simple moving average is $230.85. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, topping 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 business had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. During the same period last year, the firm earned $1.46 earnings per share. Apple’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, sell-side analysts predict that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.45%. Apple’s payout ratio is currently 16.45%.

Insider Activity

In related news, insider Chris Kondo sold 4,130 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 15,419 shares in the company, valued at $3,528,946.53. This trade represents a 21.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jeffrey E. Williams sold 100,000 shares of the firm’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 transaction, the chief operating officer now owns 389,944 shares of the company’s stock, valued at approximately $97,474,301.68. This trade represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.

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.