Summit Financial Group Inc. Increases Position in Apple Inc. (NASDAQ:AAPL)

Summit Financial Group Inc. increased its stake in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 2.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 28,862 shares of the iPhone maker’s stock after buying an additional 625 shares during the quarter. Apple accounts for about 1.5% of Summit Financial Group Inc.’s investment portfolio, making the stock its 17th biggest holding. Summit Financial Group Inc.’s holdings in Apple were worth $3,946,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AAPL. Donald L. Hagan LLC grew its stake in Apple by 0.3% in the first quarter. Donald L. Hagan LLC now owns 18,220 shares of the iPhone maker’s stock valued at $3,181,000 after acquiring an additional 61 shares during the period. Goodwin Daniel L grew its stake in Apple by 0.5% in the first quarter. Goodwin Daniel L now owns 12,761 shares of the iPhone maker’s stock valued at $2,230,000 after acquiring an additional 62 shares during the period. Opus Capital Group LLC lifted its holdings in shares of Apple by 0.3% in the first quarter. Opus Capital Group LLC now owns 19,081 shares of the iPhone maker’s stock valued at $3,332,000 after purchasing an additional 63 shares in the last quarter. Norwood Financial Corp lifted its holdings in shares of Apple by 0.9% in the first quarter. Norwood Financial Corp now owns 7,025 shares of the iPhone maker’s stock valued at $1,227,000 after purchasing an additional 65 shares in the last quarter. Finally, Investors Research Corp lifted its holdings in shares of Apple by 0.4% in the first quarter. Investors Research Corp now owns 16,117 shares of the iPhone maker’s stock valued at $2,814,000 after purchasing an additional 66 shares in the last quarter. 57.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Luca Maestri sold 96,735 shares of the business’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the transaction, the chief financial officer now directly owns 110,673 shares in the company, valued at $19,362,241.35. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now directly owns 427,334 shares in the company, valued at approximately $70,411,823.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Luca Maestri sold 96,735 shares of the company’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $174.95, for a total value of $16,923,788.25. Following the completion of the transaction, the chief financial officer now owns 110,673 shares of the company’s stock, valued at $19,362,241.35. The disclosure for this sale can be found here. 0.06% of the stock is owned by company insiders.

Apple Price Performance

Apple stock opened at $150.70 on Monday. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94. The business has a 50-day simple moving average of $159.65 and a 200 day simple moving average of $156.02. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. The stock has a market cap of $2.42 trillion, a price-to-earnings ratio of 24.87, a PEG ratio of 1.95 and a beta of 1.23.

Apple (NASDAQ:AAPLGet Rating) last posted its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The business had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. During the same period in the previous year, the business earned $1.30 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. On average, research analysts forecast that Apple Inc. will post 6.11 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.61%. The ex-dividend date was Friday, August 5th. Apple’s payout ratio is 15.18%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Credit Suisse Group set a $201.00 target price on Apple in a report on Thursday, September 8th. Wells Fargo & Company dropped their target price on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. The Goldman Sachs Group restated a “neutral” rating and issued a $139.00 target price on shares of Apple in a report on Thursday, September 8th. set a $175.00 target price on Apple in a report on Friday, July 29th. Finally, Morgan Stanley dropped their price target on Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $181.52.

Apple Profile

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Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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