QP Wealth Management LLC Sells 2,932 Shares of Apple Inc. (NASDAQ:AAPL)

QP Wealth Management LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 10.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,693 shares of the iPhone maker’s stock after selling 2,932 shares during the quarter. Apple accounts for 4.6% of QP Wealth Management LLC’s investment portfolio, making the stock its 4th largest position. QP Wealth Management LLC’s holdings in Apple were worth $3,376,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. lifted its holdings in Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares in the last quarter. Shore Point Advisors LLC acquired a new stake in Apple during the 4th quarter worth approximately $41,000. CFS Investment Advisory Services LLC lifted its holdings in Apple by 18,263.5% during the 1st quarter. CFS Investment Advisory Services LLC now owns 7,457,053 shares of the iPhone maker’s stock worth $47,000 after buying an additional 7,416,445 shares in the last quarter. Spence Asset Management acquired a new stake in Apple during the 2nd quarter worth approximately $49,000. Finally, HBC Financial Services PLLC increased its position in shares of Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after purchasing an additional 80 shares during the last quarter. 57.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on AAPL. Loop Capital dropped their price objective on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Monness Crespi & Hardt began coverage on shares of Apple in a research report on Thursday, September 8th. They issued a “buy” rating and a $174.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. Evercore ISI increased their price objective on shares of Apple from $180.00 to $185.00 in a research report on Friday, July 29th. Finally, Citigroup increased their price objective on shares of Apple from $175.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $181.52.

Insider Buying and Selling at Apple

In other Apple news, CFO Luca Maestri sold 96,735 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were 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 approximately $19,362,241.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Luca Maestri sold 96,735 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following 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 currently owned by insiders.

Apple Stock Up 2.5 %

Shares of NASDAQ AAPL opened at $154.48 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94. The firm has a 50-day moving average price of $159.65 and a 200 day moving average price of $155.94. The stock has a market capitalization of $2.48 trillion, a price-to-earnings ratio of 25.49, a price-to-earnings-growth ratio of 1.95 and a beta of 1.23.

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

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, August 5th. Apple’s dividend payout ratio (DPR) is 15.18%.

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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