Financial Management Network Inc. Sells 1,395 Shares of Apple Inc. (NASDAQ:AAPL)

Financial Management Network Inc. decreased its stake in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 2.1% during the second quarter, HoldingsChannel reports. The firm owned 65,317 shares of the iPhone maker’s stock after selling 1,395 shares during the quarter. Apple makes up about 4.8% of Financial Management Network Inc.’s investment portfolio, making the stock its 4th largest position. Financial Management Network Inc.’s holdings in Apple were worth $9,074,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of AAPL. Vanguard Group Inc. boosted its holdings in shares of Apple by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock valued at $221,753,959,000 after acquiring an additional 8,734,393 shares during the last quarter. State Street Corp boosted its holdings in shares of Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after acquiring an additional 10,951,705 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Apple by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after buying an additional 4,456,954 shares in the last quarter. Norges Bank purchased a new stake in Apple during the fourth quarter worth $25,228,507,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Apple by 1.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 80,739,774 shares of the iPhone maker’s stock worth $14,097,970,000 after buying an additional 1,155,915 shares in the last quarter. Institutional investors and hedge funds own 57.72% of the company’s stock.

Apple Trading Down 2.0 %

Shares of AAPL stock opened at $153.72 on Thursday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The firm has a market cap of $2.47 trillion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 2.00 and a beta of 1.23. The company has a 50-day moving average of $160.23 and a two-hundred day moving average of $155.88. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last posted 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 business had revenue of $82.96 billion during the quarter, compared to analyst estimates of $82.97 billion. During the same quarter last year, the firm posted $1.30 earnings per share. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, analysts predict that Apple Inc. will post 6.11 EPS for the current year.

Apple Announces Dividend

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

Insider Buying and Selling

In related news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction that occurred on Wednesday, August 3rd. The shares were 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 owns 427,334 shares in the company, valued at $70,411,823.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction that occurred on Wednesday, August 3rd. The shares were 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 owns 427,334 shares in the company, valued at $70,411,823.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Luca Maestri sold 96,735 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 110,673 shares in the company, valued at approximately $19,362,241.35. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Rosenblatt Securities lowered their price target on shares of Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. Citigroup increased their price objective on shares of Apple from $175.00 to $185.00 and gave the company a “buy” rating in a report on Friday, July 29th. Wells Fargo & Company decreased their price objective on shares of Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 price objective on shares of Apple in a report on Wednesday, June 8th. Finally, UBS Group set a $185.00 price objective on shares of Apple in a report on Wednesday, September 14th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have issued 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 price target of $181.68.

Apple Company 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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