Pinnacle Wealth Management Advisory Group LLC Has $30.52 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Pinnacle Wealth Management Advisory Group LLC lowered its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 234,913 shares of the iPhone maker’s stock after selling 2,175 shares during the period. Apple accounts for approximately 4.6% of Pinnacle Wealth Management Advisory Group LLC’s holdings, making the stock its biggest holding. Pinnacle Wealth Management Advisory Group LLC’s holdings in Apple were worth $30,522,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Apple by 0.7% during 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 buying an additional 8,734,393 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Apple by 1.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 80,739,774 shares of the iPhone maker’s stock valued at $14,097,970,000 after buying an additional 1,155,915 shares during the last quarter. Swiss National Bank grew its position in shares of Apple by 13.1% during the 1st quarter. Swiss National Bank now owns 71,060,708 shares of the iPhone maker’s stock valued at $12,407,910,000 after buying an additional 8,230,300 shares during the last quarter. Fisher Asset Management LLC grew its position in Apple by 1.2% in the 4th quarter. Fisher Asset Management LLC now owns 59,874,884 shares of the iPhone maker’s stock worth $7,779,544,000 after purchasing an additional 698,686 shares during the last quarter. Finally, Jennison Associates LLC grew its position in Apple by 0.9% in the 1st quarter. Jennison Associates LLC now owns 48,826,270 shares of the iPhone maker’s stock worth $8,525,555,000 after purchasing an additional 424,839 shares during the last quarter. Institutional investors own 57.60% of the company’s stock.

Wall Street Analyst Weigh In

AAPL has been the subject of several recent analyst reports. Cowen decreased their target price on shares of Apple from $200.00 to $195.00 and set an “outperform” rating for the company in a research report on Friday, February 3rd. Evercore ISI reaffirmed an “outperform” rating and issued a $190.00 price target on shares of Apple in a research note on Monday, February 6th. Fundamental Research set a $183.86 price target on shares of Apple and gave the stock a “buy” rating in a research note on Wednesday, May 17th. Atlantic Securities upped their price target on shares of Apple from $180.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, May 5th. Finally, Robert W. Baird upped their price target on shares of Apple from $170.00 to $180.00 in a research note on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $174.74.

Insider Transactions at Apple

In other news, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $173.26, for a total transaction of $708,979.92. Following the completion of the sale, the insider now owns 33,946 shares in the company, valued at approximately $5,881,483.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $173.26, for a total transaction of $708,979.92. Following the transaction, the insider now owns 33,946 shares of the company’s stock, valued at approximately $5,881,483.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey E. Williams sold 187,730 shares of Apple stock in a transaction that occurred on Wednesday, March 22nd. The stock was sold at an average price of $159.76, for a total transaction of $29,991,744.80. Following the transaction, the chief operating officer now directly owns 489,816 shares in the company, valued at approximately $78,253,004.16. The disclosure for this sale can be found here. Insiders sold a total of 439,529 shares of company stock worth $71,703,657 in the last quarter. 0.06% of the stock is owned by company insiders.

Apple Trading Up 0.7 %

AAPL opened at $172.99 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $2.72 trillion, a PE ratio of 29.37, a PEG ratio of 2.29 and a beta of 1.29. Apple Inc. has a 1-year low of $124.17 and a 1-year high of $176.39. The firm has a 50-day moving average price of $166.42 and a two-hundred day moving average price of $151.40.

Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.08. Apple had a net margin of 24.49% and a return on equity of 165.72%. The firm had revenue of $94.84 billion during the quarter, compared to analysts’ expectations of $92.84 billion. During the same quarter last year, the company posted $1.52 EPS. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts anticipate that Apple Inc. will post 5.99 earnings per share for the current fiscal year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were given a dividend of $0.24 per share. This is a boost from Apple’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, May 12th. This represents a $0.96 annualized dividend and a dividend yield of 0.55%. Apple’s payout ratio is currently 16.30%.

Apple announced that its board has initiated a share buyback plan on Thursday, May 4th that allows the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Apple Company Profile

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.