Selective Wealth Management Inc. Lowers Position in Apple Inc. (NASDAQ:AAPL)

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Selective Wealth Management Inc. decreased its holdings in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 18.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 29,245 shares of the iPhone maker’s stock after selling 6,462 shares during the period. Apple accounts for about 1.9% of Selective Wealth Management Inc.’s portfolio, making the stock its 16th largest position. Selective Wealth Management Inc.’s holdings in Apple were worth $5,106,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Edge Wealth Management LLC boosted its position in Apple by 2.2% during the fourth quarter. Edge Wealth Management LLC now owns 226,589 shares of the iPhone maker’s stock valued at $40,235,000 after purchasing an additional 4,924 shares in the last quarter. Strategic Capital Advisers Inc. boosted its holdings in shares of Apple by 8.8% in the 4th quarter. Strategic Capital Advisers Inc. now owns 26,914 shares of the iPhone maker’s stock valued at $4,779,000 after buying an additional 2,185 shares in the last quarter. Guardian Financial Partners LLC purchased a new position in shares of Apple in the 4th quarter worth approximately $2,433,000. Gilbert & Cook Inc. raised its stake in shares of Apple by 200.9% during the 4th quarter. Gilbert & Cook Inc. now owns 41,407 shares of the iPhone maker’s stock worth $7,353,000 after acquiring an additional 27,647 shares in the last quarter. Finally, Western Financial Corporation lifted its position in Apple by 1.6% during the fourth quarter. Western Financial Corporation now owns 12,944 shares of the iPhone maker’s stock valued at $2,298,000 after acquiring an additional 202 shares during the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.

In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Deirdre O’brien sold 8,000 shares of the company’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the sale, the senior vice president now directly owns 136,290 shares of the company’s stock, valued at approximately $22,475,583.90. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Apple stock opened at $148.47 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. The stock has a market capitalization of $2.40 trillion, a PE ratio of 24.10, a price-to-earnings-growth ratio of 1.89 and a beta of 1.19. The business has a 50 day simple moving average of $142.68 and a 200-day simple moving average of $159.17. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, topping the consensus estimate of $1.43 by $0.09. The company had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.40 EPS. On average, equities research analysts anticipate that Apple Inc. will post 6.09 EPS for the current fiscal year.

Apple announced that its Board of Directors has initiated a share repurchase program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.62%. This is a boost from Apple’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, May 6th. Apple’s payout ratio is presently 14.94%.

Several analysts have recently commented on AAPL shares. UBS Group set a $185.00 price objective on Apple in a report on Tuesday, June 21st. Piper Sandler cut their price objective on shares of Apple from $200.00 to $195.00 in a report on Friday, April 29th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Apple from $200.00 to $175.00 in a research note on Tuesday, June 14th. Rosenblatt Securities cut their price target on shares of Apple from $184.00 to $168.00 and set a “neutral” rating on the stock in a research note on Monday, May 2nd. Finally, Citigroup lowered their price objective on shares of Apple from $200.00 to $175.00 and set a “buy” rating for the company in a research note on Wednesday. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Apple currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.49.

About Apple (Get Rating)

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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