Apple Inc. (NASDAQ:AAPL) is Financial Management Network Inc.’s 9th Largest Position

Financial Management Network Inc. reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 1.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,366 shares of the iPhone maker’s stock after selling 1,050 shares during the period. Apple accounts for 2.7% of Financial Management Network Inc.’s investment portfolio, making the stock its 9th biggest holding. Financial Management Network Inc.’s holdings in Apple were worth $10,529,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Conservest Capital Advisors Inc. boosted its stake in Apple by 0.3% in the 3rd quarter. Conservest Capital Advisors Inc. now owns 16,802 shares of the iPhone maker’s stock valued at $2,877,000 after buying an additional 55 shares in the last quarter. Flagstone Financial Management lifted its holdings in shares of Apple by 0.9% during the fourth quarter. Flagstone Financial Management now owns 6,092 shares of the iPhone maker’s stock valued at $1,173,000 after acquiring an additional 56 shares during the period. High Pines Wealth Management LLC lifted its holdings in shares of Apple by 0.7% during the fourth quarter. High Pines Wealth Management LLC now owns 8,506 shares of the iPhone maker’s stock valued at $1,638,000 after acquiring an additional 58 shares during the period. Kraft Davis & Associates LLC boosted its stake in shares of Apple by 0.9% in the 3rd quarter. Kraft Davis & Associates LLC now owns 6,716 shares of the iPhone maker’s stock valued at $1,155,000 after purchasing an additional 59 shares in the last quarter. Finally, Asset Planning Corporation grew its holdings in shares of Apple by 1.0% in the 4th quarter. Asset Planning Corporation now owns 6,135 shares of the iPhone maker’s stock worth $1,181,000 after purchasing an additional 59 shares during the last quarter. 60.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AAPL shares. DZ Bank restated a “hold” rating and issued a $180.00 price objective on shares of Apple in a research report on Thursday, March 28th. Robert W. Baird raised their price target on shares of Apple from $186.00 to $200.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Bank of America raised Apple from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $208.00 to $225.00 in a report on Thursday, January 18th. Maxim Group initiated coverage on Apple in a research note on Wednesday, April 17th. They issued a “hold” rating and a $178.00 target price for the company. Finally, Piper Sandler Companies lowered Apple to a “neutral” rating and cut their price target for the company from $220.00 to $205.00 in a research note on Thursday, January 4th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $202.62.

Apple Stock Performance

Shares of NASDAQ AAPL traded up $4.20 during trading on Monday, reaching $173.50. 66,161,781 shares of the stock traded hands, compared to its average volume of 60,497,953. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $199.62. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.07 and a quick ratio of 1.02. The company has a 50-day moving average of $172.86 and a 200-day moving average of $181.77. The stock has a market capitalization of $2.68 trillion, a P/E ratio of 27.02, a price-to-earnings-growth ratio of 2.04 and a beta of 1.27.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, February 1st. The iPhone maker reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.09. Apple had a return on equity of 156.04% and a net margin of 26.16%. The firm had revenue of $119.60 billion for the quarter, compared to analysts’ expectations of $117.99 billion. During the same quarter in the prior year, the firm earned $1.88 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts forecast that Apple Inc. will post 6.54 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 12th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.55%. Apple’s payout ratio is 14.95%.

Insider Activity at Apple

In related news, Director Arthur D. Levinson sold 100,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the sale, the director now directly owns 4,434,576 shares in the company, valued at approximately $802,392,181.44. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the transaction, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 100,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $180.94, for a total value of $18,094,000.00. Following the completion of the transaction, the director now owns 4,434,576 shares in the company, valued at $802,392,181.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 366,271 shares of company stock worth $63,653,887. 0.06% of the stock is owned by company insiders.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.