Valley Wealth Managers Inc. Has $42.67 Million Stake in Apple Inc. (NASDAQ:AAPL)

Valley Wealth Managers Inc. trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 4.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 202,598 shares of the iPhone maker’s stock after selling 10,421 shares during the period. Apple comprises approximately 3.4% of Valley Wealth Managers Inc.’s investment portfolio, making the stock its 2nd largest holding. Valley Wealth Managers Inc.’s holdings in Apple were worth $42,671,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. WPWealth LLP raised its holdings in shares of Apple by 0.5% in the 2nd quarter. WPWealth LLP now owns 24,884 shares of the iPhone maker’s stock worth $5,241,000 after purchasing an additional 112 shares during the period. Sykon Capital LLC grew its holdings in Apple by 41.8% during the second quarter. Sykon Capital LLC now owns 24,621 shares of the iPhone maker’s stock valued at $5,186,000 after purchasing an additional 7,253 shares during the period. Prevail Innovative Wealth Advisors LLC increased its position in Apple by 75.8% in the second quarter. Prevail Innovative Wealth Advisors LLC now owns 12,346 shares of the iPhone maker’s stock worth $2,600,000 after buying an additional 5,324 shares during the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Apple by 26.8% in the second quarter. Meeder Advisory Services Inc. now owns 306,019 shares of the iPhone maker’s stock valued at $64,454,000 after buying an additional 64,609 shares during the period. Finally, Morningstar Investment Management LLC lifted its position in shares of Apple by 26.0% during the 2nd quarter. Morningstar Investment Management LLC now owns 146,315 shares of the iPhone maker’s stock valued at $30,817,000 after buying an additional 30,228 shares during the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Performance

Shares of NASDAQ AAPL opened at $225.91 on Friday. The stock has a market cap of $3.43 trillion, a price-to-earnings ratio of 34.39, a P/E/G ratio of 2.40 and a beta of 1.24. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $237.49. The stock’s 50-day moving average is $227.26 and its 200 day moving average is $211.69. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 147.15% and a net margin of 26.44%. The firm had revenue of $85.78 billion for the quarter, compared to the consensus estimate of $84.43 billion. During the same quarter in the previous year, the business earned $1.26 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts anticipate that Apple Inc. will post 6.65 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 11th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. Apple’s dividend payout ratio (DPR) is presently 15.22%.

Analyst Upgrades and Downgrades

AAPL has been the subject of several recent research reports. Loop Capital lifted their price objective on Apple to $300.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Wedbush reiterated an “outperform” rating and issued a $285.00 target price on shares of Apple in a research note on Monday, September 9th. Citigroup boosted their price target on shares of Apple to $185.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. UBS Group reaffirmed a “hold” rating and issued a $236.00 price objective on shares of Apple in a report on Wednesday, October 16th. Finally, Melius Research reiterated a “buy” rating and issued a $265.00 price objective on shares of Apple in a research note on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.91.

Insiders Place Their Bets

In other news, insider Chris Kondo sold 5,178 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the completion of the sale, the insider now directly owns 24,125 shares in the company, valued at approximately $5,223,062.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Apple news, insider Chris Kondo sold 5,178 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $216.50, for a total value of $1,121,037.00. Following the completion of the sale, the insider now directly owns 24,125 shares in the company, valued at $5,223,062.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Luca Maestri sold 59,305 shares of Apple stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $226.52, for a total value of $13,433,768.60. Following the sale, the chief financial officer now directly owns 107,788 shares in the company, valued at approximately $24,416,137.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 517,924 shares of company stock valued at $114,786,399 in the last quarter. Insiders own 0.06% of the company’s stock.

Apple Company 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.