Apple Inc. (NASDAQ:AAPL) is Financial Management Network Inc.’s 7th Largest Position

Financial Management Network Inc. increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.2% during the third quarter, Holdings Channel reports. The institutional investor owned 64,470 shares of the iPhone maker’s stock after buying an additional 1,978 shares during the quarter. Apple comprises about 3.1% of Financial Management Network Inc.’s portfolio, making the stock its 7th largest holding. Financial Management Network Inc.’s holdings in Apple were worth $14,622,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AAPL. Carolina Wealth Advisors LLC grew its position in shares of Apple by 1.3% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 3,489 shares of the iPhone maker’s stock valued at $813,000 after purchasing an additional 46 shares during the period. Verus Financial Partners Inc. lifted its stake in Apple by 0.3% in the second quarter. Verus Financial Partners Inc. now owns 16,929 shares of the iPhone maker’s stock valued at $3,566,000 after buying an additional 48 shares in the last quarter. Brown Financial Advisory boosted its holdings in shares of Apple by 3.8% in the second quarter. Brown Financial Advisory now owns 1,364 shares of the iPhone maker’s stock valued at $287,000 after buying an additional 50 shares during the period. Core Wealth Management Inc. increased its position in shares of Apple by 1.7% during the second quarter. Core Wealth Management Inc. now owns 2,968 shares of the iPhone maker’s stock worth $625,000 after acquiring an additional 50 shares in the last quarter. Finally, Lowery Thomas LLC raised its holdings in shares of Apple by 0.7% during the second quarter. Lowery Thomas LLC now owns 7,607 shares of the iPhone maker’s stock worth $1,602,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insider Activity at Apple

In related news, COO Jeffrey E. Williams sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total value of $24,997,000.00. Following the completion of the sale, the chief operating officer now directly owns 389,944 shares in the company, valued at approximately $97,474,301.68. The trade was a 20.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Katherine L. Adams sold 61,019 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total value of $13,802,497.80. Following the transaction, the senior vice president now owns 187,043 shares in the company, valued at approximately $42,309,126.60. This trade represents a 24.60 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 508,170 shares of company stock worth $117,004,745. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Up 1.1 %

Apple stock opened at $258.20 on Wednesday. The company’s 50-day moving average price is $235.45 and its two-hundred day moving average price is $226.34. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The stock has a market cap of $3.90 trillion, a P/E ratio of 42.47, a P/E/G ratio of 2.41 and a beta of 1.23. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $258.21.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The company had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. Apple had a return on equity of 152.94% and a net margin of 23.97%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.46 earnings per share. As a group, analysts expect that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.39%. Apple’s payout ratio is presently 16.45%.

Analysts Set New Price Targets

AAPL has been the subject of a number of research reports. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $265.00 target price on shares of Apple in a report on Tuesday, September 10th. KeyCorp downgraded Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price objective for the company. in a report on Friday, October 25th. Jefferies Financial Group cut Apple from a “buy” rating to a “hold” rating and boosted their target price for the company from $205.00 to $212.92 in a research note on Monday, October 7th. Citigroup raised their price target on shares of Apple to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Rosenblatt Securities boosted their price objective on shares of Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $236.78.

About Apple

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.