Virginia Wealth Management Group Inc. Cuts Position in Apple Inc. (NASDAQ:AAPL)

Virginia Wealth Management Group Inc. decreased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.4% during the second quarter, HoldingsChannel reports. The firm owned 16,148 shares of the iPhone maker’s stock after selling 72 shares during the quarter. Apple accounts for approximately 2.8% of Virginia Wealth Management Group Inc.’s holdings, making the stock its 8th biggest position. Virginia Wealth Management Group Inc.’s holdings in Apple were worth $3,401,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Foresight Capital Management Advisors Inc. increased its position in shares of Apple by 0.3% in the second quarter. Foresight Capital Management Advisors Inc. now owns 19,005 shares of the iPhone maker’s stock valued at $4,003,000 after buying an additional 55 shares in the last quarter. Hoese & Co LLP increased its position in shares of Apple by 6.7% in the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after buying an additional 57 shares in the last quarter. Stableford Capital II LLC increased its position in shares of Apple by 0.3% in the first quarter. Stableford Capital II LLC now owns 17,156 shares of the iPhone maker’s stock valued at $2,942,000 after buying an additional 59 shares in the last quarter. Whitcomb & Hess Inc. increased its position in shares of Apple by 1.7% in the second quarter. Whitcomb & Hess Inc. now owns 3,540 shares of the iPhone maker’s stock valued at $746,000 after buying an additional 59 shares in the last quarter. Finally, Kwmg LLC increased its position in shares of Apple by 0.6% in the first quarter. Kwmg LLC now owns 10,640 shares of the iPhone maker’s stock valued at $1,825,000 after buying an additional 60 shares in the last quarter. Institutional investors own 60.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on AAPL shares. Barclays dropped their price objective on Apple from $187.00 to $186.00 and set an “underweight” rating for the company in a research report on Friday, August 2nd. Erste Group Bank upgraded Apple from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $265.00 price objective on shares of Apple in a research report on Tuesday. Tigress Financial lifted their price objective on Apple from $245.00 to $295.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 28th. Finally, Piper Sandler reiterated a “neutral” rating and set a $225.00 price objective on shares of Apple in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $238.62.

Apple Price Performance

Shares of NASDAQ AAPL opened at $222.66 on Thursday. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.23. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $3.41 trillion, a price-to-earnings ratio of 34.63, a price-to-earnings-growth ratio of 2.60 and a beta of 1.24. The business has a 50 day simple moving average of $223.19 and a 200-day simple moving average of $198.06.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. Apple had a return on equity of 147.15% and a net margin of 26.44%. The business had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. During the same period in the previous year, the business earned $1.26 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, equities research analysts expect that Apple Inc. will post 6.7 earnings per share for the current year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.45%. Apple’s dividend payout ratio (DPR) is 15.55%.

Insider Buying and Selling

In related news, insider Chris Kondo sold 5,178 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the completion of the transaction, the insider now directly owns 24,125 shares in the company, valued at approximately $5,223,062.50. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the transaction, the senior vice president now directly owns 191,543 shares in the company, valued at approximately $39,542,136.92. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Chris Kondo sold 5,178 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $216.50, for a total value of $1,121,037.00. Following the transaction, the insider now owns 24,125 shares of the company’s stock, valued at $5,223,062.50. The disclosure for this sale can be found here. Insiders sold a total of 113,884 shares of company stock worth $23,723,887 in the last three months. 0.06% of the stock is owned by insiders.

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.