PACK Private Wealth LLC Cuts Stake in Apple Inc. (NASDAQ:AAPL)

PACK Private Wealth LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 3.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,610 shares of the iPhone maker’s stock after selling 90 shares during the quarter. Apple makes up 0.3% of PACK Private Wealth LLC’s investment portfolio, making the stock its 18th biggest position. PACK Private Wealth LLC’s holdings in Apple were worth $608,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Bull Oak Capital LLC grew its position in Apple by 252.3% during the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after acquiring an additional 111 shares during the last quarter. Hershey Financial Advisers LLC purchased a new stake in shares of Apple during the second quarter valued at approximately $42,000. Christopher J. Hasenberg Inc grew its holdings in shares of Apple by 88.9% in the third quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock worth $69,000 after purchasing an additional 144 shares during the last quarter. Cordant Inc. increased its stake in shares of Apple by 34.3% in the third quarter. Cordant Inc. now owns 678 shares of the iPhone maker’s stock worth $158,000 after buying an additional 173 shares during the period. Finally, Sage Financial Group Inc. bought a new stake in Apple during the 2nd quarter valued at $206,000. 67.73% of the stock is currently owned by institutional investors.

Apple Trading Down 2.6 %

Shares of NASDAQ:AAPL opened at $243.85 on Friday. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $260.10. The company has a market cap of $3.69 trillion, a P/E ratio of 40.11, a PEG ratio of 2.41 and a beta of 1.23. The stock’s fifty day moving average price is $238.41 and its 200-day moving average price is $228.58.

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

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio (DPR) is presently 16.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wedbush raised their price target on shares of Apple from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, December 26th. StockNews.com downgraded Apple from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Jefferies Financial Group cut Apple from a “buy” rating to a “hold” rating and increased their price objective for the stock from $205.00 to $212.92 in a report on Monday, October 7th. UBS Group reissued a “neutral” rating and set a $236.00 target price on shares of Apple in a research note on Monday, December 2nd. Finally, Barclays dropped their price target on Apple from $186.00 to $184.00 and set an “underweight” rating for the company in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $237.47.

Insider Buying and Selling at Apple

In other Apple news, COO Jeffrey E. Williams sold 100,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now directly owns 389,944 shares of the company’s stock, valued at approximately $97,474,301.68. This trade represents a 20.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chris Kondo sold 4,130 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at $3,528,946.53. The trade was a 21.13 % decrease in their position. The disclosure for this sale can be found here. Company 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.