Kerntke Otto McGlone Wealth Management Group Sells 930 Shares of Apple Inc. $AAPL

Kerntke Otto McGlone Wealth Management Group trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 20.1% in the second quarter, HoldingsChannel reports. The fund owned 3,689 shares of the iPhone maker’s stock after selling 930 shares during the period. Kerntke Otto McGlone Wealth Management Group’s holdings in Apple were worth $757,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AAPL. Advanced Portfolio Management LLC lifted its position in Apple by 0.3% in the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock worth $3,260,000 after buying an additional 47 shares during the last quarter. Salus Financial Advisors LLC lifted its position in Apple by 3.9% in the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker’s stock worth $291,000 after buying an additional 49 shares during the last quarter. Sharpepoint LLC lifted its position in shares of Apple by 3.5% during the first quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker’s stock worth $322,000 after purchasing an additional 51 shares during the last quarter. Redwood Financial Network Corp lifted its position in shares of Apple by 0.6% during the fourth quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker’s stock worth $2,184,000 after purchasing an additional 53 shares during the last quarter. Finally, Mission Hills Financial Advisory LLC lifted its position in shares of Apple by 1.3% during the first quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker’s stock worth $892,000 after purchasing an additional 53 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on AAPL. Jefferies Financial Group lowered Apple from a “hold” rating to an “underperform” rating and cut their price target for the company from $205.82 to $205.16 in a research note on Friday, October 3rd. The Goldman Sachs Group reiterated a “buy” rating and issued a $266.00 target price on shares of Apple in a research note on Tuesday, August 26th. DA Davidson restated a “neutral” rating and set a $250.00 price target on shares of Apple in a research note on Thursday, September 11th. Citigroup restated a “buy” rating on shares of Apple in a research note on Wednesday, September 10th. Finally, Phillip Securities lowered Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 price target on the stock. in a research note on Thursday, September 11th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $248.29.

Apple Stock Performance

Shares of Apple stock opened at $254.04 on Friday. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The business’s fifty day simple moving average is $236.75 and its 200-day simple moving average is $215.77. The firm has a market cap of $3.77 trillion, a PE ratio of 38.55, a price-to-earnings-growth ratio of 2.51 and a beta of 1.09. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. During the same quarter in the prior year, the company posted $1.40 EPS. The company’s quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were issued a dividend of $0.26 per share. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio is 15.78%.

Insiders Place Their Bets

In other Apple news, CEO Timothy D. Cook sold 129,963 shares of the company’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the sale, the chief executive officer owned 3,280,295 shares in the company, valued at $842,412,558.95. This represents a 3.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Deirdre O’brien sold 43,013 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $35,181,866.93. The trade was a 23.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,922 shares of company stock worth $64,320,190 in the last quarter. 0.06% of the stock is owned by company insiders.

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.