Summit Financial Strategies Inc. Cuts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Summit Financial Strategies Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL) by 0.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,809 shares of the iPhone maker’s stock after selling 442 shares during the quarter. Apple accounts for about 1.9% of Summit Financial Strategies Inc.’s investment portfolio, making the stock its 14th biggest holding. Summit Financial Strategies Inc.’s holdings in Apple were worth $17,482,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of AAPL. Bull Oak Capital LLC grew its position in Apple by 252.3% in the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after purchasing an additional 111 shares during the period. 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 acquiring an additional 144 shares during the period. SPX Gestao de Recursos Ltda purchased a new stake in Apple during the third quarter valued at $71,000. Teachers Insurance & Annuity Association of America bought a new position in Apple in the third quarter valued at about $77,000. Finally, ARK Investment Management LLC purchased a new position in Apple in the third quarter worth about $110,000. Institutional investors own 67.73% of the company’s stock.

Analyst Ratings Changes

AAPL has been the topic of a number of research reports. Moffett Nathanson reissued a “sell” rating and issued a $188.00 price objective (down previously from $202.00) on shares of Apple in a report on Tuesday, January 7th. Rosenblatt Securities reiterated a “buy” rating and set a $262.00 price target on shares of Apple in a research note on Monday, January 27th. UBS Group upped their price objective on Apple to $236.00 and gave the stock a “hold” rating in a research note on Tuesday, February 25th. Loop Capital downgraded Apple from a “buy” rating to a “hold” rating and set a $230.00 target price on the stock. in a research report on Tuesday, January 21st. Finally, Monness Crespi & Hardt upped their price target on Apple to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and an average target price of $243.65.

Apple Price Performance

AAPL stock opened at $214.10 on Friday. The firm has a 50-day moving average of $232.19 and a two-hundred day moving average of $233.33. The firm has a market capitalization of $3.22 trillion, a PE ratio of 33.98, a P/E/G ratio of 2.44 and a beta of 1.18. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. Apple Inc. has a one year low of $164.08 and a one year high of $260.10.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, January 30th. The iPhone maker reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.04. Apple had a net margin of 24.30% and a return on equity of 160.83%. On average, analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 13th. Investors of record on Monday, February 10th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Monday, February 10th. Apple’s dividend payout ratio is currently 15.87%.

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.