Drive Wealth Management LLC Sells 587 Shares of Apple Inc. (NASDAQ:AAPL)

Drive Wealth Management LLC reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 1.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 60,163 shares of the iPhone maker’s stock after selling 587 shares during the period. Apple makes up approximately 2.9% of Drive Wealth Management LLC’s portfolio, making the stock its 5th largest position. Drive Wealth Management LLC’s holdings in Apple were worth $10,317,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Wyrmwood Management LLC boosted its position in Apple by 69.0% during the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after purchasing an additional 69 shares during the period. A.P. Gilfoyle & Co. L.P. acquired a new position in Apple in the fourth quarter valued at about $39,000. Gilfoyle & Co LLC raised its stake in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 118 shares in the last quarter. University of Texas Texas AM Investment Managment Co. raised its stake in Apple by 657.1% in the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock valued at $82,000 after purchasing an additional 368 shares in the last quarter. Finally, Clarity Asset Management Inc. bought a new position in Apple in the fourth quarter valued at about $85,000. 60.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AAPL shares. Rosenblatt Securities reiterated a “neutral” rating and issued a $189.00 target price on shares of Apple in a research report on Tuesday, March 5th. Redburn Partners cut Apple to a “neutral” rating and set a $200.00 target price on the stock. in a research report on Wednesday, January 10th. Morgan Stanley reduced their price target on Apple from $220.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, April 22nd. Wedbush restated an “outperform” rating and set a $250.00 price target on shares of Apple in a report on Tuesday, April 9th. Finally, Robert W. Baird boosted their price target on Apple from $186.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy 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 $203.05.

Apple Stock Down 0.3 %

Shares of NASDAQ:AAPL traded down $0.59 during trading on Friday, reaching $169.30. 44,717,137 shares of the stock were exchanged, compared to its average volume of 53,363,952. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.07 and a quick ratio of 1.02. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $199.62. The stock has a fifty day moving average of $173.04 and a two-hundred day moving average of $181.79. The firm has a market cap of $2.61 trillion, a price-to-earnings ratio of 26.37, a price-to-earnings-growth ratio of 2.05 and a beta of 1.27.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, February 1st. The iPhone maker reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.09. The business had revenue of $119.60 billion during the quarter, compared to analyst estimates of $117.99 billion. Apple had a return on equity of 156.04% and a net margin of 26.16%. Apple’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.88 EPS. Research analysts anticipate that Apple Inc. will post 6.54 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 12th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend was Friday, February 9th. Apple’s payout ratio is currently 14.95%.

Insider Activity at Apple

In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the completion of the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Arthur D. Levinson sold 100,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the completion of the transaction, the director now owns 4,434,576 shares in the company, valued at approximately $802,392,181.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 99,183 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the transaction, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. In the last three months, insiders sold 366,271 shares of company stock valued at $63,653,887. 0.06% of the stock is owned by 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.