Apple Inc. (NASDAQ:AAPL) is Drive Wealth Management LLC’s 5th Largest Position

Drive Wealth Management LLC lowered its stake in Apple Inc. (NASDAQ:AAPL) by 1.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 investment portfolio, making the stock its 5th biggest position. Drive Wealth Management LLC’s holdings in Apple were worth $10,317,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AAPL. Norges Bank purchased a new position in Apple in the fourth quarter worth about $33,912,466,000. International Assets Investment Management LLC grew its position in Apple by 14,395.4% in the fourth quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock worth $136,119,470,000 after acquiring an additional 70,212,651 shares in the last quarter. Vanguard Group Inc. lifted its stake in Apple by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock worth $253,766,929,000 after purchasing an additional 18,067,216 shares during the last quarter. Global Assets Advisory LLC lifted its stake in Apple by 23,076.4% in the first quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock worth $1,584,512,000 after purchasing an additional 9,200,345 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in Apple by 130.1% in the fourth quarter. Cerity Partners LLC now owns 9,430,190 shares of the iPhone maker’s stock worth $1,815,594,000 after purchasing an additional 5,331,439 shares during the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Trading Down 0.3 %

Apple stock traded down $0.59 during trading on Friday, hitting $169.30. The company had a trading volume of 44,717,137 shares, compared to its average volume of 53,363,952. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $199.62. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 1.28. The company’s 50 day simple moving average is $173.04 and its 200-day simple moving average is $181.79. The stock 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 issued its quarterly earnings results on Thursday, February 1st. The iPhone maker reported $2.18 EPS for the quarter, beating the consensus estimate of $2.09 by $0.09. Apple had a net margin of 26.16% and a return on equity of 156.04%. The company had revenue of $119.60 billion during the quarter, compared to analysts’ expectations of $117.99 billion. During the same quarter last year, the company posted $1.88 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. As a group, analysts expect that Apple Inc. will post 6.54 EPS for the current fiscal year.

Apple Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Apple in a research note on Tuesday, April 16th. Morgan Stanley cut their target price on Apple from $220.00 to $210.00 and set an “overweight” rating on the stock in a research report on Monday, April 22nd. Redburn Partners lowered shares of Apple to a “neutral” rating and set a $200.00 price target on the stock. in a report on Wednesday, January 10th. Maxim Group assumed coverage on shares of Apple in a report on Wednesday, April 17th. They issued a “hold” rating and a $178.00 price target on the stock. Finally, DA Davidson assumed coverage on shares of Apple in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $166.00 target price on the stock. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $203.05.

Insider Buying and Selling at Apple

In other news, Director Arthur D. Levinson sold 100,000 shares of Apple stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the completion of the sale, the director now directly owns 4,434,576 shares of the company’s stock, valued at approximately $802,392,181.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Arthur D. Levinson sold 100,000 shares of Apple stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the sale, the director now directly owns 4,434,576 shares in the company, valued at approximately $802,392,181.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Deirdre O’brien sold 54,732 shares of Apple stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the sale, the senior vice president now owns 136,572 shares in the company, valued at $23,068,376.52. The disclosure for this sale can be found here. Insiders sold 366,271 shares of company stock valued at $63,653,887 in the last 90 days. 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.