Summa Corp. Has $3.42 Million Stake in Apple Inc. $AAPL

Summa Corp. raised its stake in shares of Apple Inc. (NASDAQ:AAPL) by 62.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,652 shares of the iPhone maker’s stock after buying an additional 6,372 shares during the quarter. Apple comprises about 1.8% of Summa Corp.’s investment portfolio, making the stock its 8th biggest holding. Summa Corp.’s holdings in Apple were worth $3,416,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of AAPL. First National Bank of Hutchinson raised its stake in shares of Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Eagle Capital Management LLC increased its holdings in Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after buying an additional 272 shares in the last quarter. Brighton Jones LLC increased its holdings in Apple by 14.8% in the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after buying an additional 69,207 shares in the last quarter. Revolve Wealth Partners LLC raised its position in Apple by 4.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock worth $16,742,000 after buying an additional 2,695 shares during the last quarter. Finally, Highview Capital Management LLC DE lifted its stake in Apple by 2.4% during the 4th quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock valued at $12,587,000 after acquiring an additional 1,155 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on AAPL shares. Argus set a $325.00 price target on shares of Apple and gave the stock a “buy” rating in a research note on Friday, October 31st. DZ Bank upgraded shares of Apple from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a report on Tuesday, November 4th. Raymond James Financial reiterated an “outperform” rating and set a $240.00 target price (up from $230.00) on shares of Apple in a research note on Friday, August 1st. Needham & Company LLC reissued a “hold” rating on shares of Apple in a report on Friday, July 25th. Finally, The Goldman Sachs Group lifted their price objective on Apple from $279.00 to $320.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and an average price target of $278.22.

Apple Trading Down 0.5%

NASDAQ:AAPL opened at $268.47 on Friday. Apple Inc. has a one year low of $169.21 and a one year high of $277.32. The business has a fifty day moving average price of $252.25 and a 200-day moving average price of $224.71. The firm has a market capitalization of $3.97 trillion, a price-to-earnings ratio of 40.74, a price-to-earnings-growth ratio of 2.62 and a beta of 1.09. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.11. The company had revenue of $102.47 billion for the quarter, compared to the consensus estimate of $101.65 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.Apple’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.64 earnings per share. Sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 13th. Investors of record on Monday, November 10th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, November 10th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s payout ratio is 13.92%.

Insider Activity

In other Apple news, CEO Timothy D. Cook sold 129,963 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.81, for a total value of $33,375,798.03. Following the completion of the transaction, the chief executive officer directly owned 3,280,295 shares in the company, valued at $842,412,558.95. This represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Deirdre O’brien sold 43,013 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the completion of the sale, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 224,300 shares of company stock valued at $57,586,933. 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.