Summit Financial Group Inc. Has $3.67 Million Position in Apple Inc. (NASDAQ:AAPL)

Summit Financial Group Inc. reduced its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 5.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,240 shares of the iPhone maker’s stock after selling 1,497 shares during the period. Apple comprises approximately 1.5% of Summit Financial Group Inc.’s investment portfolio, making the stock its 15th largest position. Summit Financial Group Inc.’s holdings in Apple were worth $3,669,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AAPL. Robinson Value Management Ltd. bought a new position in Apple in the 3rd quarter valued at approximately $28,000. Hanseatic Management Services Inc. raised its holdings in Apple by 75.4% in the 3rd quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock valued at $34,000 after buying an additional 107 shares during the last quarter. Bluestem Financial Advisors LLC raised its holdings in Apple by 5,935.2% in the 2nd quarter. Bluestem Financial Advisors LLC now owns 233,803 shares of the iPhone maker’s stock valued at $35,000 after buying an additional 229,929 shares during the last quarter. HBC Financial Services PLLC raised its holdings in Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after buying an additional 80 shares during the last quarter. Finally, Ramsey Quantitative Systems bought a new position in Apple in the 2nd quarter valued at approximately $55,000. 57.60% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

NASDAQ AAPL opened at $155.00 on Friday. The company has a fifty day simple moving average of $146.64 and a 200 day simple moving average of $145.32. Apple Inc. has a 12-month low of $124.17 and a 12-month high of $179.61. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 1.76. The company has a market cap of $2.45 trillion, a P/E ratio of 26.32, a PEG ratio of 2.03 and a beta of 1.30.

Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The iPhone maker reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.05). Apple had a net margin of 24.56% and a return on equity of 163.45%. The business had revenue of $117.15 billion during the quarter, compared to analyst estimates of $121.67 billion. During the same period in the previous year, the business posted $2.10 EPS. The business’s revenue for the quarter was down 5.5% compared to the same quarter last year. Sell-side analysts predict that Apple Inc. will post 6.04 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 16th. Shareholders of record on Monday, February 13th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.59%. This is an increase from Apple’s previous quarterly dividend of $0.17. The ex-dividend date was Friday, February 10th. Apple’s payout ratio is currently 15.62%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AAPL. Raymond James dropped their price objective on shares of Apple from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 3rd. StockNews.com initiated coverage on shares of Apple in a report on Thursday. They issued a “hold” rating for the company. Bank of America raised their price target on shares of Apple from $153.00 to $158.00 in a report on Friday, February 3rd. Wedbush raised their price target on shares of Apple from $180.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, March 8th. Finally, Credit Suisse Group set a $184.00 price target on shares of Apple in a report on Monday, February 6th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $168.24.

About Apple

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.