Summit Financial Wealth Advisors Lowers stake in Apple (AAPL)

Apple (AAPL) : Summit Financial Wealth Advisors reduced its stake in Apple by 21.64% during the most recent quarter end. The investment management company now holds a total of 15,541 shares of Apple which is valued at $1,756,910 after selling 4,291 shares in Apple , the firm said in a disclosure report filed with the SEC on Oct 5, 2016.Apple makes up approximately 0.77% of Summit Financial Wealth Advisors’s portfolio.

Other Hedge Funds, Including , Independent Portfolio Consultants reduced its stake in AAPL by selling 2,454 shares or 4.92% in the most recent quarter. The Hedge Fund company now holds 47,382 shares of AAPL which is valued at $5,356,535. Apple makes up approx 1.69% of Independent Portfolio Consultants’s portfolio.Ct Mason boosted its stake in AAPL in the latest quarter, The investment management firm added 5,060 additional shares and now holds a total of 52,146 shares of Apple which is valued at $5,895,105. Apple makes up approx 2.61% of Ct Mason’s portfolio.West Oak Capital reduced its stake in AAPL by selling 1,024 shares or 5.69% in the most recent quarter. The Hedge Fund company now holds 16,981 shares of AAPL which is valued at $1,919,702. Apple makes up approx 1.33% of West Oak Capital’s portfolio.Bath Savings Trust Co boosted its stake in AAPL in the latest quarter, The investment management firm added 547 additional shares and now holds a total of 125,702 shares of Apple which is valued at $14,210,611. Apple makes up approx 4.48% of Bath Savings Trust Co’s portfolio.Beacon Financial Group reduced its stake in AAPL by selling 4,986 shares or 13.5% in the most recent quarter. The Hedge Fund company now holds 31,951 shares of AAPL which is valued at $3,612,061. Apple makes up approx 0.76% of Beacon Financial Group’s portfolio.

Apple opened for trading at $113.06 and hit $114.31 on the upside on Tuesday, eventually ending the session at $113, with a gain of 0.43% or 0.48 points. The heightened volatility saw the trading volume jump to 2,97,36,835 shares. Company has a market cap of $608,894 M.

On the company’s financial health, Apple reported $1.90 EPS for the quarter, missing the analyst consensus estimate by $ -0.10 based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus of $2.00. The company had revenue of $50557.00 million for the quarter, compared to analysts expectations of $51984.35 million. The company’s revenue was down -12.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.33 EPS.

Many Wall Street Analysts have commented on Apple. Company shares were Reiterated by Citigroup on Sep 30, 2016 to “Buy”, Firm has raised the Price Target to $ 130 from a previous price target of $120 .Company shares were Reiterated by Nomura on Sep 22, 2016 to “Buy”, Firm has raised the Price Target to $ 135 from a previous price target of $120 .Company shares were Reiterated by RBC Capital Mkts on Sep 22, 2016 to “Outperform”, Firm has raised the Price Target to $ 125 from a previous price target of $120 .

Apple Inc. (Apple) designs manufactures and markets mobile communication and media devices personal computers and portable digital music players and a variety of related software services peripherals networking solutions and third-party digital content and applications. The Company’s products and services include iPhone iPad Mac iPod Apple TV a portfolio of consumer and professional software applications the iOS and OS X operating systems iCloud and a variety of accessory service and support offerings. The Company also delivers digital content and applications through the iTunes Store App StoreSM iBookstoreSM and Mac App Store. The Company distributes its products worldwide through its retail stores online stores and direct sales force as well as through third-party cellular network carriers wholesalers retailers and value-added resellers. In February 2012 the Company acquired app-search engine Chomp.

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