Patriot Wealth Management Lowers stake in Apple (AAPL)

Apple (AAPL) : Patriot Wealth Management reduced its stake in Apple by 17.46% during the most recent quarter end. The investment management company now holds a total of 103,037 shares of Apple which is valued at $10,607,659 after selling 21,803 shares in Apple , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Apple makes up approximately 2.03% of Patriot Wealth Management’s portfolio.

Other Hedge Funds, Including , Daiwa Securities Group reduced its stake in AAPL by selling 177,252 shares or 35.75% in the most recent quarter. The Hedge Fund company now holds 318,541 shares of AAPL which is valued at $32,793,796. Apple makes up approx 0.20% of Daiwa Securities Group’s portfolio.Mcqueen Ball Associates reduced its stake in AAPL by selling 675 shares or 1.7% in the most recent quarter. The Hedge Fund company now holds 38,990 shares of AAPL which is valued at $3,846,753. Apple makes up approx 2.66% of Mcqueen Ball Associates’s portfolio.Cohen Klingenstein reduced its stake in AAPL by selling 40 shares or 0.05% in the most recent quarter. The Hedge Fund company now holds 77,030 shares of AAPL which is valued at $7,689,905. Apple makes up approx 1.36% of Cohen Klingenstein’s portfolio.Penn Davis Mcfarland Inc reduced its stake in AAPL by selling 398 shares or 0.17% in the most recent quarter. The Hedge Fund company now holds 235,691 shares of AAPL which is valued at $23,529,033. Apple makes up approx 6.19% of Penn Davis Mcfarland Inc’s portfolio.

Apple closed down -0.13 points or -0.12% at $104.21 with 2,77,33,688 shares getting traded on Friday. Post opening the session at $104.19, the shares hit an intraday low of $103.68 and an intraday high of $104.55 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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. Apple was Upgraded by Hilliard Lyons to ” Buy” on Jul 28, 2016. Company shares were Reiterated by Macquarie on Jul 27, 2016 to “Outperform”, Firm has raised the Price Target to $ 115 from a previous price target of $112 .Apple was Upgraded by Raymond James to ” Outperform” on Jul 27, 2016.

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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