Fortune Financial Advisors LLC Has $4.75 Million Stake in Apple Inc. (NASDAQ:AAPL)

Fortune Financial Advisors LLC lowered its stake in Apple Inc. (NASDAQ:AAPL) by 1.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 24,693 shares of the iPhone maker’s stock after selling 327 shares during the quarter. Apple makes up 3.4% of Fortune Financial Advisors LLC’s portfolio, making the stock its 4th biggest holding. Fortune Financial Advisors LLC’s holdings in Apple were worth $4,754,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Headinvest LLC boosted its stake in Apple by 1.7% during the third quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock worth $9,236,000 after acquiring an additional 872 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Apple by 16.1% in the fourth quarter. Sound Income Strategies LLC now owns 75,110 shares of the iPhone maker’s stock worth $14,461,000 after buying an additional 10,425 shares during the last quarter. DNB Asset Management AS lifted its stake in shares of Apple by 6.9% in the fourth quarter. DNB Asset Management AS now owns 4,307,068 shares of the iPhone maker’s stock worth $829,240,000 after buying an additional 279,311 shares in the last quarter. Boltwood Capital Management grew its holdings in shares of Apple by 2.8% during the fourth quarter. Boltwood Capital Management now owns 37,178 shares of the iPhone maker’s stock valued at $7,158,000 after buying an additional 1,021 shares during the last quarter. Finally, Private Wealth Partners LLC increased its position in shares of Apple by 3.8% during the third quarter. Private Wealth Partners LLC now owns 673,349 shares of the iPhone maker’s stock valued at $115,284,000 after acquiring an additional 24,634 shares in the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the sale, the chief executive officer now directly owns 3,377,407 shares in the company, valued at $574,260,512.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Arthur D. Levinson sold 100,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the completion of the transaction, the director now directly owns 4,434,576 shares in the company, valued at approximately $802,392,181.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 99,183 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the transaction, the chief executive officer now directly owns 3,377,407 shares of the company’s stock, valued at $574,260,512.21. The disclosure for this sale can be found here. Insiders sold a total of 366,271 shares of company stock worth $63,653,887 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Up 6.0 %

NASDAQ AAPL opened at $183.38 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 1.28. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $199.62. The stock’s 50 day moving average is $172.15 and its 200 day moving average is $181.57. The stock has a market cap of $2.83 trillion, a PE ratio of 28.56, a P/E/G ratio of 2.05 and a beta of 1.26.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping the consensus estimate of $1.51 by $0.02. The firm had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. Apple had a net margin of 26.16% and a return on equity of 156.04%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.52 earnings per share. Research analysts predict that Apple Inc. will post 6.53 EPS for the current fiscal year.

Apple declared that its Board of Directors has approved a share repurchase program on Thursday, May 2nd that allows the company to repurchase $110.00 billion in shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio is 14.95%.

Analyst Ratings Changes

AAPL has been the topic of several recent analyst reports. Morgan Stanley increased their target price on Apple from $210.00 to $216.00 and gave the company an “overweight” rating in a research note on Friday. Canaccord Genuity Group lifted their price objective on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Friday. Redburn Atlantic cut shares of Apple from a “buy” rating to a “neutral” rating and set a $200.00 target price on the stock. in a research note on Wednesday, January 10th. Robert W. Baird raised their price target on shares of Apple from $186.00 to $200.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $196.00 price objective (up from $189.00) on shares of Apple in a report on Friday. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $203.72.

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.