Financial Connections Group Inc. Sells 323 Shares of Apple Inc. (NASDAQ:AAPL)

Financial Connections Group Inc. trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 1.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,032 shares of the iPhone maker’s stock after selling 323 shares during the quarter. Apple comprises 2.9% of Financial Connections Group Inc.’s portfolio, making the stock its 10th biggest holding. Financial Connections Group Inc.’s holdings in Apple were worth $4,434,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Headinvest LLC boosted its stake in Apple by 1.7% during the 3rd quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock valued at $9,236,000 after purchasing an additional 872 shares during the period. Sound Income Strategies LLC lifted its holdings in shares of Apple by 16.1% during 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 boosted its position 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 valued at $829,240,000 after acquiring an additional 279,311 shares during the period. Boltwood Capital Management grew its stake in shares of Apple by 2.8% in the fourth quarter. Boltwood Capital Management now owns 37,178 shares of the iPhone maker’s stock worth $7,158,000 after acquiring an additional 1,021 shares during the last quarter. Finally, Private Wealth Partners LLC increased its position in Apple by 3.8% during the third quarter. Private Wealth Partners LLC now owns 673,349 shares of the iPhone maker’s stock worth $115,284,000 after acquiring an additional 24,634 shares during the period. 60.41% of the stock is owned by institutional investors and hedge funds.

Apple Price Performance

Shares of AAPL stock opened at $183.38 on Monday. The firm’s 50 day moving average price is $172.17 and its two-hundred day moving average price is $181.67. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.07. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $199.62. The stock has a market cap of $2.83 trillion, a PE ratio of 28.52, a PEG ratio of 2.22 and a beta of 1.26.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. The business had revenue of $90.75 billion for the quarter, compared to analyst estimates of $90.37 billion. Apple had a return on equity of 153.25% and a net margin of 26.31%. The firm’s revenue was down 4.3% on a year-over-year basis. During the same period last year, the company earned $1.52 EPS. As a group, analysts forecast that Apple Inc. will post 6.54 EPS for the current year.

Apple declared that its board has authorized a stock buyback plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, May 10th. This is a boost from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.55%. Apple’s dividend payout ratio is 14.93%.

Insider Activity at Apple

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

Analyst Upgrades and Downgrades

AAPL has been the subject of a number of research reports. Loop Capital reduced their price target on shares of Apple from $185.00 to $170.00 and set a “hold” rating for the company in a report on Monday, April 1st. Barclays increased their target price on shares of Apple from $158.00 to $164.00 and gave the company an “underweight” rating in a research note on Friday. Monness Crespi & Hardt boosted their price target on Apple from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Friday. Redburn Partners downgraded Apple to a “neutral” rating and set a $200.00 price objective for the company. in a research report on Wednesday, January 10th. Finally, Redburn Atlantic cut Apple from a “buy” rating to a “neutral” rating and set a $200.00 price objective on the stock. in a research report on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $204.11.

Apple 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.