Harvey Capital Management Inc. Has $24.13 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

Harvey Capital Management Inc. decreased its holdings in Apple Inc. (NASDAQ:AAPL) by 0.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 125,319 shares of the iPhone maker’s stock after selling 879 shares during the period. Apple makes up about 8.0% of Harvey Capital Management Inc.’s holdings, making the stock its biggest holding. Harvey Capital Management Inc.’s holdings in Apple were worth $24,128,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Wyrmwood Management LLC grew its holdings in shares of Apple by 69.0% in the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after purchasing an additional 69 shares during the last quarter. Gilfoyle & Co LLC grew its holdings in Apple by 118.0% in the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after acquiring an additional 118 shares during the last quarter. PayPay Securities Corp increased its position in shares of Apple by 70.2% in the third quarter. PayPay Securities Corp now owns 509 shares of the iPhone maker’s stock valued at $87,000 after acquiring an additional 210 shares during the period. Cordant Inc. boosted its holdings in shares of Apple by 27.7% during the third quarter. Cordant Inc. now owns 645 shares of the iPhone maker’s stock worth $110,000 after purchasing an additional 140 shares during the period. Finally, Friedenthal Financial bought a new stake in shares of Apple in the fourth quarter worth about $111,000. Institutional investors own 60.41% of the company’s stock.

Insider Buying and Selling at Apple

In other news, CEO Timothy D. Cook sold 99,183 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total value of $16,864,085.49. Following the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 3,377,407 shares of the company’s stock, valued at $574,260,512.21. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Luca Maestri sold 53,194 shares of Apple stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the transaction, the chief financial officer now owns 107,788 shares in the company, valued at approximately $18,768,046.56. The disclosure for this sale can be found here. Insiders sold a total of 366,271 shares of company stock worth $63,653,887 in the last three months. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $184.57 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. The firm has a market cap of $2.85 trillion, a price-to-earnings ratio of 28.70, a price-to-earnings-growth ratio of 2.21 and a beta of 1.26. The business has a 50-day simple moving average of $172.20 and a two-hundred day simple moving average of $181.79. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $199.62.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The firm had revenue of $90.75 billion during the quarter, compared to analysts’ expectations of $90.37 billion. During the same period in the previous year, the company earned $1.52 earnings per share. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. On average, analysts expect that Apple Inc. will post 6.54 earnings per share for the current year.

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

Apple Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.54%. This is a boost from Apple’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, May 10th. Apple’s dividend payout ratio (DPR) is presently 15.55%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wedbush reaffirmed an “outperform” rating and set a $250.00 price target on shares of Apple in a research report on Friday, May 3rd. Loop Capital dropped their price target on Apple from $185.00 to $170.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Piper Sandler reduced their price objective on shares of Apple from $205.00 to $190.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Canaccord Genuity Group upped their price objective on shares of Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, Monness Crespi & Hardt lifted their target price on shares of Apple from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.