Reliant Investment Management LLC Has $7.64 Million Stake in Apple Inc. (NASDAQ:AAPL)

Reliant Investment Management LLC decreased its stake in shares of Apple Inc. (NASDAQ:AAPLFree Report) by 0.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,533 shares of the iPhone maker’s stock after selling 117 shares during the period. Apple comprises 3.6% of Reliant Investment Management LLC’s portfolio, making the stock its 5th largest holding. Reliant Investment Management LLC’s holdings in Apple were worth $7,636,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wyrmwood Management LLC lifted its holdings in shares of Apple by 69.0% during the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after buying an additional 69 shares during the period. A.P. Gilfoyle & Co. L.P. purchased a new stake in Apple during the fourth quarter valued at $39,000. Gilfoyle & Co LLC lifted its holdings in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after acquiring an additional 118 shares during the period. University of Texas Texas AM Investment Managment Co. boosted its position in Apple by 657.1% in the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after purchasing an additional 368 shares during the last quarter. Finally, Clarity Asset Management Inc. bought a new stake in shares of Apple during the 4th quarter valued at about $85,000. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AAPL. Rosenblatt Securities upgraded shares of Apple from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $196.00 to $260.00 in a research note on Wednesday, June 26th. Sanford C. Bernstein increased their price target on shares of Apple from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Barclays reissued an “underweight” rating and set a $164.00 price objective on shares of Apple in a research report on Tuesday, June 11th. Canaccord Genuity Group raised their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Saturday, May 4th. Finally, Morgan Stanley reissued an “overweight” rating and set a $216.00 price target on shares of Apple in a report on Tuesday, June 11th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $215.71.

Check Out Our Latest Analysis on AAPL

Insider Activity

In related news, COO Jeffrey E. Williams sold 59,162 shares of Apple stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the completion of the sale, the chief operating officer now owns 489,944 shares in the company, valued at approximately $84,378,155.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Apple news, COO Jeffrey E. Williams sold 59,162 shares of Apple stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares of the company’s stock, valued at approximately $84,378,155.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Luca Maestri sold 53,194 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $174.12, for a total value 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. Over the last ninety days, insiders sold 192,355 shares of company stock valued at $34,771,329. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

AAPL stock opened at $226.34 on Monday. The stock has a market cap of $3.47 trillion, a PE ratio of 35.20, a P/E/G ratio of 2.75 and a beta of 1.24. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $226.45. The company has a 50-day moving average price of $197.44 and a 200 day moving average price of $186.18. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPLGet Free Report) last announced its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The business had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. During the same quarter in the previous year, the business earned $1.52 earnings per share. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that Apple Inc. will post 6.59 earnings per share for the current year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were paid a dividend of $0.25 per share. This is a positive change from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is currently 15.55%.

Apple declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 2nd that allows the company to buyback $110.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

About Apple

(Free Report)

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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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