Folger Nolan Fleming Douglas Capital Management Inc. Lowers Position in Apple Inc. (NASDAQ:AAPL)

Folger Nolan Fleming Douglas Capital Management Inc. reduced its stake in Apple Inc. (NASDAQ:AAPL) by 0.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 174,922 shares of the iPhone maker’s stock after selling 535 shares during the period. Apple makes up about 3.8% of Folger Nolan Fleming Douglas Capital Management Inc.’s holdings, making the stock its 6th largest holding. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Apple were worth $36,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in AAPL. Christopher J. Hasenberg Inc bought a new position in Apple in the 1st quarter valued at $35,000. A.P. Gilfoyle & Co. L.P. bought a new stake in Apple during the fourth quarter valued at $39,000. Gilfoyle & Co LLC grew its position in Apple by 168.0% during the fourth quarter. Gilfoyle & Co LLC now owns 268 shares of the iPhone maker’s stock worth $52,000 after buying an additional 168 shares in the last quarter. University of Texas Texas AM Investment Managment Co. increased its stake in Apple by 657.1% in the 4th quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after acquiring an additional 368 shares during the last quarter. Finally, Clarity Asset Management Inc. purchased a new stake in shares of Apple in the 4th quarter valued at about $85,000. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the sale, the director now owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Apple news, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the transaction, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chris Kondo sold 5,178 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $216.50, for a total value of $1,121,037.00. Following the completion of the sale, the insider now directly owns 24,125 shares in the company, valued at $5,223,062.50. The disclosure for this sale can be found here. Insiders sold a total of 188,884 shares of company stock worth $38,092,387 in the last three months. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

Shares of AAPL opened at $228.03 on Wednesday. The company has a 50-day simple moving average of $220.53 and a two-hundred day simple moving average of $194.75. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The firm has a market capitalization of $3.50 trillion, a PE ratio of 35.46, a price-to-earnings-growth ratio of 2.60 and a beta of 1.24. Apple Inc. has a one year low of $164.07 and a one year high of $237.23.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. The company had revenue of $85.78 billion during the quarter, compared to analysts’ expectations of $84.43 billion. Apple had a return on equity of 145.35% and a net margin of 26.44%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.26 EPS. On average, analysts anticipate that Apple Inc. will post 6.61 EPS for the current fiscal year.

Apple declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 2nd that permits the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s dividend payout ratio is presently 15.55%.

Analysts Set New Price Targets

Several research analysts have recently commented on AAPL shares. Wedbush boosted their price objective on Apple from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Citigroup reissued a “buy” rating and issued a $255.00 price target on shares of Apple in a report on Tuesday. Canaccord Genuity Group lifted their price objective on shares of Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Saturday, May 4th. Robert W. Baird raised their price target on Apple from $200.00 to $240.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, Piper Sandler Companies reaffirmed a “neutral” rating and set a $225.00 price target (up previously from $190.00) on shares of Apple in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $234.51.

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.