Rainey & Randall Wealth Advisors Inc. Cuts Holdings in Apple Inc. (NASDAQ:AAPL)

Rainey & Randall Wealth Advisors Inc. lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 1.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,427 shares of the iPhone maker’s stock after selling 189 shares during the period. Apple accounts for about 0.8% of Rainey & Randall Wealth Advisors Inc.’s investment portfolio, making the stock its 19th biggest holding. Rainey & Randall Wealth Advisors Inc.’s holdings in Apple were worth $3,863,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. AMF Tjanstepension AB boosted its stake in Apple by 21.1% in the third quarter. AMF Tjanstepension AB now owns 3,380,064 shares of the iPhone maker’s stock valued at $787,631,000 after acquiring an additional 588,427 shares in the last quarter. Latitude Advisors LLC increased its holdings in shares of Apple by 0.3% during the third quarter. Latitude Advisors LLC now owns 17,236 shares of the iPhone maker’s stock valued at $4,016,000 after acquiring an additional 50 shares in the last quarter. Cornerstone Wealth Group LLC raised its position in shares of Apple by 0.5% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 232,665 shares of the iPhone maker’s stock valued at $54,211,000 after purchasing an additional 1,044 shares during the last quarter. Solidarity Wealth LLC boosted its stake in Apple by 6.1% in the 3rd quarter. Solidarity Wealth LLC now owns 164,452 shares of the iPhone maker’s stock worth $38,317,000 after purchasing an additional 9,507 shares in the last quarter. Finally, Boyd Wealth Management LLC grew its position in Apple by 3.0% during the 3rd quarter. Boyd Wealth Management LLC now owns 4,459 shares of the iPhone maker’s stock worth $1,039,000 after purchasing an additional 131 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Stock Up 0.4 %

AAPL stock opened at $213.32 on Friday. The company has a market cap of $3.20 trillion, a price-to-earnings ratio of 33.86, a PEG ratio of 2.44 and a beta of 1.26. The firm has a 50-day moving average of $212.98 and a two-hundred day moving average of $228.83. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.53 earnings per share. As a group, analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple declared that its board has approved a stock buyback program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 12th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. This is a positive change from Apple’s previous quarterly dividend of $0.25. Apple’s dividend payout ratio is currently 15.87%.

Insider Buying and Selling

In other news, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the sale, the chief executive officer now owns 3,280,295 shares of the company’s stock, valued at approximately $733,637,976.75. The trade was a 3.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Katherine L. Adams sold 38,822 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the completion of the transaction, the senior vice president now directly owns 179,158 shares in the company, valued at $40,072,269.86. The trade was a 17.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 187,021 shares of company stock worth $41,760,140. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on AAPL shares. Bank of America lowered their price objective on shares of Apple from $250.00 to $240.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Oppenheimer lowered shares of Apple from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 29th. Redburn Partners set a $230.00 price objective on shares of Apple in a report on Friday, January 31st. Citigroup reduced their target price on shares of Apple from $275.00 to $245.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating and reduced their price target for the company from $202.33 to $167.88 in a research report on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $232.63.

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.