CIBC Private Wealth Group LLC Decreases Stock Holdings in Apple Inc. (NASDAQ:AAPL)

CIBC Private Wealth Group LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL) by 3.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,038,856 shares of the iPhone maker’s stock after selling 346,510 shares during the period. Apple accounts for approximately 4.9% of CIBC Private Wealth Group LLC’s portfolio, making the stock its 2nd largest holding. CIBC Private Wealth Group LLC owned approximately 0.07% of Apple worth $2,679,130,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in AAPL. O Connor Financial Group LLC grew its holdings in shares of Apple by 1.2% during the fourth quarter. O Connor Financial Group LLC now owns 3,578 shares of the iPhone maker’s stock valued at $896,000 after buying an additional 41 shares during the last quarter. Menard Financial Group LLC raised its holdings in Apple by 0.4% in the 3rd quarter. Menard Financial Group LLC now owns 12,221 shares of the iPhone maker’s stock worth $2,848,000 after acquiring an additional 48 shares during the last quarter. Hanseatic Management Services Inc. lifted its position in Apple by 1.3% in the 4th quarter. Hanseatic Management Services Inc. now owns 3,775 shares of the iPhone maker’s stock valued at $945,000 after acquiring an additional 48 shares in the last quarter. Family Capital Management Inc. boosted its stake in Apple by 0.3% during the 4th quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker’s stock valued at $4,235,000 after purchasing an additional 48 shares during the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA boosted its stake in Apple by 0.3% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker’s stock valued at $4,178,000 after purchasing an additional 48 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Stock Up 1.6%

NASDAQ AAPL opened at $203.92 on Monday. The stock has a 50 day moving average price of $201.17 and a 200-day moving average price of $224.12. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92. The company has a market capitalization of $3.05 trillion, a P/E ratio of 32.37, a P/E/G ratio of 2.44 and a beta of 1.22.

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

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

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. This is a boost from Apple’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple’s dividend payout ratio is currently 16.20%.

Insider Activity at Apple

In other news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider now owns 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 108,136 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the transaction, the chief executive officer now directly owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. This represents a 3.19% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,507 shares of company stock valued at $42,694,080. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Needham & Company LLC restated a “hold” rating and issued a $225.00 price target on shares of Apple in a research note on Wednesday, June 4th. KeyCorp raised Apple from an “underweight” rating to a “sector weight” rating in a research report on Monday, April 14th. JPMorgan Chase & Co. lowered their target price on shares of Apple from $270.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. TD Cowen reduced their price target on shares of Apple from $290.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Finally, Evercore ISI increased their price objective on shares of Apple to $250.00 and gave the company a “buy” rating in a research report on Friday. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $235.02.

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.