Apple Inc. (NASDAQ:AAPL) is IVC Wealth Advisors LLC’s 2nd Largest Position

IVC Wealth Advisors LLC lessened its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 59,680 shares of the iPhone maker’s stock after selling 2,029 shares during the quarter. Apple makes up approximately 7.1% of IVC Wealth Advisors LLC’s portfolio, making the stock its 2nd biggest position. IVC Wealth Advisors LLC’s holdings in Apple were worth $13,257,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. OneAscent Wealth Management LLC boosted its stake in shares of Apple by 4.6% during the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock valued at $2,337,000 after purchasing an additional 409 shares during the period. Allstate Corp boosted its stake in shares of Apple by 3,368.2% during the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker’s stock valued at $113,062,000 after purchasing an additional 438,471 shares during the period. Vinva Investment Management Ltd boosted its stake in shares of Apple by 12.4% during the fourth quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker’s stock valued at $192,700,000 after purchasing an additional 83,997 shares during the period. Tradewinds Capital Management LLC raised its holdings in shares of Apple by 9.2% during the fourth quarter. Tradewinds Capital Management LLC now owns 21,198 shares of the iPhone maker’s stock valued at $5,308,000 after acquiring an additional 1,779 shares in the last quarter. Finally, Berkshire Bank raised its holdings in shares of Apple by 2.7% during the fourth quarter. Berkshire Bank now owns 89,580 shares of the iPhone maker’s stock valued at $22,433,000 after acquiring an additional 2,360 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Trading Down 0.3%

Apple stock opened at $201.00 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The stock has a market capitalization of $3.00 trillion, a PE ratio of 31.31, a price-to-earnings-growth ratio of 2.25 and a beta of 1.22. The business’s fifty day moving average is $202.52 and its 200 day moving average is $220.53.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion for the quarter, compared to analysts’ expectations of $94.04 billion. During the same period last year, the firm posted $1.53 earnings per share. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple’s previous quarterly dividend of $0.25. Apple’s dividend payout ratio (DPR) is 16.20%.

Apple announced that its Board of Directors has authorized a share buyback plan on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

AAPL has been the subject of a number of recent analyst reports. UBS Group restated a “buy” rating on shares of Apple in a report on Sunday, June 1st. DA Davidson upped their target price on Apple from $230.00 to $250.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Wedbush restated an “outperform” rating and set a $270.00 target price on shares of Apple in a report on Tuesday, June 10th. Evercore ISI upped their target price on Apple to $250.00 and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Jefferies Financial Group restated an “underperform” rating and set a $170.62 target price (up previously from $167.88) on shares of Apple in a report on Friday, May 2nd. Three 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.39.

Insider Activity at Apple

In other Apple news, COO Jeffrey E. Williams sold 35,493 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the sale, the chief operating officer now owns 390,059 shares of the company’s stock, valued at $87,377,116.59. The trade was a 8.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Katherine L. Adams sold 38,822 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total value of $8,683,316.74. Following the completion of the transaction, the senior vice president now owns 179,158 shares of the company’s stock, valued at approximately $40,072,269.86. This trade represents a 17.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,507 shares of company stock valued at $42,694,080. 0.06% of the stock is owned by company insiders.

About Apple

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.