Apple Inc. (NASDAQ:AAPL) Stake Reduced by Worth Asset Management LLC

Worth Asset Management LLC reduced its holdings in Apple Inc. (NASDAQ:AAPL) by 5.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,558 shares of the iPhone maker’s stock after selling 1,086 shares during the quarter. Apple comprises 2.1% of Worth Asset Management LLC’s investment portfolio, making the stock its 9th largest position. Worth Asset Management LLC’s holdings in Apple were worth $3,900,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in AAPL. Advanced Portfolio Management LLC increased its position in Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock valued at $3,260,000 after acquiring an additional 47 shares during the last quarter. Hanseatic Management Services Inc. grew its holdings in Apple by 1.3% during the fourth quarter. Hanseatic Management Services Inc. now owns 3,775 shares of the iPhone maker’s stock valued at $945,000 after purchasing an additional 48 shares during the period. Family Capital Management Inc. grew its holdings in Apple by 0.3% during the fourth 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 period. Farmers & Merchants Trust Co of Chambersburg PA grew its holdings in Apple by 0.3% during the fourth 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 period. Finally, Scarborough Advisors LLC grew its holdings in Apple by 0.3% during the fourth quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker’s stock valued at $3,992,000 after purchasing an additional 51 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Up 0.0%

Shares of NASDAQ AAPL opened at $201.08 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $3.00 trillion, a PE ratio of 31.32, a price-to-earnings-growth ratio of 2.25 and a beta of 1.22. The stock’s fifty day simple moving average is $202.61 and its two-hundred day simple moving average is $220.03. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

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, beating the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion for the quarter, compared to analysts’ expectations of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.53 EPS. As a group, analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

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

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction 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. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer now owns 4,569 shares of the company’s stock, valued at approximately $941,214. This represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock worth $42,694,080 in the last 90 days. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on AAPL shares. DA Davidson upped their price objective on Apple from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. China Renaissance began coverage on Apple in a research report on Tuesday, April 22nd. They set a “buy” rating and a $241.00 price objective on the stock. The Goldman Sachs Group restated a “buy” rating on shares of Apple in a research report on Wednesday, May 21st. Barclays set a $173.00 price objective on Apple and gave the company an “underweight” rating in a research report on Tuesday. Finally, UBS Group reiterated a “buy” rating on shares of Apple in a report on Sunday, June 1st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Apple has an average rating of “Moderate Buy” and an average target price of $234.39.

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.