Pines Wealth Management LLC Sells 792 Shares of Apple Inc. (NASDAQ:AAPL)

Pines Wealth Management LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,128 shares of the iPhone maker’s stock after selling 792 shares during the quarter. Apple comprises approximately 3.7% of Pines Wealth Management LLC’s investment portfolio, making the stock its 2nd largest holding. Pines Wealth Management LLC’s holdings in Apple were worth $8,692,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Drystone LLC acquired a new stake in shares of Apple during the 4th quarter worth approximately $25,000. Conquis Financial LLC purchased a new position in Apple in the 4th quarter valued at $63,000. LSV Asset Management purchased a new position in Apple in the 4th quarter valued at $65,000. Pillar Financial Advisors LLC purchased a new position in shares of Apple during the 4th quarter worth $82,000. Finally, Compass Planning Associates Inc purchased a new position in shares of Apple during the 4th quarter worth $96,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Up 0.4%

Apple stock opened at $213.36 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The firm has a market capitalization of $3.19 trillion, a price-to-earnings ratio of 33.23, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The stock’s fifty day moving average is $203.35 and its two-hundred day moving average is $218.66.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.53 earnings per share. Analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple announced that its board has initiated a share repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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 given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.49%. Apple’s dividend payout ratio is 16.20%.

Insider Activity

In other news, insider Chris Kondo sold 4,486 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The stock was 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 owned 4,569 shares in the company, valued at approximately $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on AAPL shares. Scotiabank downgraded Apple to a “market perform” rating in a research report on Friday, May 2nd. Monness Crespi & Hardt boosted their price objective on Apple to $245.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Loop Capital lowered their price objective on Apple from $230.00 to $215.00 and set a “hold” rating for the company in a research report on Wednesday, April 30th. Barclays set a $173.00 price target on Apple and gave the company an “underweight” rating in a report on Tuesday, June 24th. Finally, JPMorgan Chase & Co. lowered their price target on Apple from $245.00 to $230.00 and set an “overweight” rating for the company in a report on Thursday, June 26th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.95.

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.