Financial Council LLC Has $10.76 Million Stake in Apple Inc. (NASDAQ:AAPL)

Financial Council LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,436 shares of the iPhone maker’s stock after selling 1,841 shares during the quarter. Apple makes up 5.8% of Financial Council LLC’s portfolio, making the stock its 5th largest holding. Financial Council LLC’s holdings in Apple were worth $10,759,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Burkett Financial Services LLC boosted its holdings in shares of Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock valued at $3,199,000 after acquiring an additional 93 shares in the last quarter. OneAscent Wealth Management LLC boosted its stake in Apple by 4.6% during the 4th 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 in the last quarter. TruWealth Advisors LLC boosted its stake in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker’s stock valued at $42,045,000 after purchasing an additional 5,120 shares in the last quarter. Allstate Corp boosted its stake in Apple by 3,368.2% during the 4th 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 in the last quarter. Finally, Vinva Investment Management Ltd boosted its stake in 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 buying an additional 83,997 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevan Parekh sold 4,570 shares of the business’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 sale, the chief financial officer directly owned 4,569 shares of the company’s stock, valued at $941,214. This represents a 50.01% decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

Apple Price Performance

AAPL opened at $211.16 on Friday. The stock has a market cap of $3.15 trillion, a price-to-earnings ratio of 32.89, a PEG ratio of 2.38 and a beta of 1.20. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a fifty day moving average price of $203.39 and a 200 day moving average price of $217.41.

Apple (NASDAQ:AAPL) last announced its quarterly 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 during 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 firm’s revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.53 EPS. Analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple announced that its Board of Directors has authorized a share repurchase program 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Apple’s payout ratio is 16.20%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Apple from $245.00 to $230.00 and set an “overweight” rating for the company in a research report on Thursday, June 26th. Evercore ISI raised their price objective on shares of Apple to $250.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Barclays set a $173.00 target price on shares of Apple and gave the stock an “underweight” rating in a report on Tuesday, June 24th. Raymond James Financial reduced their target price on shares of Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, Citigroup reissued a “buy” rating on shares of Apple in a research note on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $235.27.

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.