Allen Mooney & Barnes Investment Advisors LLC Reduces Holdings in Apple Inc. (NASDAQ:AAPL)

Allen Mooney & Barnes Investment Advisors LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 17.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,231 shares of the iPhone maker’s stock after selling 29,046 shares during the period. Apple accounts for 4.9% of Allen Mooney & Barnes Investment Advisors LLC’s holdings, making the stock its biggest holding. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Apple were worth $30,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Drystone LLC purchased a new stake in Apple during the fourth quarter valued at approximately $25,000. Conquis Financial LLC purchased a new stake in Apple during the fourth quarter valued at approximately $63,000. LSV Asset Management purchased a new position in shares of Apple in the fourth quarter worth $65,000. Pillar Financial Advisors LLC purchased a new position in shares of Apple in the fourth quarter worth $82,000. Finally, Compass Planning Associates Inc purchased a new position in shares of Apple in the fourth quarter worth $96,000. 67.73% of the stock is currently owned by institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AAPL shares. Citigroup reaffirmed a “buy” rating on shares of Apple in a report on Tuesday, June 10th. Evercore ISI raised their price target on shares of Apple to $250.00 and gave the stock a “buy” rating in a report on Friday, June 6th. UBS Group set a $210.00 price target on shares of Apple and gave the stock a “neutral” rating in a report on Thursday, July 3rd. Monness Crespi & Hardt raised their price target on shares of Apple to $245.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $270.00 price target on shares of Apple in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.27.

Apple Stock Down 1.2%

AAPL stock opened at $208.62 on Tuesday. The firm has a market cap of $3.12 trillion, a PE ratio of 32.50, a P/E/G ratio of 2.36 and a beta of 1.20. 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’s fifty day moving average is $203.58 and its 200 day moving average is $216.50. Apple Inc. has a one year low of $169.21 and a one year high of $260.10.

Apple (NASDAQ:AAPL) last released its quarterly earnings results 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 167.24%. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same quarter last year, the business earned $1.53 earnings per share. The firm’s revenue was up 5.1% on a year-over-year basis. On average, research analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

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

Apple Increases Dividend

The business also recently announced 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 positive change from Apple’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.50%. Apple’s dividend payout ratio (DPR) is 16.20%.

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.