Apple Inc. (NASDAQ:AAPL) Shares Sold by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 188,711 shares of the iPhone maker’s stock after selling 586 shares during the quarter. Apple comprises about 4.9% of Azzad Asset Management Inc. ADV’s holdings, making the stock its largest position. Azzad Asset Management Inc. ADV’s holdings in Apple were worth $41,918,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Goldstone Financial Group LLC raised its position in shares of Apple by 25.1% during the 1st quarter. Goldstone Financial Group LLC now owns 29,763 shares of the iPhone maker’s stock valued at $6,611,000 after acquiring an additional 5,977 shares in the last quarter. Steele Capital Management Inc. increased its holdings in shares of Apple by 0.7% during the first quarter. Steele Capital Management Inc. now owns 132,832 shares of the iPhone maker’s stock valued at $29,506,000 after purchasing an additional 954 shares during the period. Kelly Financial Group LLC raised its position in Apple by 278.2% in the first quarter. Kelly Financial Group LLC now owns 32,281 shares of the iPhone maker’s stock worth $7,171,000 after acquiring an additional 23,745 shares in the last quarter. RTD Financial Advisors Inc. grew its position in Apple by 6.5% in the first quarter. RTD Financial Advisors Inc. now owns 9,609 shares of the iPhone maker’s stock worth $2,135,000 after buying an additional 583 shares during the last quarter. Finally, CVA Family Office LLC raised its position in shares of Apple by 1.8% during the first quarter. CVA Family Office LLC now owns 55,045 shares of the iPhone maker’s stock worth $12,227,000 after purchasing an additional 971 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Down 0.1%

Shares of NASDAQ AAPL opened at $210.02 on Friday. The firm’s 50-day moving average price is $204.32 and its 200-day moving average price is $216.12. 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 $3.14 trillion, a price-to-earnings ratio of 32.71, a P/E/G ratio of 2.35 and a beta of 1.20. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. During the same period in the prior year, the firm earned $1.53 EPS. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its board has approved a stock repurchase program on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.50%. This is a boost from Apple’s previous quarterly dividend of $0.25. Apple’s dividend payout ratio (DPR) is currently 16.20%.

Insiders Place Their Bets

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer directly owned 4,569 shares of the company’s stock, valued at $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $933,940.34. Following the completion of the transaction, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AAPL. Evercore ISI increased their price target on Apple to $250.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Apple in a research note on Tuesday, June 10th. Bank of America reaffirmed a “buy” rating and set a $235.00 price target on shares of Apple in a research note on Tuesday, June 10th. Loop Capital cut their price objective on Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research note on Wednesday, April 30th. Finally, Jefferies Financial Group raised Apple from an “underperform” rating to a “hold” rating and lifted their price target for the stock from $170.62 to $188.32 in a research report on Tuesday, July 1st. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.11.

Apple Company 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.