Avaii Wealth Management LLC Acquires 801 Shares of Apple Inc. (NASDAQ:AAPL)

Avaii Wealth Management LLC increased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 4.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 17,214 shares of the iPhone maker’s stock after purchasing an additional 801 shares during the period. Apple accounts for approximately 2.0% of Avaii Wealth Management LLC’s holdings, making the stock its 16th largest position. Avaii Wealth Management LLC’s holdings in Apple were worth $3,824,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Drystone LLC acquired a new stake in shares of Apple in the 4th quarter worth about $25,000. Life Planning Partners Inc bought a new stake in Apple in the 4th quarter worth about $47,000. Conquis Financial LLC bought a new stake in Apple in the 4th quarter worth about $63,000. LSV Asset Management bought a new stake in Apple in the 4th quarter worth about $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in Apple in the 4th quarter worth about $82,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AAPL has been the subject of several analyst reports. DA Davidson raised their price objective on shares of Apple from $230.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Scotiabank cut shares of Apple to a “market perform” rating in a research report on Friday, May 2nd. Citigroup restated a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. The Goldman Sachs Group reiterated a “buy” rating on shares of Apple in a research report on Wednesday, May 21st. Finally, Loop Capital cut their price target on shares of Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $235.11.

Apple Trading Down 0.1%

Apple stock opened at $210.02 on Friday. The stock has a market cap of $3.14 trillion, a P/E ratio of 32.71, a PEG ratio of 2.35 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 firm’s fifty day moving average price is $204.32 and its 200-day moving average price is $216.12. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (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 company had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same period in the prior year, the firm earned $1.53 earnings per share. Apple’s revenue was up 5.1% on a year-over-year basis. Equities research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were paid a dividend of $0.26 per share. 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 0.50%. Apple’s payout ratio is 16.20%.

Apple declared that its board has initiated a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Kevan Parekh sold 4,570 shares of the business’s 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 directly owned 4,569 shares in the company, valued at $941,214. The trade was a 50.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Chris Kondo sold 4,486 shares of the business’s 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 directly owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

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.