Opal Wealth Advisors LLC Has $12.86 Million Position in Apple Inc. (NASDAQ:AAPL)

Opal Wealth Advisors LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,869 shares of the iPhone maker’s stock after selling 2,353 shares during the period. Apple comprises 4.0% of Opal Wealth Advisors LLC’s portfolio, making the stock its 5th biggest position. Opal Wealth Advisors LLC’s holdings in Apple were worth $12,855,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Armbruster Capital Management Inc. lifted its holdings in shares of Apple by 1.2% in the 1st quarter. Armbruster Capital Management Inc. now owns 9,107 shares of the iPhone maker’s stock valued at $2,023,000 after buying an additional 110 shares during the period. Viewpoint Investment Partners Corp acquired a new position in Apple in the 1st quarter worth about $1,243,000. Destiny Capital Corp CO acquired a new position in Apple in the 1st quarter worth about $229,000. Matauro LLC increased its stake in Apple by 25.7% during the 1st quarter. Matauro LLC now owns 33,917 shares of the iPhone maker’s stock worth $7,534,000 after buying an additional 6,941 shares in the last quarter. Finally, Goldstone Financial Group LLC increased its stake in Apple by 25.1% during the 1st quarter. Goldstone Financial Group LLC now owns 29,763 shares of the iPhone maker’s stock worth $6,611,000 after buying an additional 5,977 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several analyst reports. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating and increased their price objective for the stock from $170.62 to $188.32 in a research report on Tuesday, July 1st. DA Davidson increased their price objective on Apple from $230.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. Scotiabank cut Apple to a “market perform” rating in a research note on Friday, May 2nd. JPMorgan Chase & Co. increased their target price on Apple from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Apple in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $235.11.

Apple Price Performance

NASDAQ AAPL opened at $210.02 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The stock’s 50-day moving average is $204.32 and its two-hundred day moving average is $216.12. The firm has a market cap of $3.14 trillion, a P/E ratio of 32.71, a price-to-earnings-growth 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.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. Apple’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.53 EPS. On average, analysts anticipate 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. Stockholders of record on Monday, May 12th were issued a $0.26 dividend. 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. The ex-dividend date of this dividend was Monday, May 12th. Apple’s dividend payout ratio is presently 16.20%.

Apple declared that its board has authorized a share 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 repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, insider Chris Kondo sold 4,486 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer owned 4,569 shares in the company, 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 corporate insiders.

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.