Apple Inc. (NASDAQ:AAPL) is Tenon Financial LLC’s 9th Largest Position

Tenon Financial LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 10.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,673 shares of the iPhone maker’s stock after selling 1,324 shares during the quarter. Apple comprises approximately 1.6% of Tenon Financial LLC’s investment portfolio, making the stock its 9th biggest position. Tenon Financial LLC’s holdings in Apple were worth $2,593,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Affinity Capital Advisors LLC grew its position in shares of Apple by 4.9% during the first quarter. Affinity Capital Advisors LLC now owns 165,160 shares of the iPhone maker’s stock worth $36,687,000 after buying an additional 7,645 shares in the last quarter. Dohj LLC grew its position in shares of Apple by 10.3% during the first quarter. Dohj LLC now owns 23,616 shares of the iPhone maker’s stock worth $5,246,000 after buying an additional 2,210 shares in the last quarter. McBroom & Associates LLC grew its position in shares of Apple by 1.8% during the first quarter. McBroom & Associates LLC now owns 38,375 shares of the iPhone maker’s stock worth $8,524,000 after buying an additional 695 shares in the last quarter. Family Wealth Partners LLC grew its position in shares of Apple by 25.0% during the first quarter. Family Wealth Partners LLC now owns 1,571 shares of the iPhone maker’s stock worth $349,000 after buying an additional 314 shares in the last quarter. Finally, Scratch Capital LLC grew its position in shares of Apple by 11.8% during the first quarter. Scratch Capital LLC now owns 988 shares of the iPhone maker’s stock worth $219,000 after buying an additional 104 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Up 0.6%

Shares of AAPL opened at $211.18 on Friday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 32.89, a P/E/G ratio of 2.35 and a beta of 1.20. The stock’s 50-day moving average price is $204.57 and its 200 day moving average price is $215.85.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same period in the prior year, the company posted $1.53 EPS. The company’s revenue was up 5.1% compared to the same quarter last year. As a group, research analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple announced that its board has approved a share buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were paid a $0.26 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. Apple’s dividend payout ratio is currently 16.20%.

Insider Activity at Apple

In other news, insider Chris Kondo sold 4,486 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares of the company’s stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the business’s stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on AAPL shares. Evercore ISI boosted their price objective on Apple to $250.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Raymond James Financial cut their target price on Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. China Renaissance began coverage on Apple in a research report on Tuesday, April 22nd. They set a “buy” rating and a $241.00 target price on the stock. TD Cowen cut their target price on Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Finally, Jefferies Financial Group raised Apple from an “underperform” rating to a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.11.

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.