Tcfg Wealth Management LLC Sells 1,034 Shares of Apple Inc. (NASDAQ:AAPL)

Tcfg Wealth Management LLC decreased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 1.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 63,665 shares of the iPhone maker’s stock after selling 1,034 shares during the period. Apple accounts for about 7.1% of Tcfg Wealth Management LLC’s holdings, making the stock its largest position. Tcfg Wealth Management LLC’s holdings in Apple were worth $14,142,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Drystone LLC acquired a new stake in Apple in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc acquired a new stake in Apple in the 4th quarter valued at approximately $47,000. Conquis Financial LLC acquired a new stake in Apple in the 4th quarter valued at approximately $63,000. LSV Asset Management acquired a new stake in Apple in the 4th quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in shares of Apple in the 4th quarter worth approximately $82,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Trading Up 0.6%

AAPL stock opened at $211.18 on Friday. The company has a market cap of $3.15 trillion, a P/E ratio of 32.89, a PEG ratio of 2.35 and a beta of 1.20. Apple Inc. has a twelve month low of $169.21 and a twelve 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 business has a fifty day moving average of $204.57 and a 200-day moving average of $215.85.

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

Apple Increases Dividend

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

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

Analyst Ratings Changes

A number of analysts have commented on the company. Loop Capital reduced their price objective on Apple from $230.00 to $215.00 and set a “hold” rating for the company in a research report on Wednesday, April 30th. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating in a research report on Friday. Rosenblatt Securities downgraded Apple from a “buy” rating to a “neutral” rating and set a $217.00 price objective for the company. in a research report on Friday, May 2nd. Raymond James Financial reduced their price objective on Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Finally, Bank of America restated a “buy” rating and set a $235.00 target price on shares of Apple in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $235.11.

Insider Transactions at Apple

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 value of $933,940.34. Following the completion of the transaction, the insider directly owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

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.