Sawgrass Asset Management LLC Has $45.61 Million Stake in Apple Inc. (NASDAQ:AAPL)

Sawgrass Asset Management LLC decreased its holdings in Apple Inc. (NASDAQ:AAPL) by 5.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 205,312 shares of the iPhone maker’s stock after selling 12,798 shares during the period. Apple accounts for approximately 5.6% of Sawgrass Asset Management LLC’s holdings, making the stock its 2nd biggest holding. Sawgrass Asset Management LLC’s holdings in Apple were worth $45,606,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Advanced Portfolio Management LLC lifted its stake in shares of Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock worth $3,260,000 after buying an additional 47 shares during the period. Family Capital Management Inc. lifted its stake in shares of Apple by 0.3% during the fourth quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker’s stock worth $4,235,000 after buying an additional 48 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA lifted its stake in shares of Apple by 0.3% during the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker’s stock worth $4,178,000 after buying an additional 48 shares during the period. Scarborough Advisors LLC lifted its stake in shares of Apple by 0.3% during the fourth quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker’s stock worth $3,992,000 after buying an additional 51 shares during the period. Finally, Disciplined Investments LLC lifted its stake in shares of Apple by 0.7% during the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker’s stock worth $1,794,000 after buying an additional 51 shares during the period. Institutional investors own 67.73% of the company’s stock.

Apple Stock Down 2.5%

AAPL stock opened at $202.38 on Friday. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The stock has a market capitalization of $3.02 trillion, a P/E ratio of 30.71, a P/E/G ratio of 2.22 and a beta of 1.17. 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 50-day simple moving average of $205.37 and a 200-day simple moving average of $213.60.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 172.48%. The company had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter in the prior year, the company earned $1.40 EPS. Apple’s revenue was up 9.6% compared to the same quarter last year. Equities analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple’s dividend payout ratio is currently 15.78%.

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AAPL shares. Morgan Stanley boosted their target price on shares of Apple from $235.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday. TD Cowen lowered their target price on Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. China Renaissance started coverage on Apple in a report on Tuesday, April 22nd. They set a “buy” rating and a $241.00 target price on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Apple in a research report on Friday, July 25th. Finally, Bank of America lifted their price target on Apple from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $237.25.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 4,486 shares of the company’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 owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.