Apple Inc. (NASDAQ:AAPL) Shares Sold by Riverbend Wealth Management LLC

Riverbend Wealth Management LLC decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,732 shares of the iPhone maker’s stock after selling 586 shares during the quarter. Apple makes up about 4.3% of Riverbend Wealth Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Riverbend Wealth Management LLC’s holdings in Apple were worth $4,827,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Conquis Financial LLC acquired a new stake in Apple in the fourth quarter valued at $63,000. LSV Asset Management acquired a new stake in Apple in the fourth quarter valued at $65,000. Pillar Financial Advisors LLC acquired a new stake in Apple in the fourth quarter valued at $82,000. Compass Planning Associates Inc acquired a new stake in Apple in the fourth quarter valued at $96,000. Finally, Collier Financial acquired a new stake in Apple in the fourth quarter valued at $140,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Trading Down 0.2%

AAPL opened at $202.92 on Wednesday. The company’s 50 day moving average is $205.58 and its 200-day moving average is $213.24. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The company has a market cap of $3.01 trillion, a P/E ratio of 30.79, a PEG ratio of 2.14 and a beta of 1.16.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period last year, the company posted $1.40 EPS. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. Equities research analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its board has approved a stock repurchase program on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple’s dividend payout ratio (DPR) is presently 15.78%.

Insider Buying and Selling at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple 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 sale, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Raymond James Financial reiterated an “outperform” rating and issued a $240.00 price target (up previously from $230.00) on shares of Apple in a research note on Friday, August 1st. The Goldman Sachs Group reiterated a “buy” rating on shares of Apple in a research note on Wednesday, May 21st. China Renaissance assumed coverage on shares of Apple in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price target for the company. KeyCorp upgraded shares of Apple from an “underweight” rating to a “sector weight” rating in a research note on Monday, April 14th. Finally, Citigroup increased their price target on shares of Apple from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $237.25.

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.