JCIC Asset Management Inc. Sells 1,342 Shares of Apple Inc. (NASDAQ:AAPL)

JCIC Asset Management Inc. trimmed its stake in Apple Inc. (NASDAQ:AAPL) by 1.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,684 shares of the iPhone maker’s stock after selling 1,342 shares during the period. Apple comprises about 10.5% of JCIC Asset Management Inc.’s investment portfolio, making the stock its biggest position. JCIC Asset Management Inc.’s holdings in Apple were worth $25,030,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Burkett Financial Services LLC boosted its position in shares of Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock valued at $3,199,000 after acquiring an additional 93 shares in the last quarter. Avid Wealth Partners LLC boosted its position in shares of Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock valued at $935,000 after acquiring an additional 930 shares in the last quarter. OneAscent Wealth Management LLC boosted its position in shares of Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock valued at $2,337,000 after acquiring an additional 409 shares in the last quarter. TruWealth Advisors LLC boosted its position in shares of Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker’s stock valued at $42,045,000 after acquiring an additional 5,120 shares in the last quarter. Finally, Allstate Corp boosted its position in shares of Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker’s stock valued at $113,062,000 after acquiring an additional 438,471 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Up 5.0%

Apple stock opened at $213.12 on Thursday. The stock has a market capitalization of $3.16 trillion, a PE ratio of 32.34, a price-to-earnings-growth ratio of 2.13 and a beta of 1.16. 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 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The company has a 50 day moving average of $205.84 and a 200-day moving average of $213.24.

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

Apple declared that its Board of Directors has authorized a stock 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 purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Apple Announces Dividend

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 issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple’s dividend payout ratio is 15.78%.

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 4,486 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider owned 15,533 shares of the company’s stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on AAPL shares. Bank of America lifted their target price on shares of Apple from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Evercore ISI lifted their price target on shares of Apple to $250.00 and gave the company a “buy” rating in a report on Friday, June 6th. Wedbush reissued an “outperform” rating and set a $270.00 price target on shares of Apple in a report on Wednesday, July 30th. Barclays lifted their price target on shares of Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a report on Friday, August 1st. Finally, China Renaissance initiated coverage on shares of Apple in a report on Tuesday, April 22nd. They set a “buy” rating and a $241.00 price target for the company. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $237.25.

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.