Apple Inc. (NASDAQ:AAPL) Shares Sold by Tranquility Partners LLC

Tranquility Partners LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,284 shares of the iPhone maker’s stock after selling 1,364 shares during the quarter. Apple comprises about 3.6% of Tranquility Partners LLC’s holdings, making the stock its 3rd largest position. Tranquility Partners LLC’s holdings in Apple were worth $9,393,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of AAPL. Tallon Kerry Patrick bought a new position in Apple during the fourth quarter worth $1,877,000. First National Bank of Hutchinson boosted its stake in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after acquiring an additional 6,982 shares in the last quarter. Capital & Planning LLC lifted its stake in shares of Apple by 10.7% in the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker’s stock valued at $6,836,000 after buying an additional 2,647 shares in the last quarter. Eagle Capital Management LLC lifted its stake in shares of Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock valued at $13,544,000 after buying an additional 272 shares in the last quarter. Finally, Brighton Jones LLC lifted its stake in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock valued at $134,554,000 after buying an additional 69,207 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Up 4.2%

Shares of NASDAQ:AAPL opened at $229.35 on Friday. The business has a 50-day moving average price of $206.84 and a 200 day moving average price of $213.21. 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 capitalization of $3.40 trillion, a price-to-earnings ratio of 34.80, a PEG ratio of 2.30 and a beta of 1.16. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period last year, the company earned $1.40 EPS. Sell-side analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

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

Apple declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of recent research reports. China Renaissance initiated coverage on shares of Apple in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price objective on the stock. Bank of America raised their price objective on shares of Apple from $240.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday. Loop Capital dropped their price target on shares of Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Barclays lifted their price objective on shares of Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st. Finally, Morgan Stanley lifted their target price on shares of Apple from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus target price of $237.60.

Insider Buying and Selling

In related news, insider Chris Kondo sold 4,486 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 0.06% of the stock is owned by company insiders.

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.