Apple Inc. (NASDAQ:AAPL) Shares Sold by Centerline Wealth Advisors LLC

Centerline Wealth Advisors LLC lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 44,064 shares of the iPhone maker’s stock after selling 57 shares during the quarter. Apple accounts for about 5.8% of Centerline Wealth Advisors LLC’s investment portfolio, making the stock its 7th largest holding. Centerline Wealth Advisors LLC’s holdings in Apple were worth $9,788,000 at the end of the most recent quarter.

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

Apple Stock Performance

AAPL opened at $229.35 on Monday. The stock’s 50 day simple moving average is $206.84 and its 200-day simple moving average is $213.07. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market cap of $3.40 trillion, a PE ratio of 34.80, a P/E/G ratio of 2.40 and a beta of 1.16. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last announced 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 return on equity of 170.91% and a net margin of 24.30%. The firm had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. During the same period in the prior year, the business posted $1.40 earnings per share. The business’s revenue was up 9.6% compared to the same quarter last year. Sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

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

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group upped their target price on Apple from $210.00 to $220.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Jefferies Financial Group raised Apple from an “underperform” rating to a “hold” rating in a research report on Friday, July 18th. Barclays upped their price target on Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research report on Friday, August 1st. JPMorgan Chase & Co. upped their price target on Apple from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Finally, Loop Capital dropped their price target on Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $237.60.

About Apple

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.