Hoertkorn Richard Charles Has $22.02 Million Stake in Apple Inc. (NASDAQ:AAPL)

Hoertkorn Richard Charles lessened its stake in Apple Inc. (NASDAQ:AAPL) by 14.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,122 shares of the iPhone maker’s stock after selling 17,151 shares during the period. Apple comprises about 10.2% of Hoertkorn Richard Charles’ investment portfolio, making the stock its largest position. Hoertkorn Richard Charles’ holdings in Apple were worth $22,018,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Life Planning Partners Inc acquired a new position in Apple in the fourth quarter worth $47,000. Conquis Financial LLC acquired a new position in Apple in the fourth quarter worth $63,000. LSV Asset Management acquired a new position in Apple in the fourth quarter worth $65,000. Pillar Financial Advisors LLC acquired a new position in Apple in the fourth quarter worth $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple in the fourth quarter worth $96,000. Institutional investors own 67.73% of the company’s stock.

Analyst Ratings Changes

AAPL has been the subject of a number of research reports. DA Davidson reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Apple in a report on Friday, August 1st. Bank of America lifted their price objective on shares of Apple from $240.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $217.00 price objective on shares of Apple in a report on Tuesday, July 29th. Wedbush reaffirmed an “outperform” rating and issued a $270.00 price objective on shares of Apple in a report on Thursday, August 7th. Finally, UBS Group increased their price objective on shares of Apple from $210.00 to $220.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. 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 assigned a strong buy rating to the company. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $237.60.

Apple Price Performance

NASDAQ AAPL opened at $227.18 on Tuesday. The company has a market cap of $3.37 trillion, a PE ratio of 34.47, a PEG ratio of 2.40 and a beta of 1.16. 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 stock’s 50-day moving average price is $207.35 and its two-hundred day moving average price is $213.10.

Apple (NASDAQ:AAPL) last issued its 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. The company had revenue of $94.04 billion for 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 firm’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.40 EPS. On average, analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The firm also recently announced 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. The ex-dividend date is Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. Apple’s dividend payout ratio is currently 15.78%.

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

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.