Legacy Wealth Management Inc Decreases Stock Position in Apple Inc. (NASDAQ:AAPL)

Legacy Wealth Management Inc lessened its position in Apple Inc. (NASDAQ:AAPL) by 10.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,938 shares of the iPhone maker’s stock after selling 339 shares during the quarter. Apple comprises 0.0% of Legacy Wealth Management Inc’s holdings, making the stock its 23rd largest position. Legacy Wealth Management Inc’s holdings in Apple were worth $653,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AAPL. Norges Bank purchased a new position in shares of Apple in the fourth quarter valued at approximately $46,868,648,000. GAMMA Investing LLC lifted its position in shares of Apple by 25,934.1% in the first quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker’s stock valued at $133,425,490,000 after acquiring an additional 59,835,676 shares in the last quarter. Vanguard Group Inc. lifted its position in Apple by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker’s stock worth $349,532,608,000 after buying an additional 49,168,843 shares in the last quarter. Proficio Capital Partners LLC lifted its position in Apple by 23,555.4% during the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker’s stock worth $5,272,653,000 after buying an additional 20,966,232 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Apple by 13.3% during the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker’s stock worth $42,918,365,000 after buying an additional 20,079,472 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares of the company’s stock, valued at $30,508,538.40. The trade was a 20.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by company insiders.

Apple Trading Up 1.1%

NASDAQ:AAPL opened at $229.65 on Wednesday. The firm has a market cap of $3.41 trillion, a PE ratio of 34.85, a price-to-earnings-growth ratio of 2.38 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. The stock has a fifty day moving average price of $207.88 and a 200 day moving average price of $213.21. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results 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 company 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%. Apple’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.40 EPS. Sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its board has authorized a stock buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders 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 of this dividend is Monday, August 11th. Apple’s payout ratio is 15.78%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on AAPL shares. JPMorgan Chase & Co. boosted their price objective on Apple from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Bank of America boosted their price objective on Apple from $240.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Rosenblatt Securities reissued a “neutral” rating and set a $217.00 price objective on shares of Apple in a research note on Tuesday, July 29th. Evercore ISI boosted their price objective on Apple to $250.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Finally, DA Davidson reissued a “buy” rating and set a $250.00 price objective on shares of Apple in a research note on Friday, August 1st. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.