Verity Asset Management Inc. Has $1.63 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Verity Asset Management Inc. cut its holdings in Apple Inc. (NASDAQ:AAPL) by 61.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,348 shares of the iPhone maker’s stock after selling 11,693 shares during the quarter. Verity Asset Management Inc.’s holdings in Apple were worth $1,632,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Life Planning Partners Inc bought a new position in Apple during the fourth quarter worth $47,000. Conquis Financial LLC bought a new position in Apple during the fourth quarter worth $63,000. LSV Asset Management bought a new position in Apple during the fourth quarter worth $65,000. Pillar Financial Advisors LLC bought a new position in Apple during the fourth quarter worth $82,000. Finally, Compass Planning Associates Inc acquired a new stake in Apple during the fourth quarter worth $96,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on AAPL shares. TD Cowen decreased their price target on shares of Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Loop Capital decreased their price target on shares of Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research note on Wednesday, April 30th. Barclays lifted their price target on shares of Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research note on Friday, August 1st. China Renaissance started coverage on shares of Apple in a research note on Tuesday, April 22nd. They set a “buy” rating and a $241.00 price target on the stock. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $217.00 price target on shares of Apple in a research note on Tuesday, July 29th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus price target of $237.60.

Apple Stock Up 1.6%

Shares of NASDAQ AAPL opened at $233.33 on Thursday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The stock has a market capitalization of $3.46 trillion, a P/E ratio of 35.41, a PEG ratio of 2.40 and a beta of 1.16. The stock’s fifty day moving average is $208.49 and its 200 day moving average is $213.35.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping 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 company had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter last year, the business earned $1.40 earnings per share. Apple’s revenue was up 9.6% on a year-over-year basis. Sell-side analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors 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 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio (DPR) is 15.78%.

Apple announced that its board has authorized a stock 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 purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, SVP Deirdre O’brien sold 34,821 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares of the company’s stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a 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.