Kendall Capital Management Cuts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Kendall Capital Management decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,223 shares of the iPhone maker’s stock after selling 376 shares during the quarter. Apple accounts for 1.3% of Kendall Capital Management’s portfolio, making the stock its 19th largest position. Kendall Capital Management’s holdings in Apple were worth $4,492,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

AAPL has been the topic of several recent research reports. Raymond James Financial reiterated an “outperform” rating and issued a $240.00 price target (up from $230.00) on shares of Apple in a research report on Friday, August 1st. China Renaissance initiated coverage on shares of Apple in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price target on the stock. Monness Crespi & Hardt increased their price target on shares of Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. 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 report on Friday, May 2nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Apple in a research report on Friday, July 25th. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $237.60.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $232.78 on Friday. 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 $3.45 trillion, a P/E ratio of 35.32, a PEG ratio of 2.44 and a beta of 1.16. The firm has a fifty day simple moving average of $209.13 and a two-hundred day simple moving average of $213.37. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data 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 net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. During the same period last year, the company posted $1.40 EPS. The business’s revenue was up 9.6% on a year-over-year basis. On average, analysts expect 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 was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio (DPR) is presently 15.78%.

Apple announced that its board 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 repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Apple

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