Apple Inc. (NASDAQ:AAPL) is BetterWealth LLC’s 3rd Largest Position

BetterWealth LLC cut its stake in Apple Inc. (NASDAQ:AAPL) by 17.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 147,484 shares of the iPhone maker’s stock after selling 30,396 shares during the period. Apple makes up approximately 9.2% of BetterWealth LLC’s holdings, making the stock its 3rd largest holding. BetterWealth LLC’s holdings in Apple were worth $32,761,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in AAPL. Life Planning Partners Inc acquired a new position in shares of Apple during the 4th quarter worth approximately $47,000. Conquis Financial LLC acquired a new position in shares of Apple during the 4th quarter worth approximately $63,000. LSV Asset Management acquired a new position in shares of Apple during the 4th quarter worth approximately $65,000. Pillar Financial Advisors LLC acquired a new position in shares of Apple during the 4th quarter worth approximately $82,000. Finally, Compass Planning Associates Inc acquired a new position in shares of Apple during the 4th quarter worth approximately $96,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Down 0.5%

Shares of Apple stock opened at $231.59 on Friday. The company has a fifty day moving average price of $209.69 and a 200 day moving average price of $213.14. 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 Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The stock has a market cap of $3.44 trillion, a price-to-earnings ratio of 35.14, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16.

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, 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 firm had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. During the same period in the prior year, the company earned $1.40 EPS. The firm’s revenue was up 9.6% on a year-over-year basis. Equities research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio is 15.78%.

Apple declared that its board has authorized a share repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase 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 stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Raymond James Financial restated an “outperform” rating and set a $240.00 price objective (up from $230.00) on shares of Apple in a research report on Friday, August 1st. DA Davidson reiterated a “buy” rating and issued a $250.00 price target on shares of Apple in a report on Friday, August 1st. Evercore ISI reiterated an “outperform” rating and issued a $250.00 price target on shares of Apple in a report on Wednesday. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating in a report on Friday, July 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Apple in a report on Friday, July 25th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus target price of $237.60.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total value 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 $30,508,538.40. This represents a 20.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.06% of the company’s stock.

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.