Apple Inc. (NASDAQ:AAPL) Shares Sold by Elevate Capital Advisors LLC

Elevate Capital Advisors LLC decreased its position in Apple Inc. (NASDAQ:AAPL) by 8.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,433 shares of the iPhone maker’s stock after selling 1,650 shares during the period. Apple comprises approximately 3.8% of Elevate Capital Advisors LLC’s holdings, making the stock its 5th largest holding. Elevate Capital Advisors LLC’s holdings in Apple were worth $4,095,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Life Planning Partners Inc bought a new stake in shares of Apple in the 4th quarter valued at approximately $47,000. Conquis Financial LLC bought a new stake in shares of Apple in the 4th quarter valued at approximately $63,000. LSV Asset Management bought a new stake in shares of Apple in the 4th quarter valued at approximately $65,000. Pillar Financial Advisors LLC bought a new stake in shares of Apple in the 4th quarter valued at approximately $82,000. Finally, Compass Planning Associates Inc bought a new stake in shares of Apple in the 4th quarter valued at approximately $96,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

AAPL has been the topic of several analyst reports. Rosenblatt Securities reiterated a “neutral” rating and issued a $217.00 price objective on shares of Apple in a research note on Tuesday, July 29th. Bank of America increased their price target on Apple from $240.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating in a research report on Friday, July 18th. Needham & Company LLC restated a “hold” rating on shares of Apple in a research report on Friday, July 25th. Finally, Loop Capital decreased their price target on Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. 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’s stock. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $237.60.

Insider Activity

In other news, SVP Deirdre O’brien sold 34,821 shares of the business’s 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 transaction, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.06% of the company’s stock.

Apple Stock Down 0.5%

NASDAQ:AAPL opened at $231.59 on Friday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $3.44 trillion, a P/E ratio of 35.14, a P/E/G ratio of 2.42 and a beta of 1.16. The stock’s fifty day simple moving average is $209.69 and its 200-day simple moving average is $213.14.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%. The firm’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the company earned $1.40 EPS. Equities research analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

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

Apple announced that its Board of Directors has approved a stock buyback program on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.