Lansing Street Advisors Sells 756 Shares of Apple Inc. (NASDAQ:AAPL)

Lansing Street Advisors reduced its position in shares of Apple Inc. (NASDAQ:AAPL) by 4.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,703 shares of the iPhone maker’s stock after selling 756 shares during the period. Apple comprises about 1.1% of Lansing Street Advisors’ investment portfolio, making the stock its 22nd biggest position. Lansing Street Advisors’ holdings in Apple were worth $3,266,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Burkett Financial Services LLC lifted its holdings in Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock valued at $3,199,000 after purchasing an additional 93 shares during the last quarter. Avid Wealth Partners LLC lifted its holdings in Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock valued at $935,000 after purchasing an additional 930 shares during the last quarter. OneAscent Wealth Management LLC lifted its holdings in Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock valued at $2,337,000 after purchasing an additional 409 shares during the last quarter. TruWealth Advisors LLC lifted its holdings in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker’s stock valued at $42,045,000 after purchasing an additional 5,120 shares during the last quarter. Finally, Allstate Corp lifted its holdings in Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker’s stock valued at $113,062,000 after purchasing an additional 438,471 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Apple from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Evercore ISI reaffirmed an “outperform” rating and issued a $250.00 target price on shares of Apple in a research note on Wednesday. DA Davidson reaffirmed a “buy” rating and issued a $250.00 target price on shares of Apple in a research note on Friday, August 1st. Loop Capital dropped their target price on shares of Apple from $230.00 to $215.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Finally, Bank of America boosted their target price on shares of Apple from $240.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Apple presently has an average rating of “Moderate Buy” and an average price target of $237.60.

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 34,821 shares of the firm’s stock in a transaction on 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 sale, the senior vice president owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company’s stock.

Apple Stock Down 0.5%

Shares of NASDAQ:AAPL opened at $231.59 on Friday. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The company has a market capitalization of $3.44 trillion, a PE ratio of 35.14, a PEG ratio of 2.42 and a beta of 1.16. The company has a 50 day moving average price of $209.69 and a two-hundred day moving average price of $213.14.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $88.64 billion. During the same quarter in the prior year, the firm earned $1.40 earnings per share. The business’s quarterly revenue was up 9.6% on a year-over-year basis. Analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a 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 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.

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.