Apple Inc. $AAPL Stock Position Decreased by Baskin Financial Services Inc.

Baskin Financial Services Inc. lessened its position in Apple Inc. (NASDAQ:AAPL) by 2.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 330,554 shares of the iPhone maker’s stock after selling 6,946 shares during the quarter. Apple comprises 6.0% of Baskin Financial Services Inc.’s holdings, making the stock its largest position. Baskin Financial Services Inc.’s holdings in Apple were worth $73,426,000 at the end of the most recent reporting period.

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

Apple Stock Down 0.3%

Shares of NASDAQ AAPL opened at $230.89 on Tuesday. The stock has a market cap of $3.43 trillion, a PE ratio of 35.04, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16. 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 Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The business has a 50-day moving average price of $210.28 and a 200 day moving average price of $212.94.

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

Apple Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were given a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. Apple’s dividend payout ratio is 15.78%.

Apple announced that its board has approved a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AAPL shares. Morgan Stanley raised their target price on Apple from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Jefferies Financial Group raised Apple from an “underperform” rating to a “hold” rating in a research note on Friday, July 18th. Scotiabank cut Apple to a “market perform” rating in a research note on Friday, May 2nd. Monness Crespi & Hardt raised their target price on Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Apple in a research note on Wednesday, May 21st. Two research 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 stock. According to data from MarketBeat, Apple has an average rating of “Moderate Buy” and an average target price of $237.60.

Insider Activity

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of the company’s stock in a transaction that occurred 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 completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.06% of the stock is currently owned by company insiders.

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.