FSR Wealth Management Ltd. Trims Position in Apple Inc. $AAPL

FSR Wealth Management Ltd. lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 35.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,245 shares of the iPhone maker’s stock after selling 1,757 shares during the quarter. Apple makes up about 1.0% of FSR Wealth Management Ltd.’s investment portfolio, making the stock its 20th biggest position. FSR Wealth Management Ltd.’s holdings in Apple were worth $721,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Burkett Financial Services LLC increased its holdings in shares of Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock worth $3,199,000 after buying an additional 93 shares during the last quarter. Avid Wealth Partners LLC increased its holdings in Apple by 28.3% in 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 in the last quarter. OneAscent Wealth Management LLC increased its holdings in Apple by 4.6% in 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 in the last quarter. TruWealth Advisors LLC increased its holdings in Apple by 2.8% in 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 in the last quarter. Finally, Allstate Corp increased its holdings in Apple by 3,368.2% in 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 in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Stock Performance

AAPL opened at $230.89 on Tuesday. The business’s 50 day moving average is $210.28 and its 200-day moving average is $212.94. 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 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.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $88.64 billion. During the same quarter last year, the business earned $1.40 earnings per share. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, August 11th. Apple’s dividend payout ratio (DPR) is currently 15.78%.

Apple declared that its board has initiated a stock buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price target on Apple from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Monness Crespi & Hardt increased their price target on Apple from $245.00 to $270.00 and gave the company a “buy” rating in a 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. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating in a report on Friday, July 18th. Finally, BMO Capital Markets reiterated a “buy” rating on shares of Apple in a report on Wednesday, August 13th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $237.60.

Insider Activity at Apple

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction that occurred on 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 transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is owned by corporate insiders.

Apple 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.