Jackson Thornton Wealth Management LLC Cuts Stock Position in Apple Inc. $AAPL

Jackson Thornton Wealth Management LLC lowered its stake in Apple Inc. (NASDAQ:AAPL) by 4.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,031 shares of the iPhone maker’s stock after selling 1,022 shares during the period. Apple accounts for about 0.6% of Jackson Thornton Wealth Management LLC’s holdings, making the stock its 21st largest holding. Jackson Thornton Wealth Management LLC’s holdings in Apple were worth $4,672,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in AAPL. Life Planning Partners Inc purchased a new stake in Apple during the 4th quarter valued at $47,000. Conquis Financial LLC purchased a new stake in Apple during the 4th quarter valued at $63,000. LSV Asset Management purchased a new stake in Apple during the 4th quarter valued at $65,000. Pillar Financial Advisors LLC purchased a new stake in Apple during the 4th quarter valued at $82,000. Finally, Compass Planning Associates Inc purchased a new stake in Apple during the 4th quarter valued at $96,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Trading Down 0.5%

Shares of AAPL stock opened at $224.90 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 firm has a market capitalization of $3.34 trillion, a PE ratio of 34.13, a PEG ratio of 2.37 and a beta of 1.16. The stock has a fifty day simple moving average of $211.89 and a two-hundred day simple moving average of $213.13.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The business had revenue of $94.04 billion during 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%.Apple’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.40 EPS. On average, analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently declared 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 was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple’s dividend payout ratio (DPR) is currently 15.78%.

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

Analysts Set New Price Targets

AAPL has been the topic of several research analyst reports. Bank of America increased their price target on Apple from $240.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Apple in a report on Friday, July 25th. Evercore ISI reissued an “outperform” rating and set a $250.00 price target on shares of Apple in a report on Wednesday, August 13th. Citigroup raised their target price on Apple from $240.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $240.00 target price (up from $230.00) on shares of Apple in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $237.98.

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction dated Friday, August 8th. The stock was 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 owned 136,687 shares in the company, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.06% of the company’s stock.

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.