Harvey Capital Management Inc. Lowers Position in Apple Inc. $AAPL

Harvey Capital Management Inc. decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 102,959 shares of the iPhone maker’s stock after selling 232 shares during the quarter. Apple comprises approximately 6.0% of Harvey Capital Management Inc.’s portfolio, making the stock its 3rd biggest holding. Harvey Capital Management Inc.’s holdings in Apple were worth $22,870,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Life Planning Partners Inc bought a new stake in Apple during the 4th quarter valued at $47,000. Elite Financial Inc. bought a new stake in Apple during the 1st quarter valued at $58,000. Conquis Financial LLC bought a new stake in Apple during the 4th quarter valued at $63,000. LSV Asset Management bought a new stake in Apple during the 4th quarter valued at $65,000. Finally, Pillar Financial Advisors LLC bought a new position in shares of Apple in the fourth quarter worth $82,000. Institutional investors own 67.73% of the company’s stock.

Apple Stock Up 0.5%

Shares of NASDAQ:AAPL opened at $230.49 on Thursday. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The firm has a fifty day moving average of $214.45 and a 200 day moving average of $213.05. The firm has a market capitalization of $3.42 trillion, a PE ratio of 34.98, a price-to-earnings-growth ratio of 2.39 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87.

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, topping 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 company had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same period in the previous year, the business earned $1.40 earnings per share. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

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

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, August 11th. Apple’s dividend payout ratio is presently 15.78%.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were 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 in the company, valued at $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on AAPL shares. DA Davidson reaffirmed a “buy” rating and issued a $250.00 price target on shares of Apple in a report on Friday, August 1st. Loop Capital decreased their price target on shares of Apple from $230.00 to $226.00 and set a “hold” rating on the stock in a report on Thursday, August 21st. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $217.00 price target on shares of Apple in a report on Tuesday, July 29th. Scotiabank cut shares of Apple to a “market perform” rating in a report on Friday, May 2nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Apple from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and an average target price of $237.37.

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.