Legacy Financial Advisors Inc. Trims Holdings in Apple Inc. (NASDAQ:AAPL)

Legacy Financial Advisors Inc. reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 6.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 59,046 shares of the iPhone maker’s stock after selling 3,811 shares during the quarter. Apple accounts for about 1.7% of Legacy Financial Advisors Inc.’s investment portfolio, making the stock its 12th largest holding. Legacy Financial Advisors Inc.’s holdings in Apple were worth $7,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in AAPL. MKT Advisors LLC boosted its holdings in shares of Apple by 0.5% during the second quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock worth $1,777,000 after purchasing an additional 60 shares during the last quarter. Silver Oak Advisory Group Inc. boosted its holdings in shares of Apple by 1.8% during the second quarter. Silver Oak Advisory Group Inc. now owns 3,925 shares of the iPhone maker’s stock worth $537,000 after purchasing an additional 69 shares during the last quarter. 3D L Capital Management LLC boosted its holdings in shares of Apple by 2.9% during the first quarter. 3D L Capital Management LLC now owns 2,445 shares of the iPhone maker’s stock worth $427,000 after purchasing an additional 70 shares during the last quarter. Weik Capital Management boosted its holdings in shares of Apple by 0.3% during the first quarter. Weik Capital Management now owns 25,238 shares of the iPhone maker’s stock worth $4,407,000 after purchasing an additional 70 shares during the last quarter. Finally, Coyle Financial Counsel LLC boosted its holdings in shares of Apple by 0.3% during the second quarter. Coyle Financial Counsel LLC now owns 26,125 shares of the iPhone maker’s stock worth $3,572,000 after purchasing an additional 71 shares during the last quarter. 57.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AAPL has been the topic of a number of research analyst reports. StockNews.com initiated coverage on Apple in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on Apple from $170.00 to $180.00 and gave the company a “buy” rating in a report on Friday, May 5th. Loop Capital cut Apple from a “buy” rating to a “hold” rating and set a $180.00 target price on the stock. in a report on Monday. Monness Crespi & Hardt lifted their target price on Apple from $174.00 to $188.00 and gave the company a “buy” rating in a report on Friday, May 5th. Finally, Credit Suisse Group lifted their target price on Apple from $184.00 to $188.00 and gave the company an “outperform” rating in a report on Thursday, April 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.74.

Apple Trading Down 0.5 %

AAPL opened at $174.20 on Tuesday. Apple Inc. has a twelve month low of $124.17 and a twelve month high of $176.39. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.88 and a current ratio of 0.94. The firm’s fifty day moving average is $165.32 and its two-hundred day moving average is $150.87. The firm has a market cap of $2.74 trillion, a PE ratio of 29.58, a price-to-earnings-growth ratio of 2.34 and a beta of 1.29.

Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.08. Apple had a net margin of 24.49% and a return on equity of 165.72%. The firm had revenue of $94.84 billion for the quarter, compared to analyst estimates of $92.84 billion. During the same period in the previous year, the business earned $1.52 EPS. The company’s revenue was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that Apple Inc. will post 5.99 EPS for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 15th were paid a $0.24 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Friday, May 12th. Apple’s payout ratio is presently 16.30%.

Apple announced that its Board of Directors has approved a stock repurchase program on Thursday, May 4th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction on Monday, May 8th. The shares were sold at an average price of $173.26, for a total value of $708,979.92. Following the sale, the insider now directly owns 33,946 shares in the company, valued at approximately $5,881,483.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Jeffrey E. Williams sold 187,730 shares of Apple stock in a transaction dated Wednesday, March 22nd. The shares were sold at an average price of $159.76, for a total value of $29,991,744.80. Following the completion of the transaction, the chief operating officer now owns 489,816 shares of the company’s stock, valued at approximately $78,253,004.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $173.26, for a total transaction of $708,979.92. Following the completion of the transaction, the insider now directly owns 33,946 shares of the company’s stock, valued at approximately $5,881,483.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 439,529 shares of company stock worth $71,703,657. Insiders own 0.06% of the company’s stock.

Apple Company Profile

(Get Rating)

Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.