RKL Wealth Management LLC Sells 264 Shares of Apple Inc. (NASDAQ:AAPL)

RKL Wealth Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 112,023 shares of the iPhone maker’s stock after selling 264 shares during the period. Apple comprises 1.9% of RKL Wealth Management LLC’s holdings, making the stock its 13th largest position. RKL Wealth Management LLC’s holdings in Apple were worth $14,555,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Financial Architects Inc increased its holdings in Apple by 0.3% during the 4th quarter. Financial Architects Inc now owns 170,937 shares of the iPhone maker’s stock worth $22,210,000 after purchasing an additional 454 shares in the last quarter. Cable Hill Partners LLC increased its holdings in Apple by 1.0% during the 4th quarter. Cable Hill Partners LLC now owns 71,911 shares of the iPhone maker’s stock worth $9,343,000 after purchasing an additional 702 shares in the last quarter. Oak Thistle LLC bought a new position in Apple during the 4th quarter worth about $235,000. TCI Wealth Advisors Inc. increased its holdings in Apple by 1.1% during the 4th quarter. TCI Wealth Advisors Inc. now owns 105,023 shares of the iPhone maker’s stock worth $13,646,000 after purchasing an additional 1,162 shares in the last quarter. Finally, Marks Group Wealth Management Inc increased its holdings in Apple by 40.8% during the 4th quarter. Marks Group Wealth Management Inc now owns 83,249 shares of the iPhone maker’s stock worth $10,817,000 after purchasing an additional 24,127 shares in the last quarter. Institutional investors own 57.60% of the company’s stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $172.99 on Friday. The firm has a market cap of $2.72 trillion, a PE ratio of 29.37, a price-to-earnings-growth ratio of 2.29 and a beta of 1.29. The firm’s fifty day moving average is $166.42 and its 200-day moving average is $151.40. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.88 and a current ratio of 0.94. Apple Inc. has a 52 week low of $124.17 and a 52 week high of $176.39.

Apple (NASDAQ:AAPL – Get Rating) last released its 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 business had revenue of $94.84 billion for the quarter, compared to analyst estimates of $92.84 billion. During the same quarter in the previous year, the business earned $1.52 earnings per share. Apple’s revenue for the quarter was down 2.5% on a year-over-year basis. Sell-side analysts predict that Apple Inc. will post 5.99 earnings per share for the current year.

Apple Increases Dividend

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

Apple announced that its board has authorized a stock buyback plan on Thursday, May 4th that authorizes the company to buyback $90.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AAPL. UBS Group set a $180.00 target price on Apple in a report on Monday, April 3rd. Credit Suisse Group increased their price objective on shares of Apple from $184.00 to $188.00 and gave the stock an “outperform” rating in a research note on Thursday, April 13th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Apple from $170.00 to $180.00 and gave the stock a “buy” rating in a research note on Friday, May 5th. Needham & Company LLC increased their price objective on shares of Apple from $170.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, May 5th. Finally, Robert W. Baird increased their price objective on shares of Apple from $170.00 to $180.00 in a research note on Tuesday, May 2nd. Two equities research 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $174.74.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 4,092 shares of the stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $173.26, for a total value of $708,979.92. Following the completion of the sale, the insider now owns 33,946 shares in the company, valued at approximately $5,881,483.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Apple news, COO Jeffrey E. Williams sold 187,730 shares of the firm’s stock in a transaction on 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 directly 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 can be accessed through the SEC website. Also, insider Chris Kondo sold 4,092 shares of the firm’s stock in a transaction on 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 $5,881,483.96. The disclosure for this sale can be found here. Insiders have sold 439,529 shares of company stock worth $71,703,657 in the last quarter. Insiders own 0.06% of the company’s stock.

Apple Profile

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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.