Apple Inc. (NASDAQ:AAPL) Stake Lowered by Biechele Royce Advisors

Biechele Royce Advisors reduced its position in Apple Inc. (NASDAQ:AAPLFree Report) by 0.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,939 shares of the iPhone maker’s stock after selling 97 shares during the period. Apple accounts for about 7.2% of Biechele Royce Advisors’ investment portfolio, making the stock its 2nd biggest position. Biechele Royce Advisors’ holdings in Apple were worth $21,937,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Headinvest LLC raised its position in Apple by 1.7% during the third quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock valued at $9,236,000 after purchasing an additional 872 shares during the period. Sound Income Strategies LLC raised its position in Apple by 16.1% during the fourth quarter. Sound Income Strategies LLC now owns 75,110 shares of the iPhone maker’s stock valued at $14,461,000 after purchasing an additional 10,425 shares during the period. DNB Asset Management AS grew its stake in shares of Apple by 6.9% during the fourth quarter. DNB Asset Management AS now owns 4,307,068 shares of the iPhone maker’s stock valued at $829,240,000 after buying an additional 279,311 shares during the last quarter. Boltwood Capital Management grew its stake in shares of Apple by 2.8% during the fourth quarter. Boltwood Capital Management now owns 37,178 shares of the iPhone maker’s stock valued at $7,158,000 after buying an additional 1,021 shares during the last quarter. Finally, NewEdge Wealth LLC grew its stake in shares of Apple by 16.2% during the fourth quarter. NewEdge Wealth LLC now owns 808,709 shares of the iPhone maker’s stock valued at $155,701,000 after buying an additional 112,980 shares during the last quarter. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AAPL shares. Tigress Financial upped their target price on Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a research note on Thursday, May 30th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $196.00 target price (up previously from $189.00) on shares of Apple in a research note on Friday, May 3rd. JPMorgan Chase & Co. upped their target price on Apple from $210.00 to $225.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. DZ Bank reaffirmed a “hold” rating and set a $180.00 target price on shares of Apple in a research note on Thursday, March 28th. Finally, Sanford C. Bernstein raised Apple from a “market perform” rating to an “outperform” rating and set a $195.00 price objective on the stock in a research note on Monday, April 29th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $205.59.

Read Our Latest Research Report on AAPL

Apple Stock Performance

Shares of AAPL opened at $193.12 on Tuesday. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $199.62. The stock has a fifty day moving average price of $180.37 and a 200-day moving average price of $183.39. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The firm has a market cap of $2.96 trillion, a PE ratio of 30.03, a P/E/G ratio of 2.40 and a beta of 1.25.

Apple (NASDAQ:AAPLGet Free Report) last issued its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The company had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. Apple had a return on equity of 148.33% and a net margin of 26.31%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the business posted $1.52 EPS. Equities research analysts predict that Apple Inc. will post 6.57 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were paid a $0.25 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a yield of 0.52%. Apple’s dividend payout ratio (DPR) is 15.55%.

Apple announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 54,732 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the transaction, the senior vice president now owns 136,572 shares in the company, valued at approximately $23,068,376.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the sale, the senior vice president now directly owns 136,572 shares of the company’s stock, valued at approximately $23,068,376.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the sale, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. Insiders sold 346,270 shares of company stock worth $60,880,196 in the last 90 days. Insiders own 0.06% of the company’s stock.

Apple Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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