Apple Inc. (NASDAQ:AAPL) Stake Trimmed by Saturna Capital Corp

Saturna Capital Corp reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,128,054 shares of the iPhone maker’s stock after selling 6,836 shares during the period. Apple comprises 7.2% of Saturna Capital Corp’s investment portfolio, making the stock its largest holding. Saturna Capital Corp’s holdings in Apple were worth $532,907,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AAPL. Drystone LLC acquired a new position in Apple during the 4th quarter worth approximately $25,000. Life Planning Partners Inc acquired a new position in Apple during the 4th quarter worth approximately $47,000. SPX Gestao de Recursos Ltda acquired a new position in Apple during the 3rd quarter worth approximately $71,000. Teachers Insurance & Annuity Association of America acquired a new position in Apple during the 3rd quarter worth approximately $77,000. Finally, Pillar Financial Advisors LLC acquired a new position in Apple during the 4th quarter worth approximately $82,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Trading Down 2.3%

Shares of Apple stock opened at $202.09 on Thursday. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The company’s 50-day simple moving average is $205.64 and its 200-day simple moving average is $226.26. The firm has a market cap of $3.02 trillion, a price-to-earnings ratio of 32.08, a price-to-earnings-growth ratio of 2.44 and a beta of 1.27.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 160.83%. The business had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same period in the previous year, the business posted $1.53 earnings per share. The business’s revenue was up 5.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were paid a $0.26 dividend. The ex-dividend date was Monday, May 12th. This is an increase from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.51%. Apple’s payout ratio is 16.20%.

Apple declared that its Board of Directors has initiated a share buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. UBS Group lowered their price target on shares of Apple from $236.00 to $210.00 and set a “neutral” rating for the company in a report on Wednesday, April 23rd. Raymond James lowered their target price on shares of Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. TD Cowen lowered their target price on shares of Apple from $290.00 to $275.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Redburn Partners set a $230.00 target price on shares of Apple in a report on Friday, January 31st. Finally, Morgan Stanley restated an “overweight” rating on shares of Apple in a report on Monday, May 12th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $235.80.

Insider Activity

In other news, CEO Timothy D. Cook sold 108,136 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the transaction, the chief executive officer now owns 3,280,295 shares in the company, valued at $733,637,976.75. This trade represents a 3.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the transaction, the chief financial officer now owns 4,569 shares of the company’s stock, valued at $941,214. This represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock worth $42,694,080 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

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.