Van Cleef Asset Management Inc Sells 2,798 Shares of Apple Inc. (NASDAQ:AAPL)

Van Cleef Asset Management Inc lowered its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 452,000 shares of the iPhone maker's stock after selling 2,798 shares during the quarter. Apple comprises approximately 12.4% of Van Cleef Asset Management Inc's holdings, making the stock its 2nd largest holding. Van Cleef Asset Management Inc's holdings in Apple were worth $113,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AAPL. Drystone LLC bought a new position in shares of Apple during the 4th quarter worth about $25,000. SPX Gestao de Recursos Ltda bought a new position in shares of Apple during the 3rd quarter worth about $71,000. Teachers Insurance & Annuity Association of America bought a new position in shares of Apple during the 3rd quarter worth about $77,000. Compass Planning Associates Inc bought a new position in shares of Apple during the 4th quarter worth about $96,000. Finally, ARK Investment Management LLC acquired a new stake in shares of Apple during the 3rd quarter valued at about $110,000. Institutional investors own 67.73% of the company's stock.

Insider Activity at Apple

In related news, CEO Timothy D. Cook sold 108,136 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 3,280,295 shares in the company, valued at $733,637,976.75. This represents a 3.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction that occurred on 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 in the company, valued at $941,214. This represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 187,021 shares of company stock worth $41,760,140 over the last ninety days. Company insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

AAPL has been the topic of a number of recent research reports. Jefferies Financial Group reaffirmed an "underperform" rating and set a $170.62 price objective (up from $167.88) on shares of Apple in a report on Friday, May 2nd. Loop Capital lowered their price objective on Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. China Renaissance began coverage on Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on Apple from $270.00 to $245.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Finally, The Goldman Sachs Group lowered their price objective on Apple from $259.00 to $256.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Apple presently has an average rating of "Hold" and an average target price of $235.80.

Apple Price Performance

Shares of AAPL stock traded up $1.04 during trading hours on Friday, reaching $198.53. 36,406,804 shares of the company were exchanged, compared to its average volume of 56,093,894. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The stock's fifty day moving average is $208.09 and its two-hundred day moving average is $227.33. The company has a market cap of $2.97 trillion, a price-to-earnings ratio of 31.51, a P/E/G ratio of 2.44 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88.

Apple (NASDAQ:AAPL - Get Free Report) last announced its 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 company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same period in the prior year, the business earned $1.53 earnings per share. Apple's quarterly revenue was up 5.1% on a year-over-year basis. Sell-side analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 12th will be issued a $0.26 dividend. This is a positive change from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date is Monday, May 12th. Apple's dividend payout ratio is currently 16.20%.

Apple 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.