Berkshire Asset Management LLC PA Cuts Holdings in Apple Inc. (NASDAQ:AAPL)

Berkshire Asset Management LLC PA lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 273,048 shares of the iPhone maker's stock after selling 14,466 shares during the period. Apple makes up approximately 3.2% of Berkshire Asset Management LLC PA's holdings, making the stock its 3rd biggest position. Berkshire Asset Management LLC PA's holdings in Apple were worth $68,377,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in AAPL. Drystone LLC acquired 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 Apple during the third quarter worth $71,000. Teachers Insurance & Annuity Association of America bought a new position in Apple during the third quarter worth $77,000. Compass Planning Associates Inc bought a new position in Apple during the fourth quarter worth $96,000. Finally, Collier Financial bought a new position in Apple during the fourth quarter worth $140,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Trading Down 0.1%

Shares of NASDAQ:AAPL traded down $0.19 during midday trading on Friday, hitting $211.26. The company had a trading volume of 53,614,750 shares, compared to its average volume of 55,997,127. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. The stock has a market cap of $3.16 trillion, a price-to-earnings ratio of 33.53, a PEG ratio of 2.44 and a beta of 1.27. The firm has a fifty day simple moving average of $206.09 and a 200 day simple moving average of $226.66.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The business had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same period last year, the company earned $1.53 EPS. The firm's revenue was up 5.1% on a year-over-year basis. On average, analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given 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 dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. Apple's dividend payout ratio (DPR) is currently 16.20%.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Barclays dropped their target price on shares of Apple from $197.00 to $173.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Scotiabank cut Apple to a "market perform" rating in a report on Friday, May 2nd. Evercore ISI upped their price target on Apple from $260.00 to $275.00 and gave the company an "outperform" rating in a report on Tuesday, March 18th. Monness Crespi & Hardt cut their price target on Apple from $260.00 to $245.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Rosenblatt Securities cut Apple from a "buy" rating to a "neutral" rating and set a $217.00 price target for the company. in a report on Friday, May 2nd. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $235.80.

Insider Transactions at Apple

In other news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider now directly owns 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jeffrey E. Williams sold 35,493 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the completion of the transaction, the chief operating officer now owns 390,059 shares in the company, valued at $87,377,116.59. This represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,507 shares of company stock worth $42,694,080 in the last three months. Insiders own 0.06% of the company's stock.

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.