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1858 Wealth Management LLC Decreases Position in Apple Inc. (NASDAQ:AAPL)

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Key Points

  • 1858 Wealth Management LLC reduced its position in Apple Inc. by 6.3%, holding 30,071 shares valued at approximately $6.68 million, making Apple its largest investment.
  • Apple's recent earnings report showed $1.57 EPS, surpassing expectations, with quarterly revenues rising to $94.04 billion, reflecting a 9.6% increase year-over-year.
  • The company announced a new $100 billion share repurchase program, indicating management's belief that the shares are undervalued, alongside implementing a quarterly dividend of $0.26 per share.
  • Five stocks we like better than Apple.

1858 Wealth Management LLC trimmed its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,071 shares of the iPhone maker's stock after selling 2,022 shares during the quarter. Apple accounts for approximately 5.7% of 1858 Wealth Management LLC's investment portfolio, making the stock its biggest holding. 1858 Wealth Management LLC's holdings in Apple were worth $6,680,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Apple during the 4th quarter worth about $46,868,648,000. GAMMA Investing LLC raised its holdings in Apple by 25,934.1% in the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after acquiring an additional 59,835,676 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Apple by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock worth $349,532,608,000 after buying an additional 49,168,843 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Apple by 23,555.4% in the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock valued at $5,272,653,000 after buying an additional 20,966,232 shares during the period. Finally, Northern Trust Corp boosted its holdings in Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after acquiring an additional 20,079,472 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AAPL has been the subject of several recent analyst reports. KeyCorp raised shares of Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a report on Friday, July 25th. DA Davidson reissued a "buy" rating and set a $250.00 price objective on shares of Apple in a report on Friday. UBS Group boosted their price objective on shares of Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a research report on Friday. Finally, TD Cowen dropped their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and a consensus target price of $237.25.

Read Our Latest Stock Analysis on Apple

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.06% of the company's stock.

Apple Stock Performance

NASDAQ:AAPL traded down $5.19 during mid-day trading on Friday, hitting $202.38. The stock had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. The stock has a market capitalization of $3.02 trillion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 2.22 and a beta of 1.17. The company has a 50 day simple moving average of $205.37 and a 200-day simple moving average of $213.60. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The company had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 172.48% and a net margin of 24.30%. The company's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.40 EPS. On average, research analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. Apple's payout ratio is presently 15.78%.

Apple declared that its board has approved a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.

Apple 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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