Advocate Group LLC Has $9.44 Million Position in Apple Inc. (NASDAQ:AAPL)

Advocate Group LLC reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 12.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,491 shares of the iPhone maker's stock after selling 6,113 shares during the quarter. Apple makes up about 1.7% of Advocate Group LLC's holdings, making the stock its 16th largest position. Advocate Group LLC's holdings in Apple were worth $9,438,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the company. Tallon Kerry Patrick bought a new stake in Apple during the fourth quarter valued at $1,877,000. First National Bank of Hutchinson boosted its stake in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after buying an additional 6,982 shares during the period. Capital & Planning LLC boosted its stake in Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after buying an additional 2,647 shares during the period. Eagle Capital Management LLC boosted its stake in Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after buying an additional 272 shares during the period. Finally, Brighton Jones LLC boosted its stake in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after buying an additional 69,207 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Apple

In other news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents 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 accessible through the SEC website. Corporate insiders own 0.06% of the company's stock.

Apple Stock Down 2.2%

Shares of AAPL stock traded down $4.62 on Friday, hitting $202.95. The stock had a trading volume of 46,370,982 shares, compared to its average volume of 56,587,043. The firm has a market capitalization of $3.03 trillion, a price-to-earnings ratio of 31.63, a P/E/G ratio of 2.30 and a beta of 1.20. The stock's 50 day moving average is $205.22 and its 200-day moving average is $213.98. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm's quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.40 earnings per share. As a group, research analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

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 often a sign that the company's leadership believes its stock is undervalued.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple's dividend payout ratio is currently 16.20%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Evercore ISI lifted their price objective on Apple to $250.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Monness Crespi & Hardt lifted their price objective on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a report on Friday. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a report on Friday, July 25th. Wedbush reissued an "outperform" rating and set a $270.00 price objective on shares of Apple in a report on Wednesday. Finally, Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.25.

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.