Allied Investment Advisors LLC Has $11.37 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

Allied Investment Advisors LLC cut its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 38.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,170 shares of the iPhone maker's stock after selling 32,536 shares during the quarter. Apple makes up about 2.2% of Allied Investment Advisors LLC's holdings, making the stock its 19th biggest position. Allied Investment Advisors LLC's holdings in Apple were worth $11,366,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in Apple in the 4th quarter valued at approximately $46,868,648,000. GAMMA Investing LLC boosted its position in shares of Apple by 25,934.1% in the first 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 period. Vanguard Group Inc. grew its stake in shares of Apple by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock worth $349,532,608,000 after acquiring an additional 49,168,843 shares during the last quarter. Proficio Capital Partners LLC increased its position in Apple by 23,555.4% during the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock worth $5,272,653,000 after acquiring an additional 20,966,232 shares during the period. Finally, Northern Trust Corp increased its position in Apple by 13.3% during the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after acquiring an additional 20,079,472 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on AAPL. DA Davidson raised their price target on shares of Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Bank of America reiterated a "buy" rating and issued a $235.00 target price on shares of Apple in a research note on Tuesday, June 10th. UBS Group restated a "buy" rating on shares of Apple in a research note on Sunday, June 1st. Citigroup reaffirmed a "buy" rating on shares of Apple in a report on Tuesday, June 10th. Finally, Raymond James Financial decreased their price objective on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $234.39.

Insider Transactions at Apple

In other 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 transaction of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares of the company's stock, valued at $733,637,976.75. This represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jeffrey E. Williams sold 35,493 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total transaction of $7,950,786.93. Following the completion of the transaction, the chief operating officer now owns 390,059 shares of the company's stock, valued at $87,377,116.59. This trade represents a 8.34% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 191,507 shares of company stock worth $42,694,080. Insiders own 0.06% of the company's stock.

Apple Price Performance

Apple stock traded up $0.08 during trading hours on Friday, hitting $201.08. 73,073,177 shares of the stock were exchanged, compared to its average volume of 53,462,167. The stock has a market capitalization of $3.00 trillion, a P/E ratio of 31.32, a P/E/G ratio of 2.25 and a beta of 1.22. The business's 50-day moving average is $202.52 and its two-hundred day moving average is $220.53. 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 12 month low of $169.21 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. During the same period in the previous year, the business earned $1.53 EPS. Apple's revenue was up 5.1% compared to the same quarter last year. Equities research analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

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

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

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.