Onyx Bridge Wealth Group LLC Has $20.09 Million Position in Apple Inc. $AAPL

Key Points

• Onyx Bridge Wealth Group LLC reduced its holdings in Apple Inc. by 2.1% during the first quarter, now owning 90,460 shares worth approximately $20 million.
• Analysts give Apple an average rating of "Moderate Buy" with an average price target of $237.60, while recent reports indicate varied ratings from "market perform" to "outperform."
• Apple recently announced a quarterly dividend of $0.26 per share and initiated a $100 billion share buyback program, indicating board confidence in the stock's value.

Onyx Bridge Wealth Group LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,460 shares of the iPhone maker's stock after selling 1,972 shares during the period. Apple makes up approximately 2.9% of Onyx Bridge Wealth Group LLC's portfolio, making the stock its 6th biggest holding. Onyx Bridge Wealth Group LLC's holdings in Apple were worth $20,094,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AAPL shares. Evercore ISI reissued an "outperform" rating and issued a $250.00 price objective on shares of Apple in a research report on Wednesday, August 13th. Raymond James Financial reissued an "outperform" rating and issued a $240.00 price objective (up previously from $230.00) on shares of Apple in a research report on Friday, August 1st. Citigroup increased their price objective on shares of Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Bank of America increased their price objective on shares of Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, UBS Group increased their price objective on shares of Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Apple currently has a consensus rating of "Moderate Buy" and an average target price of $237.98.

Apple Stock Up 1.3%

Shares of AAPL stock traded up $2.86 on Friday, hitting $227.76. The stock had a trading volume of 42,431,176 shares, compared to its average volume of 61,964,760. The firm has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 34.56, a P/E/G ratio of 2.38 and a beta of 1.16. The stock's 50 day moving average is $212.52 and its 200-day moving average is $212.82. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. 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 170.91%. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple's dividend payout ratio is currently 15.78%.

Apple announced that its board has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.06% of the stock is owned by corporate insiders.

About Apple

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.