Apple Inc. $AAPL Shares Sold by 49 Wealth Management LLC

49 Wealth Management LLC cut its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,527 shares of the iPhone maker's stock after selling 1,686 shares during the quarter. Apple makes up approximately 0.7% of 49 Wealth Management LLC's investment portfolio, making the stock its 26th largest position. 49 Wealth Management LLC's holdings in Apple were worth $6,115,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Conquis Financial LLC purchased a new stake in shares of Apple during the fourth quarter worth approximately $63,000. LSV Asset Management acquired a new position in shares of Apple in the 4th quarter valued at $65,000. Elite Financial Inc. acquired a new position in Apple during the 1st quarter worth about $58,000. Pillar Financial Advisors LLC acquired a new position in Apple during the 4th quarter worth about $82,000. Finally, Compass Planning Associates Inc purchased a new stake in Apple during the 4th quarter worth about $96,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on AAPL. Evercore ISI reiterated an "outperform" rating and issued a $250.00 price objective on shares of Apple in a report on Wednesday, August 13th. Monness Crespi & Hardt increased their price objective on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research report on Friday, July 25th. TD Cowen reduced their price target on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Citigroup lifted their price objective on Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Apple presently has a consensus rating of "Moderate Buy" and an average target price of $237.01.

Insider Activity at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Apple Price Performance

Shares of Apple stock opened at $229.31 on Wednesday. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The stock has a market capitalization of $3.40 trillion, a P/E ratio of 34.80, a PEG ratio of 2.37 and a beta of 1.16. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The business's fifty day moving average price is $213.77 and its 200 day moving average price is $212.93.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 170.91% and a net margin of 24.30%.The firm's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.40 earnings per share. As a group, research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

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

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.