Pekin Hardy Strauss Inc. Has $13.04 Million Stake in Apple Inc. $AAPL

Key Points

• Pekin Hardy Strauss Inc. reduced its stake in Apple Inc. by 5.5%, now holding 58,716 shares worth approximately $13 million, making Apple its 5th largest holding.
• A variety of institutional investors have recently increased their positions in Apple, with Vanguard Group purchasing an additional 49 million shares during the last quarter.
• Apple's stock price increased by 0.9% recently, with the current value hitting $229.31, while maintaining a market cap of $3.40 trillion.

Pekin Hardy Strauss Inc. decreased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 58,716 shares of the iPhone maker's stock after selling 3,423 shares during the quarter. Apple accounts for approximately 1.6% of Pekin Hardy Strauss Inc.'s holdings, making the stock its 5th largest position. Pekin Hardy Strauss Inc.'s holdings in Apple were worth $13,042,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Advanced Portfolio Management LLC grew its holdings in Apple by 0.3% in the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock valued at $3,260,000 after buying an additional 47 shares during the last quarter. Salus Financial Advisors LLC grew its holdings in Apple by 3.9% in the 1st quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock valued at $291,000 after buying an additional 49 shares during the last quarter. Disciplined Investments LLC grew its holdings in Apple by 0.7% in the 4th quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock valued at $1,794,000 after buying an additional 51 shares during the last quarter. Redwood Financial Network Corp grew its holdings in Apple by 0.6% in the 4th quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock valued at $2,184,000 after buying an additional 53 shares during the last quarter. Finally, Mission Hills Financial Advisory LLC grew its holdings in Apple by 1.3% in the 1st quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker's stock valued at $892,000 after buying an additional 53 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Apple Price Performance

Shares of Apple stock traded down $0.42 during midday trading on Friday, hitting $232.14. 39,382,353 shares of the company were exchanged, compared to its average volume of 58,935,340. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The firm has a market cap of $3.45 trillion, a P/E ratio of 35.23, a PEG ratio of 2.43 and a beta of 1.16. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The firm has a 50 day simple moving average of $215.79 and a 200-day simple moving average of $213.08.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.Apple's revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the company earned $1.40 EPS. Research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. Apple's payout ratio is currently 15.78%.

Apple announced that its board has authorized a stock repurchase 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 generally a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

AAPL has been the topic of a number of research analyst reports. DA Davidson reaffirmed a "buy" rating and issued a $250.00 target price on shares of Apple in a report on Friday, August 1st. Barclays raised their target price on Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a report on Friday, August 1st. Wedbush reissued an "outperform" rating and set a $270.00 price objective on shares of Apple in a report on Thursday, August 7th. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. Finally, 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, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $237.37.

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated 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 completion of the sale, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.06% of the company's stock.

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.