Pure Portfolios Holdings LLC Sells 2,391 Shares of Apple Inc. $AAPL

Key Points

• Pure Portfolios Holdings LLC reduced its stake in Apple Inc. by 8.5%, owning 25,875 shares worth approximately $5.75 million after selling 2,391 shares during the first quarter.
• Apple's recent quarterly earnings showed an EPS of $1.57 and revenue of $94.04 billion, exceeding analysts' expectations, with a net margin of 24.30%.
• The company's Board of Directors approved a $100 billion stock repurchase program, indicating confidence that its stock is undervalued.

Pure Portfolios Holdings LLC lessened its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 8.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,875 shares of the iPhone maker's stock after selling 2,391 shares during the period. Apple makes up approximately 2.1% of Pure Portfolios Holdings LLC's holdings, making the stock its 13th largest position. Pure Portfolios Holdings LLC's holdings in Apple were worth $5,748,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Life Planning Partners Inc purchased a new position in Apple in the fourth quarter worth about $47,000. Elite Financial Inc. purchased a new stake in shares of Apple during the 1st quarter valued at about $58,000. Conquis Financial LLC bought a new position in shares of Apple in the 4th quarter worth approximately $63,000. LSV Asset Management purchased a new position in shares of Apple in the fourth quarter worth approximately $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in Apple during the fourth quarter valued at approximately $82,000. 67.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price objective on shares of Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. TD Cowen lowered their target price on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Loop Capital reduced their price target on Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research report on Thursday. Monness Crespi & Hardt raised their price objective on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $250.00 price objective on shares of Apple in a research report on Wednesday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $237.98.

Apple Price Performance

Shares of NASDAQ:AAPL traded up $2.86 during trading on Friday, hitting $227.76. 42,431,176 shares of the company's stock were exchanged, compared to its average volume of 61,854,304. The business's 50-day simple moving average is $212.52 and its 200 day simple moving average is $212.96. The company has a market cap of $3.38 trillion, a price-to-earnings ratio of 34.56, a PEG ratio of 2.38 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 company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same period in the previous year, the firm earned $1.40 EPS. The firm's revenue was up 9.6% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 7.28 EPS 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 issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, August 11th. Apple's dividend payout ratio is 15.78%.

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

Insider Buying and Selling at Apple

In other news, SVP Deirdre O'brien sold 34,821 shares of the firm'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 completion of the transaction, the senior vice president owned 136,687 shares in the company, valued at $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.06% of the stock is currently owned by insiders.

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.