Apple Inc. $AAPL Shares Sold by REDW Wealth LLC

Key Points

• REDW Wealth LLC reduced its holdings in Apple Inc. by 15.3%, now owning 13,918 shares worth approximately $3.09 million, making Apple the firm's 19th largest investment.
• Several hedge funds have increased their stakes in Apple, with Vanguard Group Inc. leading by growing its holdings by 3.7%, now totaling over 1.39 billion shares valued at approximately $349.5 billion.
• Analysts have mixed opinions on Apple's stock, with a consensus price target of $237.98 and ratings varying from Strong Buy to Sell, reflecting the differing outlooks within the investment community.

REDW Wealth LLC trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 15.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,918 shares of the iPhone maker's stock after selling 2,514 shares during the period. Apple accounts for approximately 1.2% of REDW Wealth LLC's investment portfolio, making the stock its 19th biggest holding. REDW Wealth LLC's holdings in Apple were worth $3,091,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Apple by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock worth $349,532,608,000 after purchasing an additional 49,168,843 shares during the period. Geode Capital Management LLC grew its position in Apple by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock worth $84,999,145,000 after purchasing an additional 6,307,413 shares during the period. Norges Bank acquired a new stake in Apple during the 4th quarter worth about $46,868,648,000. Northern Trust Corp grew its position in Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after purchasing an additional 20,079,472 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Apple by 14.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock worth $26,220,566,000 after purchasing an additional 13,137,968 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on AAPL. BMO Capital Markets reiterated a "buy" rating on shares of Apple in a research report on Wednesday, August 13th. Raymond James Financial reiterated an "outperform" rating and set a $240.00 price target (up previously from $230.00) on shares of Apple in a research report on Friday, August 1st. Loop Capital cut their price objective on Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research report on Thursday. DA Davidson reaffirmed a "buy" rating and set a $250.00 target price on shares of Apple in a research note on Friday, August 1st. Finally, Wedbush reissued an "outperform" rating and issued a $270.00 price target on shares of Apple in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $237.98.

Apple Price Performance

Apple stock traded up $2.86 during midday trading on Friday, reaching $227.76. The company had a trading volume of 42,431,176 shares, compared to its average volume of 61,854,304. The company has a market capitalization of $3.38 trillion, a P/E ratio of 34.56, a P/E/G ratio of 2.35 and a beta of 1.16. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The firm's fifty day simple moving average is $212.52 and its 200-day simple moving average is $213.09. 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 issued its quarterly 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 analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple's quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the company posted $1.40 EPS. As a group, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

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

Apple announced that its board has approved a share buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the 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 represents a 20.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.06% of the company's stock.

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.