Rehmann Capital Advisory Group Lowers Stock Position in Apple Inc. $AAPL

Key Points

• Rehmann Capital Advisory Group sold 1,310 shares of Apple, resulting in a 0.6% decrease in their stake, leaving them with 202,327 shares valued at $44.9 million.
• Apple's Q3 earnings surpassed expectations with an EPS of $1.57 and $94.04 billion in revenue, a 9.6% increase from the previous year.
• Institutional investors currently hold approximately 67.73% of Apple's shares, indicating strong institutional confidence in the company.

Rehmann Capital Advisory Group cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 202,327 shares of the iPhone maker's stock after selling 1,310 shares during the quarter. Apple makes up about 2.8% of Rehmann Capital Advisory Group's investment portfolio, making the stock its 4th largest position. Rehmann Capital Advisory Group's holdings in Apple were worth $44,943,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AAPL. Life Planning Partners Inc bought a new stake in shares of Apple in the 4th quarter valued at about $47,000. Elite Financial Inc. bought a new position in shares of Apple in the first quarter worth approximately $58,000. Conquis Financial LLC purchased a new position in shares of Apple in the fourth quarter worth $63,000. LSV Asset Management purchased a new position in shares of Apple in the fourth quarter worth $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in Apple during the 4th quarter valued at $82,000. Institutional investors own 67.73% of the company's stock.

Apple Stock Down 0.2%

Apple stock traded down $0.42 during trading hours on Friday, hitting $232.14. The stock had a trading volume of 39,382,353 shares, compared to its average volume of 58,935,340. The stock's 50-day moving average price is $215.79 and its 200-day moving average price is $212.91. The stock has a market capitalization of $3.45 trillion, a P/E ratio of 35.23, a price-to-earnings-growth ratio of 2.42 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 company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm earned $1.40 earnings per share. Equities research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have issued reports on AAPL. Morgan Stanley raised their price target on shares of Apple from $235.00 to $240.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Rosenblatt Securities reiterated a "neutral" rating and set a $217.00 price target on shares of Apple in a research report on Tuesday, July 29th. Citigroup upped their price target on Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, UBS Group lifted their target price on shares of Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Two equities 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 given a Sell rating to the company. Based on data from MarketBeat.com, Apple has an average rating of "Moderate Buy" and an average price target of $237.37.

Insider Activity

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