Silver Oak Securities Incorporated Sells 1,255 Shares of Apple Inc. $AAPL

Key Points

• Silver Oak Securities Incorporated reduced its holdings in Apple Inc. by 1.3%, now owning 98,655 shares, worth approximately $21.5 million, making Apple its 3rd largest investment.
• Apple's latest earnings report revealed an EPS of $1.57, exceeding expectations, and a revenue of $94.04 billion for the quarter.
• The company announced a quarterly dividend of $0.26, with a payout ratio of 15.78%, and initiated a share buyback program allowing for the repurchase of up to $100 billion in shares.

Silver Oak Securities Incorporated cut its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 98,655 shares of the iPhone maker's stock after selling 1,255 shares during the quarter. Apple comprises 2.0% of Silver Oak Securities Incorporated's holdings, making the stock its 3rd biggest position. Silver Oak Securities Incorporated's holdings in Apple were worth $21,497,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AAPL. Norges Bank acquired a new position in shares of Apple in the 4th quarter valued at approximately $46,868,648,000. GAMMA Investing LLC grew its position in shares of Apple by 25,934.1% in the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after purchasing an additional 59,835,676 shares during the period. Vanguard Group Inc. grew its position in shares of Apple by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after purchasing an additional 49,168,843 shares during the period. Proficio Capital Partners LLC grew its position in shares of Apple by 23,555.4% in the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock valued at $5,272,653,000 after purchasing an additional 20,966,232 shares during the period. Finally, Northern Trust Corp grew its position in shares of Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after purchasing an additional 20,079,472 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Up 1.3%

Shares of Apple stock traded up $2.86 on Friday, reaching $227.76. 42,431,176 shares of the company were exchanged, compared to its average volume of 61,854,304. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 34.56, a PEG ratio of 2.35 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 company has a 50-day moving average of $212.52 and a 200 day moving average of $213.09.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (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 quarter in the prior year, the business posted $1.40 EPS. The business's revenue was up 9.6% compared to the same quarter last year. On average, equities research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its Board of Directors has approved a share repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Apple Announces Dividend

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

Insiders Place Their Bets

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company's stock, valued at $30,508,538.40. This represents a 20.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Bank of America boosted their target price on Apple from $240.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Citigroup boosted their target price on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research note on Friday, August 1st. BMO Capital Markets restated a "buy" rating on shares of Apple in a research note on Wednesday, August 13th. Finally, Evercore ISI restated an "outperform" rating and issued a $250.00 target price on shares of Apple in a research note on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $237.98.

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.