Apple Inc. $AAPL Holdings Reduced by Novare Capital Management LLC

Key Points

• Novare Capital Management LLC has reduced its stake in Apple Inc. by 0.7%, now holding 172,851 shares which account for 3.4% of its investment portfolio.
• Apple's stock increased by 1.3% to $227.76, with a current market cap of $3.38 trillion and earnings per share reported at $1.57 for the last quarter, exceeding estimates.
• The company has announced a $100 billion stock repurchase plan and recently paid a quarterly dividend of $0.26 per share, translating to a yield of 0.5%.

Novare Capital Management LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 172,851 shares of the iPhone maker's stock after selling 1,224 shares during the quarter. Apple accounts for about 3.4% of Novare Capital Management LLC's investment portfolio, making the stock its 3rd largest holding. Novare Capital Management LLC's holdings in Apple were worth $38,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Apple Stock Up 1.3%

AAPL stock traded up $2.86 on Friday, reaching $227.76. 42,431,176 shares of the company traded hands, 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 debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The company has a market cap of $3.38 trillion, a P/E ratio of 34.56, a price-to-earnings-growth ratio of 2.35 and a beta of 1.16. The firm has a fifty day simple moving average of $212.52 and a 200-day simple moving average of $213.09.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data 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. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same quarter last year, the company earned $1.40 EPS. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. Research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

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

Apple Dividend Announcement

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

Insiders Place Their Bets

In other Apple 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 in the company, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of research reports. Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Morgan Stanley raised their target price on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup lifted their price target on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Wedbush restated an "outperform" rating and set a $270.00 price target on shares of Apple in a research report on Thursday, August 7th. Finally, Evercore ISI restated an "outperform" rating and set a $250.00 price target on shares of Apple in a research report on Wednesday, August 13th. Two research 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $237.98.

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.