Apple Inc. $AAPL is Baskin Financial Services Inc.'s Largest Position

Key Points

• Baskin Financial Services Inc. reduced its stake in Apple Inc. by 2.1%, selling 6,946 shares to hold a total of 330,554 shares, which is worth approximately $73.4 million.
• Apple's stock has a market capitalization of $3.42 trillion, with a current trading price of $230.56, showing significant performance stability in the range of a 12-month low of $169.21 and a high of $260.10.
• The company has announced a $100 billion share repurchase program and recently paid a quarterly dividend of $0.26, reflecting its strong financial position and commitment to returning value to shareholders.

Baskin Financial Services Inc. cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 330,554 shares of the iPhone maker's stock after selling 6,946 shares during the period. Apple makes up 6.0% of Baskin Financial Services Inc.'s holdings, making the stock its biggest holding. Baskin Financial Services Inc.'s holdings in Apple were worth $73,426,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Apple by 3.7% during the fourth 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 raised its stake in Apple by 1.9% during the fourth 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 shares of Apple during the fourth quarter valued at about $46,868,648,000. Northern Trust Corp increased its position in shares of Apple by 13.3% during the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after acquiring an additional 20,079,472 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Apple by 14.3% during the fourth 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 valued at $26,220,566,000 after acquiring an additional 13,137,968 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction on 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 transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.06% of the company's stock.

Apple Stock Down 0.7%

NASDAQ AAPL traded down $1.5190 on Thursday, hitting $224.4910. 17,095,958 shares of the stock were exchanged, compared to its average volume of 57,413,074. 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 Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The company has a market cap of $3.33 trillion, a PE ratio of 34.06, a PEG ratio of 2.41 and a beta of 1.16. The company has a 50-day moving average price of $211.38 and a 200-day moving average price of $213.15.

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 the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter in the previous year, the business posted $1.40 EPS. The firm's revenue was up 9.6% on a year-over-year basis. Sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes 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 stock is undervalued.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders 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 annualized dividend and a dividend yield of 0.5%. Apple's dividend payout ratio is presently 15.78%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on AAPL shares. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research report on Friday, July 25th. Morgan Stanley lifted their price target on shares of Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Raymond James Financial reiterated an "outperform" rating and set a $240.00 price target (up from $230.00) on shares of Apple in a research report on Friday, August 1st. Bank of America lifted their price target on shares of Apple from $240.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Monness Crespi & Hardt lifted their price target on shares of Apple from $245.00 to $270.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.