Aviance Capital Partners LLC Sells 3,589 Shares of Apple Inc. $AAPL

Key Points

• Aviance Capital Partners LLC reduced its stake in Apple Inc. by 1.3%, retaining 269,394 shares, which represent approximately 8.4% of its total holdings valued at $59.84 million.
• Apple's recent earnings report revealed a 9.6% year-over-year revenue increase to $94.04 billion, with reported earnings per share exceeding analysts' estimates at $1.57.
• The company has announced a stock repurchase plan allowing for the buyback of up to $100 billion in shares, reflecting management's belief that the stock is undervalued.

Aviance Capital Partners LLC lessened its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 269,394 shares of the iPhone maker's stock after selling 3,589 shares during the period. Apple accounts for about 8.4% of Aviance Capital Partners LLC's portfolio, making the stock its biggest position. Aviance Capital Partners LLC's holdings in Apple were worth $59,840,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Conquis Financial LLC bought a new position in Apple during the 4th quarter worth $63,000. LSV Asset Management bought a new position in shares of Apple in the 4th quarter valued at $65,000. Pillar Financial Advisors LLC bought a new position in shares of Apple in the 4th quarter valued at $82,000. Compass Planning Associates Inc bought a new position in shares of Apple in the 4th quarter valued at $96,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Apple in the 4th quarter valued at $147,000. Institutional investors own 67.73% of the company's stock.

Insider Activity at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction that occurred 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 transaction, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is currently owned by insiders.

Apple Trading Up 1.3%

Shares of Apple stock traded up $2.86 on Friday, hitting $227.76. 42,431,176 shares of the company's stock 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 fifty day moving average of $212.52 and a two-hundred day moving average of $213.09. The company has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 34.56, a price-to-earnings-growth ratio of 2.35 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $88.64 billion. During the same quarter in the prior year, the company earned $1.40 EPS. The firm's revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its board has authorized a share repurchase program on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.

Apple Dividend Announcement

The firm also recently announced 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. 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 Ratings Changes

AAPL has been the topic of several recent analyst reports. Loop Capital decreased their price target on Apple from $230.00 to $226.00 and set a "hold" rating on the stock in a research note on Thursday. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Friday, July 25th. Wedbush reiterated an "outperform" rating and issued a $270.00 price target on shares of Apple in a research note on Thursday, August 7th. Monness Crespi & Hardt raised their price objective on Apple from $245.00 to $270.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Evercore ISI reissued an "outperform" rating and set a $250.00 price objective on shares of Apple in a report on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Apple 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.