Capital Asset Advisory Services LLC Has $30.75 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Capital Asset Advisory Services LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 8.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 137,337 shares of the iPhone maker's stock after selling 12,052 shares during the period. Apple makes up about 1.6% of Capital Asset Advisory Services LLC's investment portfolio, making the stock its 19th biggest position. Capital Asset Advisory Services LLC's holdings in Apple were worth $30,748,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Drystone LLC acquired a new position in Apple during the fourth quarter worth $25,000. Life Planning Partners Inc bought a new stake in shares of Apple in the 4th quarter worth about $47,000. Conquis Financial LLC acquired a new stake in shares of Apple during the 4th quarter worth about $63,000. LSV Asset Management bought a new position in Apple during the 4th quarter valued at about $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in Apple in the fourth quarter valued at about $82,000. 67.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on AAPL. JPMorgan Chase & Co. cut their target price on shares of Apple from $245.00 to $230.00 and set an "overweight" rating for the company in a research note on Thursday, June 26th. China Renaissance assumed coverage on Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target for the company. Tigress Financial boosted their target price on shares of Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a research note on Thursday, April 3rd. Scotiabank cut shares of Apple to a "market perform" rating in a research note on Friday, May 2nd. Finally, Bank of America restated a "buy" rating and issued a $235.00 price objective on shares of Apple in a research report on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of "Moderate Buy" and an average target price of $234.95.

Insiders Place Their Bets

In other Apple news, SVP Katherine L. Adams sold 38,822 shares of Apple stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total value of $8,683,316.74. Following the completion of the sale, the senior vice president owned 179,158 shares in the company, valued at $40,072,269.86. The trade was a 17.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at $941,214. This represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock valued at $42,694,080 in the last three months. Insiders own 0.06% of the company's stock.

Apple Stock Performance

Shares of Apple stock traded up $2.65 during trading on Tuesday, hitting $207.82. 78,634,226 shares of the stock were exchanged, compared to its average volume of 53,588,359. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company has a fifty day moving average price of $202.85 and a 200-day moving average price of $219.53. The stock has a market capitalization of $3.10 trillion, a price-to-earnings ratio of 28.94, a price-to-earnings-growth ratio of 2.29 and a beta of 1.20. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business's revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.53 earnings per share. As a group, equities analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is presently 16.20%.

Apple announced that its board has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes 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 board believes its stock is undervalued.

Apple Company 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.