Apple Inc. (NASDAQ:AAPL) Shares Sold by Birch Capital Management LLC

Birch Capital Management LLC trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,416 shares of the iPhone maker's stock after selling 1,974 shares during the period. Apple comprises about 8.1% of Birch Capital Management LLC's investment portfolio, making the stock its largest position. Birch Capital Management LLC's holdings in Apple were worth $15,642,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Tallon Kerry Patrick purchased a new position in Apple in the fourth quarter valued at approximately $1,877,000. First National Bank of Hutchinson raised its holdings in Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after buying an additional 6,982 shares during the period. Capital & Planning LLC raised its holdings in Apple by 10.7% in the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after buying an additional 2,647 shares during the period. Eagle Capital Management LLC grew its position in Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after acquiring an additional 272 shares in the last quarter. Finally, Brighton Jones LLC grew its position in Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after acquiring an additional 69,207 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Apple news, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer owned 4,569 shares of the company's stock, valued at $941,214. The trade was a 50.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider directly owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. DA Davidson increased their price objective on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Monness Crespi & Hardt increased their price objective on shares of Apple to $245.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. China Renaissance began coverage on shares of Apple in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective for the company. Bank of America reissued a "buy" rating and set a $235.00 price target on shares of Apple in a research report on Tuesday, June 10th. Finally, TD Cowen decreased their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $235.11.

Apple Trading Down 0.0%

NASDAQ AAPL traded down $0.02 on Friday, hitting $210.01. 12,422,967 shares of the company were exchanged, compared to its average volume of 53,043,213. The company's 50 day moving average price is $204.32 and its 200-day moving average price is $216.12. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The firm has a market capitalization of $3.14 trillion, a P/E ratio of 32.70, a price-to-earnings-growth ratio of 2.35 and a beta of 1.20. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10.

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

Apple declared that its Board of Directors has approved a share repurchase program on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a 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 16.20%.

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.