Diversified Trust Co Sells 7,178 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Diversified Trust Co reduced its stake in Apple Inc. by 1.1%, now holding 647,167 shares valued at approximately $143.76 million, making it the firm's 7th largest position.
• In the latest earnings report, Apple reported $1.57 earnings per share, exceeding analysts' expectations, with revenues reaching $94.04 billion, a 9.6% increase year-over-year.
• The company announced a quarterly dividend of $0.26 per share to be paid on August 14th, and has approved a $100 billion share buyback program, signaling confidence in its valuation.

Diversified Trust Co cut its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 647,167 shares of the iPhone maker's stock after selling 7,178 shares during the quarter. Apple comprises 3.6% of Diversified Trust Co's investment portfolio, making the stock its 7th biggest position. Diversified Trust Co's holdings in Apple were worth $143,755,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Burkett Financial Services LLC grew its holdings in shares of Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock valued at $3,199,000 after purchasing an additional 93 shares during the last quarter. Avid Wealth Partners LLC grew its holdings in shares of Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after purchasing an additional 930 shares during the last quarter. OneAscent Wealth Management LLC grew its holdings in shares of Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after purchasing an additional 409 shares during the last quarter. TruWealth Advisors LLC grew its holdings in Apple by 2.8% in the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after acquiring an additional 5,120 shares during the last quarter. Finally, Allstate Corp grew its holdings in Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after acquiring an additional 438,471 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Price Performance

Shares of NASDAQ:AAPL traded up $2.56 during midday trading on Tuesday, reaching $229.74. 41,781,765 shares of the company were exchanged, compared to its average volume of 57,888,410. The stock has a market cap of $3.41 trillion, a PE ratio of 34.86, a price-to-earnings-growth ratio of 2.40 and a beta of 1.16. The business's fifty day moving average is $207.35 and its two-hundred day moving average is $213.10. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple Inc. has a one year low of $169.21 and a one year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The company had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple's revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.40 earnings per share. As a group, analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's dividend payout ratio (DPR) is currently 15.78%.

Apple declared that its board has approved a share 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 buy up to 3.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AAPL shares. China Renaissance started coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target on the stock. Raymond James Financial reaffirmed an "outperform" rating and set a $240.00 target price (up previously from $230.00) on shares of Apple in a research note on Friday, August 1st. Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Barclays lifted their target price on shares of Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Finally, TD Cowen cut their target price on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $237.60.

About Apple

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.