Duncker Streett & Co. Inc. Cuts Stock Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Duncker Streett & Co. Inc. reduced its position in Apple Inc. by 2.1% in the first quarter, now holding 79,310 shares valued at approximately $17.6 million, making Apple its third-largest investment.
• Apple reported $94.04 billion in revenue for the last quarter, exceeding analysts' estimates, with earnings per share of $1.57, compared to a previous $1.40.
• The company announced a $100 billion share buyback plan, indicating a belief that its shares are currently undervalued, alongside a quarterly dividend of $0.26 per share.

Duncker Streett & Co. Inc. trimmed its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,310 shares of the iPhone maker's stock after selling 1,700 shares during the quarter. Apple accounts for approximately 3.5% of Duncker Streett & Co. Inc.'s portfolio, making the stock its 3rd largest holding. Duncker Streett & Co. Inc.'s holdings in Apple were worth $17,617,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tallon Kerry Patrick acquired a new position in Apple during the fourth quarter worth about $1,877,000. First National Bank of Hutchinson grew its position in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after buying an additional 6,982 shares during the period. Capital & Planning LLC grew its position in Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock worth $6,836,000 after buying an additional 2,647 shares during the period. Eagle Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 272 shares in the last quarter. Finally, Brighton Jones LLC lifted its holdings in shares of 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 purchasing an additional 69,207 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Down 2.5%

Shares of AAPL stock traded down $5.19 during trading hours on Friday, hitting $202.38. 97,423,066 shares of the company were exchanged, compared to its average volume of 44,912,472. The stock has a market capitalization of $3.02 trillion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 2.22 and a beta of 1.17. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The business's 50-day simple moving average is $205.37 and its two-hundred day simple moving average is $213.60. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82.

Apple (NASDAQ:AAPL - Get Free Report) last issued its 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 return on equity of 172.48% and a net margin of 24.30%. The company had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same quarter last year, the firm earned $1.40 EPS. The business's revenue was up 9.6% on a year-over-year basis. Sell-side analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

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

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 11th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's dividend payout ratio is 15.78%.

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction dated 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 transaction, 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

AAPL has been the topic of several recent analyst reports. Morgan Stanley upped their price objective on shares of Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday. Evercore ISI upped their price objective on shares of Apple to $250.00 and gave the company a "buy" rating in a research note on Friday, June 6th. China Renaissance initiated coverage on shares of Apple in a research note on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price objective on the stock. Rosenblatt Securities reissued a "neutral" rating and set a $217.00 price objective on shares of Apple in a research note on Tuesday, July 29th. Finally, Loop Capital cut their price target on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and a consensus price target of $237.25.

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.