Hamilton Capital Partners LLC Boosts Stock Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Hamilton Capital Partners LLC has increased its stake in Apple Inc. by 63.1% in the first quarter, making it the firm's largest position, representing 10.8% of its total holdings at a value of $16,977,000.
• A number of institutional investors have also adjusted their stakes in Apple, with most increasing their positions, contributing to 67.73% of the company's stock being held by such investors.
• Apple recently announced a quarterly dividend increase to $0.26 per share, along with a $100 billion stock buyback plan, indicating the company’s strong cash flow and belief that its stock is undervalued.

Hamilton Capital Partners LLC boosted its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 63.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,426 shares of the iPhone maker's stock after buying an additional 29,569 shares during the period. Apple comprises 10.8% of Hamilton Capital Partners LLC's portfolio, making the stock its largest holding. Hamilton Capital Partners LLC's holdings in Apple were worth $16,977,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Tallon Kerry Patrick acquired a new stake in shares of Apple in the 4th quarter valued at $1,877,000. First National Bank of Hutchinson lifted its position in Apple by 24.6% during the 4th 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 in the last quarter. Capital & Planning LLC lifted its position in Apple by 10.7% during the 4th 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 in the last quarter. Eagle Capital Management LLC lifted its position in Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after buying an additional 272 shares in the last quarter. Finally, Brighton Jones LLC lifted its position in Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after buying an additional 69,207 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. The Goldman Sachs Group reiterated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Needham & Company LLC reissued a "hold" rating on shares of Apple in a report on Friday. Bank of America reissued a "buy" rating and set a $235.00 price objective on shares of Apple in a report on Tuesday, June 10th. Monness Crespi & Hardt boosted their price objective on Apple to $245.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. boosted their price objective on Apple from $230.00 to $250.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and an average price target of $234.94.

Apple Stock Down 0.7%

NASDAQ:AAPL traded down $1.53 during trading hours on Tuesday, reaching $212.52. 11,262,509 shares of the stock were exchanged, compared to its average volume of 56,283,719. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. 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 50 day moving average of $204.87 and a 200 day moving average of $214.22. The stock has a market cap of $3.17 trillion, a PE ratio of 33.10, a PEG ratio of 2.39 and a beta of 1.20.

Apple (NASDAQ:AAPL - Get Free Report) last released 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. Apple had a return on equity of 167.24% and a net margin of 24.30%. The firm had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter in the prior year, the firm posted $1.53 EPS. The business's revenue was up 5.1% on a year-over-year basis. On average, equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is 16.20%.

Apple announced that its board has approved a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Insider Activity at Apple

In other news, insider Chris Kondo sold 4,486 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.06% of the company's stock.

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.