Apple Inc. $AAPL is Hixon Zuercher LLC's 8th Largest Position

Key Points

• Hixon Zuercher LLC reduced its holdings in Apple Inc. by 15.9% in the first quarter, now owning 32,823 shares, which represents 2.6% of its investment portfolio and makes it the 8th largest position for the firm.
• Apple's recent earnings report showed $94.04 billion in revenue and $1.57 EPS, exceeding analyst expectations, with revenue growth of 9.6% year-over-year.
• Apple's Board of Directors has initiated a $100 billion stock repurchase plan, indicating confidence in the company's stock value, while also declaring a quarterly dividend of $0.26 per share.

Hixon Zuercher LLC cut its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 15.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,823 shares of the iPhone maker's stock after selling 6,216 shares during the quarter. Apple accounts for about 2.6% of Hixon Zuercher LLC's holdings, making the stock its 8th biggest holding. Hixon Zuercher LLC's holdings in Apple were worth $7,291,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Tallon Kerry Patrick bought a new position in shares of Apple during the fourth quarter worth about $1,877,000. First National Bank of Hutchinson raised its position in shares of 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 acquiring an additional 6,982 shares during the last quarter. Capital & Planning LLC raised its position in shares of 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 acquiring an additional 2,647 shares during the last quarter. Eagle Capital Management LLC increased its holdings in Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after purchasing an additional 272 shares in the last quarter. Finally, Brighton Jones LLC increased its holdings in Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $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.

Apple Stock Performance

Shares of NASDAQ AAPL traded down $0.13 during trading on Tuesday, reaching $230.76. 8,640,402 shares of the stock traded hands, compared to its average volume of 57,554,328. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The company has a 50-day moving average of $210.28 and a 200-day moving average of $212.94. The stock has a market capitalization of $3.42 trillion, a P/E ratio of 35.07, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16.

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

Apple announced that its board has initiated a share repurchase plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding 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 generally an indication that the company's board believes its stock is undervalued.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid 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 was Monday, August 11th. Apple's payout ratio is presently 15.78%.

Insider Activity

In related news, SVP Deirdre O'brien sold 34,821 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.06% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on AAPL. Raymond James Financial reiterated an "outperform" rating and issued a $240.00 target price (up from $230.00) on shares of Apple in a report on Friday, August 1st. Scotiabank downgraded Apple to a "market perform" rating in a report on Friday, May 2nd. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. TD Cowen lowered their target price on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Rosenblatt Securities reissued a "neutral" rating and issued a $217.00 price objective on shares of Apple in a research note on Tuesday, July 29th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and an average target price of $237.60.

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.