Oppenheimer Asset Management Inc. Decreases Stake in Apple Inc. (NASDAQ:AAPL)

Key Points

• Oppenheimer Asset Management Inc. reduced its position in Apple Inc. by approximately 13.2%, now holding 475,526 shares valued at around $105.6 million, making it the firm's 9th largest position.
• Apple recently reported $1.57 earnings per share, exceeding analysts' estimates and showing a 9.6% increase in revenue year-over-year, amounting to $94.04 billion for the quarter.
• The company's Board of Directors authorized a share buyback plan of up to $100 billion, indicating confidence in the stock's current valuation.

Oppenheimer Asset Management Inc. trimmed its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 13.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 475,526 shares of the iPhone maker's stock after selling 72,554 shares during the period. Apple makes up approximately 1.3% of Oppenheimer Asset Management Inc.'s investment portfolio, making the stock its 9th largest position. Oppenheimer Asset Management Inc.'s holdings in Apple were worth $105,629,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Tallon Kerry Patrick bought a new position in shares of Apple in the fourth quarter worth about $1,877,000. First National Bank of Hutchinson lifted its holdings in shares of Apple by 24.6% in 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 lifted its holdings in shares of Apple by 10.7% in 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 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 worth $13,544,000 after acquiring an additional 272 shares during the last quarter. Finally, Brighton Jones LLC raised its holdings in Apple by 14.8% in the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after buying an additional 69,207 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple 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 sale, the insider 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AAPL. Raymond James Financial reiterated an "outperform" rating and issued a $240.00 price objective (up previously from $230.00) on shares of Apple in a report on Friday. Bank of America raised their price objective on shares of Apple from $235.00 to $240.00 and gave the company a "buy" rating in a report on Friday. UBS Group raised their price objective on shares of Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Friday. Monness Crespi & Hardt raised their price objective on shares of Apple from $245.00 to $270.00 and gave the company a "buy" rating in a report on Friday. Finally, DA Davidson restated a "buy" rating and set a $250.00 price target on shares of Apple in a report on Friday. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.25.

Apple Stock Up 0.5%

NASDAQ AAPL traded up $0.97 during mid-day trading on Monday, hitting $203.35. The company's stock had a trading volume of 74,983,799 shares, compared to its average volume of 57,129,035. The company's 50 day simple moving average is $205.37 and its 200 day simple moving average is $213.50. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $3.04 trillion, a price-to-earnings ratio of 30.86, a PEG ratio of 2.20 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm 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%. The business's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.40 EPS. Analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple announced that its Board of Directors has initiated a share buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

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 issued a $0.26 dividend. 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 payout ratio is 15.78%.

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.