TFC Financial Management Inc. Has $10.57 Million Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• TFC Financial Management Inc. has reduced its position in Apple Inc. by 13.1%, now holding 47,585 shares, which constitutes 1.6% of its portfolio, valued at approximately $10.57 million.
• Apple reported earnings of $1.57 per share, exceeding analysts' expectations, with revenues of $94.04 billion, a 9.6% increase year-over-year.
• The company's board has approved a $100 billion share repurchase program, signaling confidence in the company's valuation and allowing it to buy back up to 3.1% of its shares.

TFC Financial Management Inc. cut its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 13.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,585 shares of the iPhone maker's stock after selling 7,150 shares during the quarter. Apple makes up approximately 1.6% of TFC Financial Management Inc.'s investment portfolio, making the stock its 9th largest holding. TFC Financial Management Inc.'s holdings in Apple were worth $10,570,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Advanced Portfolio Management LLC boosted its holdings in Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after buying an additional 47 shares in the last quarter. Family Capital Management Inc. raised its position in Apple by 0.3% during the fourth quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker's stock valued at $4,235,000 after buying an additional 48 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA lifted its position in Apple by 0.3% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker's stock worth $4,178,000 after buying an additional 48 shares in the last quarter. Scarborough Advisors LLC increased its position in Apple by 0.3% in the 4th quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker's stock worth $3,992,000 after purchasing an additional 51 shares during the last quarter. Finally, Disciplined Investments LLC increased its position in Apple by 0.7% in the 4th quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock worth $1,794,000 after purchasing an additional 51 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Apple Trading Up 1.1%

Apple stock traded up $2.56 during trading hours on Tuesday, reaching $229.74. 41,781,765 shares of the company's stock were exchanged, compared to its average volume of 57,888,410. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The firm's 50 day simple moving average is $207.35 and its 200 day simple moving average is $213.10. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market capitalization of $3.41 trillion, a PE ratio of 34.86, a PEG ratio of 2.40 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last released 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. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company 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 was up 9.6% on a year-over-year basis. Research analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its board has authorized a share repurchase plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Apple Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AAPL. China Renaissance assumed coverage on shares of Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 target price on the stock. Monness Crespi & Hardt increased their target price on Apple from $245.00 to $270.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Bank of America raised their price objective on Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, 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 research report on Friday, August 1st. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.60.

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.