Townsend Asset Management Corp NC ADV Sells 1,306 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Townsend Asset Management Corp NC ADV reduced its holdings in Apple by 3.6% in Q1, making it the firm's 8th largest position with 35,420 shares valued at approximately $7.87 million.
• Analysts have varied opinions on Apple's stock, with a consensus rating of "Moderate Buy" and a consensus price target of $234.94, reflecting diverse expectations about future performance.
• Apple recently declared a $100 billion stock repurchase program and increased its quarterly dividend to $0.26 per share, showing confidence in its financial health and returning value to shareholders.

Townsend Asset Management Corp NC ADV lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,420 shares of the iPhone maker's stock after selling 1,306 shares during the period. Apple accounts for approximately 3.0% of Townsend Asset Management Corp NC ADV's portfolio, making the stock its 8th largest holding. Townsend Asset Management Corp NC ADV's holdings in Apple were worth $7,868,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Life Planning Partners Inc acquired a new position in shares of Apple in the 4th quarter valued at $47,000. Conquis Financial LLC purchased a new position in shares of Apple in the 4th quarter valued at $63,000. LSV Asset Management purchased a new stake in Apple during the 4th quarter worth $65,000. Pillar Financial Advisors LLC acquired a new position in shares of Apple during the fourth quarter worth about $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple during the 4th quarter worth approximately $96,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Trading Down 1.1%

NASDAQ AAPL traded down $2.22 during trading on Wednesday, hitting $209.05. The company had a trading volume of 43,674,703 shares, compared to its average volume of 43,746,808. The company's fifty day moving average is $205.10 and its 200-day moving average is $214.16. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company has a market cap of $3.12 trillion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 2.32 and a beta of 1.20.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.53 EPS. On average, sell-side analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were paid a dividend of $0.26 per share. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.50%. Apple's payout ratio is 16.20%.

Apple declared that its board has approved a share buyback program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Bank of America reiterated a "buy" rating and set a $235.00 price objective on shares of Apple in a research note on Tuesday, June 10th. DA Davidson raised their price target on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Morgan Stanley restated an "overweight" rating on shares of Apple in a research note on Friday, June 13th. Loop Capital cut their target price on Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Finally, Barclays set a $173.00 price target on shares of Apple and gave the stock an "underweight" rating in a research report on Tuesday, June 24th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $234.94.

Insiders Place Their Bets

In other news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.06% of the company's stock.

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.