Perpetual Ltd Cuts Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Perpetual Ltd has reduced its holdings in Apple Inc. by 14.0%, now owning 67,095 shares valued at approximately $14.9 million.
• Apple declared a quarterly dividend of $0.26, payable on August 14, representing an annualized dividend yield of 0.5%.
• Recent analysts' reports show a consensus rating of "Moderate Buy" for Apple shares, with a price target ranging from $180.00 to $250.00.

Perpetual Ltd trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 14.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,095 shares of the iPhone maker's stock after selling 10,962 shares during the period. Perpetual Ltd's holdings in Apple were worth $14,904,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Conquis Financial LLC bought a new position in shares of Apple during the fourth quarter valued at $63,000. LSV Asset Management bought a new position in shares of Apple during the fourth quarter valued at $65,000. Pillar Financial Advisors LLC bought a new position in shares of Apple during the fourth quarter valued at $82,000. Compass Planning Associates Inc bought a new position in shares of Apple during the fourth quarter valued at $96,000. Finally, Collier Financial bought a new position in shares of Apple during the fourth quarter valued at $140,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AAPL. DA Davidson reaffirmed a "buy" rating and set a $250.00 price target on shares of Apple in a report on Friday, August 1st. Evercore ISI upped their price target on Apple to $250.00 and gave the company a "buy" rating in a report on Friday, June 6th. Barclays upped their price target on Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a report on Friday, August 1st. Citigroup increased their target price on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, UBS Group increased their target price on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and an average price target of $237.60.

Apple Price Performance

Shares of NASDAQ:AAPL traded up $9.32 during trading on Friday, hitting $229.35. 113,661,399 shares of the company's stock were exchanged, compared to its average volume of 56,719,256. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The business's 50-day simple moving average is $206.84 and its 200 day simple moving average is $213.14. The company has a market cap of $3.40 trillion, a price-to-earnings ratio of 34.80, a PEG ratio of 2.40 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter last year, the business posted $1.40 earnings per share. The firm's revenue was up 9.6% on a year-over-year basis. As a group, equities analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be given 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 currently 15.78%.

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

Insider Activity

In related news, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The transaction 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.