Cambridge Investment Research Advisors Inc. decreased its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,338,721 shares of the iPhone maker's stock after selling 36,753 shares during the quarter. Apple comprises about 3.3% of Cambridge Investment Research Advisors Inc.'s investment portfolio, making the stock its biggest holding. Cambridge Investment Research Advisors Inc.'s holdings in Apple were worth $963,760,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Burkett Financial Services LLC grew its holdings in shares of Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after acquiring an additional 93 shares during the period. Avid Wealth Partners LLC grew its holdings in shares of Apple by 28.3% in the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after acquiring an additional 930 shares during the period. OneAscent Wealth Management LLC grew its holdings in shares of Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after acquiring an additional 409 shares during the period. TruWealth Advisors LLC grew its holdings in Apple by 2.8% during the first quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock valued at $42,045,000 after purchasing an additional 5,120 shares during the period. Finally, Allstate Corp grew its holdings in Apple by 3,368.2% during the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after purchasing an additional 438,471 shares during the period. Hedge funds and other institutional investors own 67.73% of the company's stock.
Insider Buying and Selling
In other 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 transaction, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.06% of the company's stock.
Apple Stock Down 2.5%
Shares of AAPL stock traded down $5.19 during mid-day trading on Friday, hitting $202.38. The stock had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The firm has a market capitalization of $3.02 trillion, a P/E ratio of 30.71, a price-to-earnings-growth ratio of 2.22 and a beta of 1.17. The firm's 50-day moving average is $205.37 and its two-hundred day moving average is $213.60. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78.
Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. Apple had a return on equity of 172.48% and a net margin of 24.30%. The business's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.40 EPS. On average, analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple declared that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.
Apple Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 11th will be issued a $0.26 dividend. The ex-dividend date is Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. Apple's payout ratio is currently 15.78%.
Wall Street Analyst Weigh In
Several research firms have issued reports on AAPL. Wedbush reissued an "outperform" rating and set a $270.00 price target on shares of Apple in a report on Wednesday. JPMorgan Chase & Co. boosted their price target on Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday. Rosenblatt Securities reissued a "neutral" rating and set a $217.00 price target on shares of Apple in a report on Tuesday, July 29th. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Finally, Citigroup boosted their price objective on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given 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.
View Our Latest Stock Analysis on AAPL
About Apple
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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.
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