Apple Inc. (NASDAQ:AAPL) Shares Sold by Autumn Glory Partners LLC

Key Points

• Autumn Glory Partners LLC reduced its stake in Apple Inc. by 15.1% in Q1, now holding 11,352 shares valued at approximately $2.52 million.
• Analysts have adjusted their price targets for Apple, with Loop Capital reducing their target from $230.00 to $215.00, while TD Cowen set a new target at $275.00, maintaining a "buy" rating.
• Apple announced a share buyback plan of $100 billion and increased its quarterly dividend to $0.26 per share, marking a 4% increase from the previous dividend.

Autumn Glory Partners LLC cut its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 15.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,352 shares of the iPhone maker's stock after selling 2,023 shares during the period. Apple comprises about 1.2% of Autumn Glory Partners LLC's holdings, making the stock its 20th largest holding. Autumn Glory Partners LLC's holdings in Apple were worth $2,522,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Conquis Financial LLC acquired a new position in Apple during the 4th quarter worth approximately $63,000. LSV Asset Management acquired a new stake in shares of Apple in the 4th quarter worth approximately $65,000. Pillar Financial Advisors LLC purchased a new stake in Apple in the 4th quarter valued at approximately $82,000. Compass Planning Associates Inc purchased a new stake in Apple in the 4th quarter valued at approximately $96,000. Finally, Collier Financial purchased a new position in shares of Apple during the 4th quarter worth $140,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Down 1.1%

Apple stock traded down $2.22 during mid-day trading on Wednesday, hitting $209.05. The company's stock had a trading volume of 43,674,703 shares, compared to its average volume of 43,746,808. The company has a 50 day moving average of $205.10 and a 200-day moving average of $214.16. The stock has a market cap of $3.12 trillion, a PE ratio of 32.56, a P/E/G ratio of 2.32 and a beta of 1.20. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. Apple Inc. has a one year low of $169.21 and a one year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last issued 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. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter last year, the company earned $1.53 earnings per share. The company's quarterly revenue was up 5.1% on a year-over-year basis. On average, research analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a $0.26 dividend. The ex-dividend date was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. 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 announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AAPL. Barclays set a $173.00 price target on Apple and gave the stock an "underweight" rating in a research note on Tuesday, June 24th. UBS Group reiterated a "hold" rating on shares of Apple in a report on Friday, July 18th. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research report on Friday, July 25th. Finally, Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $234.94.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction that occurred on 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 directly owned 15,533 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is owned by company insiders.

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.