Apple Inc. (NASDAQ:AAPL) Stake Decreased by Bartlett & CO. Wealth Management LLC

Key Points

• Bartlett & CO. Wealth Management LLC has reduced its stake in Apple Inc. by 1.6% during the 1st quarter, now holding 1,732,390 shares valued at approximately $384.8 million.
• Apple Inc. reported a quarterly earnings per share (EPS) of $1.57, surpassing estimates by $0.14, with revenues reaching $94.04 billion, reflecting a year-over-year growth of 9.6%.
• The company has initiated a $100 billion stock repurchase program, indicating confidence in its stock value, and it recently announced a quarterly dividend of $0.26 per share, with a yield of 0.5%.

Bartlett & CO. Wealth Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,732,390 shares of the iPhone maker's stock after selling 27,770 shares during the quarter. Apple comprises approximately 5.7% of Bartlett & CO. Wealth Management LLC's investment portfolio, making the stock its biggest holding. Bartlett & CO. Wealth Management LLC's holdings in Apple were worth $384,816,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in AAPL. Burkett Financial Services LLC boosted its holdings in Apple by 0.6% during the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after buying an additional 93 shares in the last quarter. Avid Wealth Partners LLC boosted its holdings in Apple by 28.3% during the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after buying an additional 930 shares in the last quarter. OneAscent Wealth Management LLC boosted its holdings in Apple by 4.6% during the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after buying an additional 409 shares in the last quarter. TruWealth Advisors LLC boosted 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 worth $42,045,000 after buying an additional 5,120 shares in the last quarter. Finally, Allstate Corp boosted 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 worth $113,062,000 after buying an additional 438,471 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Up 1.1%

AAPL stock traded up $2.56 during midday trading on Tuesday, reaching $229.74. 41,781,765 shares of the company's stock traded hands, compared to its average volume of 57,888,410. The company has a market cap of $3.41 trillion, a price-to-earnings ratio of 34.86, a P/E/G ratio of 2.40 and a beta of 1.16. The firm's fifty day moving average price is $207.35 and its 200-day moving average price is $213.10. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.40 EPS. As a group, sell-side analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

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

Apple Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be paid a $0.26 dividend. 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 is presently 15.78%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Apple from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. China Renaissance began coverage on shares of Apple in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target for the company. DA Davidson restated a "buy" rating and issued a $250.00 price target on shares of Apple in a research report on Friday, August 1st. KeyCorp upgraded shares of Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. Finally, Jefferies Financial Group upgraded shares of Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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.