Black Point Wealth Management Has $505,000 Stake in Apple Inc. (NASDAQ:AAPL)

Black Point Wealth Management cut its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 59.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,273 shares of the iPhone maker's stock after selling 3,392 shares during the quarter. Apple accounts for about 2.9% of Black Point Wealth Management's portfolio, making the stock its 6th biggest position. Black Point Wealth Management's holdings in Apple were worth $505,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Apple by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock worth $349,532,608,000 after buying an additional 49,168,843 shares during the last quarter. Geode Capital Management LLC boosted its position in Apple by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock worth $84,999,145,000 after purchasing an additional 6,307,413 shares during the last quarter. Norges Bank bought a new position in Apple in the 4th quarter valued at $46,868,648,000. Northern Trust Corp increased its position in shares of Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after purchasing an additional 20,079,472 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Apple by 14.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock worth $26,220,566,000 after purchasing an additional 13,137,968 shares during the period. Institutional investors own 67.73% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Apple from $245.00 to $230.00 and set an "overweight" rating for the company in a research report on Thursday, June 26th. Scotiabank lowered shares of Apple to a "market perform" rating in a research note on Friday, May 2nd. Evercore ISI lifted their price target on shares of Apple to $250.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Tigress Financial increased their price objective on Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a report on Thursday, April 3rd. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Apple in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $235.27.

Apple Price Performance

Shares of NASDAQ AAPL traded down $1.27 during trading hours on Friday, reaching $211.14. 26,418,862 shares of the stock traded hands, compared to its average volume of 53,390,132. The company's 50-day simple moving average is $203.27 and its two-hundred day simple moving average is $217.73. The company has a market capitalization of $3.15 trillion, a P/E ratio of 32.89, a price-to-earnings-growth ratio of 2.36 and a beta of 1.20. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18.

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

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.49%. Apple's payout ratio is currently 16.20%.

Apple announced that its board has approved a share buyback plan on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership 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 directly owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer directly owned 4,569 shares in the company, valued at $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.