CCM Investment Advisers LLC Has $27.80 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

CCM Investment Advisers LLC decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 125,169 shares of the iPhone maker's stock after selling 6,612 shares during the quarter. Apple makes up 3.4% of CCM Investment Advisers LLC's portfolio, making the stock its biggest position. CCM Investment Advisers LLC's holdings in Apple were worth $27,804,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in AAPL. Advanced Portfolio Management LLC increased its stake in Apple by 0.3% in the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after purchasing an additional 47 shares during the period. Family Capital Management Inc. raised its holdings in Apple by 0.3% in the fourth quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker's stock worth $4,235,000 after purchasing an additional 48 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA raised its holdings in Apple by 0.3% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker's stock worth $4,178,000 after purchasing an additional 48 shares in the last quarter. Scarborough Advisors LLC raised its holdings in Apple by 0.3% in the fourth quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker's stock worth $3,992,000 after purchasing an additional 51 shares in the last quarter. Finally, Disciplined Investments LLC increased its holdings in shares of Apple by 0.7% during the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock valued at $1,794,000 after acquiring an additional 51 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Activity

In other news, insider Chris Kondo sold 4,486 shares of the company'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 value of $933,940.34. Following the sale, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the sale, the chief financial officer owned 4,569 shares in the company, valued at approximately $941,214. This represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

Apple Stock Up 0.6%

Shares of Apple stock traded up $1.16 during midday trading on Friday, hitting $211.18. The company's stock had a trading volume of 48,647,642 shares, compared to its average volume of 53,145,744. The firm has a market capitalization of $3.15 trillion, a P/E ratio of 32.89, a PEG ratio of 2.36 and a beta of 1.20. The stock has a 50-day simple moving average of $204.57 and a 200-day simple moving average of $215.61. 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 Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The company had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. During the same quarter in the previous year, the firm earned $1.53 earnings per share. The business's quarterly revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

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

Apple Increases Dividend

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

Analysts Set New Price Targets

Several research firms have commented on AAPL. TD Cowen lowered their price objective on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. China Renaissance initiated coverage on Apple in a research report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price objective for the company. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Tuesday, June 10th. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a research note on Wednesday, May 21st. Finally, Tigress Financial lifted their price target on Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a research report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and a consensus target price of $235.11.

About Apple

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.