Cherry Creek Investment Advisors Inc. Cuts Stock Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Cherry Creek Investment Advisors Inc. reduced its stake in Apple Inc. by 5.8%, lowering its holdings to 48,876 shares valued at approximately $10.86 million.
• Apple reported a quarterly earnings per share (EPS) of $1.57, surpassing analyst estimates of $1.43, with a revenue of $94.04 billion, reflecting a 9.6% year-over-year increase.
• The company's Board of Directors has approved a stock buyback program, authorizing up to $100 billion in repurchases, indicating confidence in the stock's current valuation.

Cherry Creek Investment Advisors Inc. lowered its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 48,876 shares of the iPhone maker's stock after selling 3,031 shares during the period. Apple accounts for 5.6% of Cherry Creek Investment Advisors Inc.'s portfolio, making the stock its 3rd biggest holding. Cherry Creek Investment Advisors Inc.'s holdings in Apple were worth $10,857,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of AAPL. Tallon Kerry Patrick acquired a new stake in Apple in the 4th quarter valued at about $1,877,000. First National Bank of Hutchinson lifted its stake in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after buying an additional 6,982 shares in the last quarter. Capital & Planning LLC lifted its stake in Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after buying an additional 2,647 shares in the last quarter. Eagle Capital Management LLC lifted its stake in Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after buying an additional 272 shares in the last quarter. Finally, Brighton Jones LLC increased its holdings in shares of Apple by 14.8% in the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after purchasing an additional 69,207 shares during the period. Institutional investors own 67.73% of the company's stock.

Apple Trading Down 2.5%

AAPL stock traded down $5.19 during midday trading on Friday, reaching $202.38. The stock had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. The business has a fifty day simple moving average of $205.37 and a two-hundred day simple moving average of $213.77. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The firm has a market cap of $3.02 trillion, a price-to-earnings ratio of 27.88, a PEG ratio of 2.22 and a beta of 1.17. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 172.48% and a net margin of 24.30%. The company's revenue was up 9.6% on a year-over-year basis. During the same period last year, the company earned $1.40 earnings per share. As a group, research analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its Board of Directors has initiated a share buyback program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple's dividend payout ratio (DPR) is presently 15.78%.

Insider Buying and Selling

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total value 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 trade represents 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 currently owned by insiders.

Analyst Ratings Changes

AAPL has been the topic of a number of research reports. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a report on Friday, July 25th. Barclays upped their target price on Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a report on Friday. TD Cowen dropped their price objective on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. Finally, Raymond James Financial restated an "outperform" rating and issued a $240.00 price objective (up previously from $230.00) on shares of Apple in a report on Friday. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $237.25.

Apple Company 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.