Harbor Capital Advisors Inc. Sells 5,032 Shares of Apple Inc. (NASDAQ:AAPL)

Harbor Capital Advisors Inc. reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,684 shares of the iPhone maker's stock after selling 5,032 shares during the period. Apple comprises about 0.8% of Harbor Capital Advisors Inc.'s portfolio, making the stock its 8th biggest holding. Harbor Capital Advisors Inc.'s holdings in Apple were worth $17,922,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Advanced Portfolio Management LLC increased its stake in Apple by 0.3% during the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after buying an additional 47 shares during the period. Family Capital Management Inc. increased its stake in Apple by 0.3% during the 4th quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker's stock worth $4,235,000 after buying an additional 48 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA increased its stake in Apple by 0.3% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker's stock worth $4,178,000 after buying an additional 48 shares during the period. Scarborough Advisors LLC increased its stake in Apple by 0.3% during the 4th quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker's stock worth $3,992,000 after buying an additional 51 shares during the period. Finally, Disciplined Investments LLC increased its stake in Apple by 0.7% during the 4th quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock worth $1,794,000 after buying an additional 51 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Apple

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer owned 4,569 shares in the company, valued at $941,214. This represents a 50.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider owned 15,533 shares in the company, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Raymond James Financial lowered their price target on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Citigroup reiterated a "buy" rating on shares of Apple in a report on Tuesday, June 10th. JPMorgan Chase & Co. lowered their target price on shares of Apple from $245.00 to $230.00 and set an "overweight" rating for the company in a report on Thursday, June 26th. UBS Group set a $210.00 target price on shares of Apple and gave the company a "neutral" rating in a report on Thursday, July 3rd. Finally, DA Davidson upped their target price on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $235.27.

Apple Stock Down 0.6%

AAPL traded down $1.25 on Friday, reaching $211.16. The company's stock had a trading volume of 39,713,698 shares, compared to its average volume of 53,392,240. The stock has a market cap of $3.15 trillion, a price-to-earnings ratio of 32.89, a price-to-earnings-growth ratio of 2.36 and a beta of 1.20. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The business's 50 day moving average is $203.27 and its 200 day moving average is $217.73.

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

Apple announced that its Board of Directors has initiated a stock buyback plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Apple Increases Dividend

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

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.