Harbor Capital Advisors Inc. lessened its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,684 shares of the iPhone maker's stock after selling 5,032 shares during the period. Apple makes up 0.8% of Harbor Capital Advisors Inc.'s portfolio, making the stock its 8th biggest position. Harbor Capital Advisors Inc.'s holdings in Apple were worth $17,922,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Tallon Kerry Patrick acquired a new position in Apple during the 4th quarter valued at about $1,877,000. First National Bank of Hutchinson increased its stake in Apple by 24.6% during the 4th 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 during the period. Capital & Planning LLC increased its stake in Apple by 10.7% during the 4th 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 during the period. MBM Wealth Consultants LLC increased its stake in Apple by 1.5% during the 4th quarter. MBM Wealth Consultants LLC now owns 15,035 shares of the iPhone maker's stock valued at $3,666,000 after buying an additional 227 shares during the period. Finally, West Branch Capital LLC increased its stake in Apple by 1.3% during the 4th quarter. West Branch Capital LLC now owns 154,737 shares of the iPhone maker's stock valued at $38,749,000 after buying an additional 1,995 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.
Analysts Set New Price Targets
Several research firms have commented on AAPL. JPMorgan Chase & Co. lowered their target price on shares of Apple from $245.00 to $230.00 and set an "overweight" rating on the stock in a research note on Thursday, June 26th. Bank of America reiterated a "buy" rating and issued a $235.00 target price on shares of Apple in a report on Tuesday, June 10th. DA Davidson increased their target price on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. KeyCorp raised shares of Apple from an "underweight" rating to a "sector weight" rating in a research note on Monday, April 14th. Finally, Loop Capital cut their target price on shares of Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $235.27.
Read Our Latest Stock Report on AAPL
Apple Stock Down 1.2%
Shares of AAPL stock traded down $2.54 during trading on Monday, hitting $208.62. 38,677,443 shares of the company were exchanged, compared to its average volume of 53,291,200. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The firm has a market capitalization of $3.12 trillion, a price-to-earnings ratio of 32.50, a P/E/G ratio of 2.36 and a beta of 1.20. The business's 50-day simple moving average is $203.58 and its 200 day simple moving average is $216.50. 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 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. The business had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. During the same period last year, the company posted $1.53 earnings per share. As a group, analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were issued a dividend of $0.26 per share. This is a boost from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio (DPR) is currently 16.20%.
Apple declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.
Insider Activity at Apple
In related news, CFO Kevan Parekh sold 4,570 shares of the firm'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 transaction of $941,420.00. Following the completion of the sale, the chief financial officer directly owned 4,569 shares in the company, valued at approximately $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Chris Kondo sold 4,486 shares of the firm'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 transaction of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.06% of the company's stock.
About Apple
(
Free Report)
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.
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