Jmac Enterprises LLC Trims Stock Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Jmac Enterprises LLC reduced its stake in Apple Inc. by 92.3% in the first quarter, owning just 3,246 shares after selling 39,152 shares.
• Apple reported quarterly earnings of $1.57 EPS, exceeding analysts' estimates and generating revenue of $94.04 billion, up 9.6% year-over-year.
• The company recently announced a quarterly dividend of $0.26 per share, equivalent to an annual yield of 0.5%, alongside a significant $100 billion buyback authorization.

Jmac Enterprises LLC decreased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 92.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,246 shares of the iPhone maker's stock after selling 39,152 shares during the period. Jmac Enterprises LLC's holdings in Apple were worth $721,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Life Planning Partners Inc purchased a new stake in Apple during the fourth quarter valued at approximately $47,000. Conquis Financial LLC purchased a new stake in Apple during the fourth quarter valued at approximately $63,000. LSV Asset Management purchased a new stake in Apple during the fourth quarter valued at approximately $65,000. Pillar Financial Advisors LLC purchased a new stake in Apple during the fourth quarter valued at approximately $82,000. Finally, Compass Planning Associates Inc purchased a new stake in shares of Apple in the fourth quarter worth approximately $96,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Stock Down 2.5%

NASDAQ AAPL traded down $5.19 during midday trading on Friday, hitting $202.38. 97,423,066 shares of the company traded hands, compared to its average volume of 44,912,472. 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 company has a market cap of $3.02 trillion, a PE ratio of 30.71, a price-to-earnings-growth ratio of 2.22 and a beta of 1.17. The company's 50-day simple moving average is $205.37 and its 200-day simple moving average is $213.60. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

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

Apple announced that its board has approved a share buyback program on Thursday, May 1st that permits the company to buyback $100.00 billion in 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 usually a sign that the company's leadership believes its stock is undervalued.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple's dividend payout ratio is currently 15.78%.

Insider Activity at Apple

In other Apple 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 transaction of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AAPL. Evercore ISI increased their price target on Apple to $250.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research note on Friday, July 25th. The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Finally, TD Cowen dropped their target price on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Two investment 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $237.25.

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.