Madrona Financial Services LLC Sells 2,624 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Madrona Financial Services LLC reduced its holdings in Apple by 6.5%, owning 37,497 shares valued at approximately $8.33 million.
• Apple's stock traded up 4.2% to $229.35, with a market capitalization of $3.40 trillion and a P/E ratio of 34.80.
• The board has approved a $100 billion stock buyback program, indicating confidence in the company's value, while the quarterly dividend declared is $0.26 per share.

Madrona Financial Services LLC lessened its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 6.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,497 shares of the iPhone maker's stock after selling 2,624 shares during the quarter. Apple makes up approximately 2.3% of Madrona Financial Services LLC's portfolio, making the stock its 15th biggest position. Madrona Financial Services LLC's holdings in Apple were worth $8,329,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Life Planning Partners Inc purchased a new stake in Apple in the fourth quarter worth $47,000. Conquis Financial LLC purchased a new stake in Apple in the fourth quarter worth $63,000. LSV Asset Management purchased a new stake in Apple in the fourth quarter worth $65,000. Pillar Financial Advisors LLC purchased a new stake in Apple in the fourth quarter worth $82,000. Finally, Compass Planning Associates Inc purchased a new stake in Apple in the fourth quarter worth $96,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on AAPL. Wedbush reiterated an "outperform" rating and issued a $270.00 price objective on shares of Apple in a report on Thursday. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a report on Friday, July 25th. TD Cowen decreased their price objective on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. The Goldman Sachs Group reiterated a "buy" rating on shares of Apple in a report on Wednesday, May 21st. Finally, DA Davidson reiterated a "buy" rating and issued a $250.00 price objective on shares of Apple in a report on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Apple has an average rating of "Moderate Buy" and an average price target of $237.60.

Apple Trading Down 1.0%

Shares of NASDAQ AAPL traded down $2.36 during trading hours on Monday, hitting $226.73. 17,466,762 shares of the company traded hands, compared to its average volume of 57,698,469. The stock has a market capitalization of $3.36 trillion, a price-to-earnings ratio of 34.37, a price-to-earnings-growth ratio of 2.40 and a beta of 1.16. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The company's 50 day moving average price is $206.84 and its 200 day moving average price is $213.07. Apple Inc. has a 12 month low of $169.21 and a 12 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, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%. Apple's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.40 EPS. On average, equities research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

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

Apple declared that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

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.