PBMares Wealth Management LLC Sells 4,611 Shares of Apple Inc. (NASDAQ:AAPL)

PBMares Wealth Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 10.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,182 shares of the iPhone maker's stock after selling 4,611 shares during the quarter. Apple accounts for about 1.7% of PBMares Wealth Management LLC's holdings, making the stock its 14th largest position. PBMares Wealth Management LLC's holdings in Apple were worth $8,481,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. Invesco LLC lifted its position in shares of Apple by 3.7% during the 1st quarter. Invesco LLC now owns 55,361 shares of the iPhone maker's stock worth $12,297,000 after buying an additional 1,951 shares during the period. Navis Wealth Advisors LLC increased its holdings in Apple by 4.4% during the 1st quarter. Navis Wealth Advisors LLC now owns 2,493 shares of the iPhone maker's stock valued at $554,000 after purchasing an additional 106 shares in the last quarter. G2 Capital Management LLC OH increased its holdings in Apple by 1.2% during the 1st quarter. G2 Capital Management LLC OH now owns 30,875 shares of the iPhone maker's stock valued at $6,858,000 after purchasing an additional 363 shares in the last quarter. Retirement Guys Formula LLC increased its holdings in Apple by 4.7% during the 1st quarter. Retirement Guys Formula LLC now owns 21,742 shares of the iPhone maker's stock valued at $4,830,000 after purchasing an additional 980 shares in the last quarter. Finally, Win Advisors Inc. acquired a new stake in Apple during the 1st quarter valued at $902,000. Institutional investors own 67.73% of the company's stock.

Apple Stock Up 5.0%

Shares of NASDAQ:AAPL traded up $10.20 during midday trading on Wednesday, reaching $213.12. The company had a trading volume of 102,898,971 shares, compared to its average volume of 57,348,797. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The business's 50 day moving average price is $205.58 and its 200 day moving average price is $213.24. The stock has a market cap of $3.16 trillion, a PE ratio of 32.34, a P/E/G ratio of 2.14 and a beta of 1.16. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm 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%. The business's revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.40 earnings per share. Research analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

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

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Morgan Stanley raised their price target on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a report on Friday, August 1st. UBS Group lifted their target price on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Bank of America lifted their target price on Apple from $235.00 to $240.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Scotiabank cut Apple to a "market perform" rating in a research note on Friday, May 2nd. Finally, Loop Capital lowered their target price on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $237.25.

Insider Activity at Apple

In other news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.06% of the company's stock.

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.