TigerOak Management L.L.C. Sells 2,324 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• TigerOak Management L.L.C. decreased its holdings in Apple Inc. by 2.3%, bringing its total shares to 99,612, valued at approximately $22.1 million.
• Analysts have set a consensus price target of $237.60 for Apple’s stock, with ratings varying from sell to strong buy among research firms.
• Apple recently announced a quarterly dividend of $0.26, with a yield of 0.5%, and approved a $100 billion stock repurchase program to buy back up to 3.1% of its shares.

TigerOak Management L.L.C. trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 99,612 shares of the iPhone maker's stock after selling 2,324 shares during the quarter. Apple comprises 8.5% of TigerOak Management L.L.C.'s investment portfolio, making the stock its 3rd biggest position. TigerOak Management L.L.C.'s holdings in Apple were worth $22,127,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Cvfg LLC boosted its holdings in Apple by 1.4% in the 1st quarter. Cvfg LLC now owns 32,040 shares of the iPhone maker's stock valued at $7,117,000 after purchasing an additional 437 shares during the last quarter. Generate Investment Management Ltd boosted its holdings in Apple by 3.2% in the 1st quarter. Generate Investment Management Ltd now owns 182,160 shares of the iPhone maker's stock valued at $40,463,000 after purchasing an additional 5,618 shares during the last quarter. Alpine Bank Wealth Management acquired a new position in shares of Apple in the 1st quarter worth approximately $5,248,000. NRI Wealth Management LC boosted its position in shares of Apple by 3.3% during the 1st quarter. NRI Wealth Management LC now owns 34,079 shares of the iPhone maker's stock worth $7,570,000 after purchasing an additional 1,098 shares during the period. Finally, Financial Life Planners boosted its position in shares of Apple by 4.1% during the 1st quarter. Financial Life Planners now owns 29,974 shares of the iPhone maker's stock worth $6,658,000 after purchasing an additional 1,184 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on AAPL shares. Rosenblatt Securities reaffirmed a "neutral" rating and set a $217.00 price objective on shares of Apple in a research report on Tuesday, July 29th. Loop Capital lowered their price objective on shares of Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Morgan Stanley increased their price objective on shares of Apple from $235.00 to $240.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Wedbush reaffirmed an "outperform" rating and set a $270.00 price objective on shares of Apple in a research report on Thursday. Finally, Scotiabank cut shares of Apple to a "market perform" rating in a research report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $237.60.

Apple Stock Performance

AAPL stock traded up $9.32 during trading on Friday, hitting $229.35. 113,661,399 shares of the company's stock traded hands, compared to its average volume of 56,719,256. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The stock has a fifty day moving average price of $206.84 and a two-hundred day moving average price of $213.21. The stock has a market capitalization of $3.40 trillion, a price-to-earnings ratio of 34.80, a price-to-earnings-growth ratio of 2.30 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.40 earnings per share. As a group, equities analysts anticipate 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. Shareholders of record on Monday, August 11th will be given a $0.26 dividend. The ex-dividend date is Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple's dividend payout ratio is 15.78%.

Apple declared that its board has approved a stock repurchase program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.06% of the company's stock.

Apple Profile

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.