Wealth Effects LLC Sells 1,837 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Wealth Effects LLC reduced its stake in Apple Inc. by 2.1%, now holding 86,018 shares valued at approximately $19 million.
• Apple's stock reached $229.35 with a market cap of $3.40 trillion and reported a 9.6% year-over-year revenue increase for the last quarter.
• The company announced a quarterly dividend of $0.26 per share and authorized a new stock buyback program worth $100 billion.

Wealth Effects LLC trimmed its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 86,018 shares of the iPhone maker's stock after selling 1,837 shares during the quarter. Apple comprises 8.0% of Wealth Effects LLC's portfolio, making the stock its 2nd biggest holding. Wealth Effects LLC's holdings in Apple were worth $19,107,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AAPL. Burkett Financial Services LLC raised its holdings in Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after purchasing an additional 93 shares during the last quarter. Avid Wealth Partners LLC raised its holdings in Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after purchasing an additional 930 shares during the last quarter. OneAscent Wealth Management LLC raised its holdings in Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after purchasing an additional 409 shares during the last quarter. TruWealth Advisors LLC raised its holdings in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after purchasing an additional 5,120 shares during the last quarter. Finally, Allstate Corp raised its holdings in Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after purchasing an additional 438,471 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Apple Stock Performance

AAPL traded up $9.32 during trading hours on Friday, reaching $229.35. The company's stock had a trading volume of 113,661,399 shares, compared to its average volume of 56,719,256. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company's 50-day moving average is $206.84 and its 200-day moving average is $213.21. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The firm has a market cap of $3.40 trillion, a PE 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 posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.40 EPS. On average, equities analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

The company 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 dividend of $0.26 per share. 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 (DPR) is presently 15.78%.

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

Analyst Ratings Changes

AAPL has been the subject of several analyst reports. Wedbush restated an "outperform" rating and set a $270.00 target price on shares of Apple in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on Apple from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Monness Crespi & Hardt boosted their target price on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. China Renaissance initiated coverage on Apple in a research report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 target price for the company. Finally, UBS Group boosted their target price on Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and an average price target of $237.60.

Insiders Place Their Bets

In other Apple news, insider Chris Kondo sold 4,486 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider owned 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is owned by insiders.

Apple Company 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.