Eagle Rock Investment Company LLC Sells 1,804 Shares of Apple Inc. (NASDAQ:AAPL)

Eagle Rock Investment Company LLC lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,480 shares of the iPhone maker's stock after selling 1,804 shares during the period. Apple comprises 3.0% of Eagle Rock Investment Company LLC's holdings, making the stock its 6th biggest holding. Eagle Rock Investment Company LLC's holdings in Apple were worth $17,211,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Drystone LLC acquired a new stake in Apple during the 4th quarter worth about $25,000. Life Planning Partners Inc acquired a new position in Apple in the 4th quarter worth about $47,000. Conquis Financial LLC purchased a new stake in shares of Apple during the 4th quarter worth about $63,000. LSV Asset Management acquired a new stake in shares of Apple during the 4th quarter valued at about $65,000. Finally, Pillar Financial Advisors LLC acquired a new stake in shares of Apple during the 4th quarter valued at about $82,000. 67.73% of the stock is currently owned by institutional investors.

Apple Price Performance

Shares of AAPL stock traded down $3.82 during mid-day trading on Monday, reaching $209.73. The company's stock had a trading volume of 27,076,767 shares, compared to its average volume of 53,495,732. The firm's 50-day moving average is $203.35 and its two-hundred day moving average is $218.44. The company has a market cap of $3.13 trillion, a P/E ratio of 32.66, a PEG ratio of 2.38 and a beta of 1.20. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter last year, the company earned $1.53 EPS. Apple's revenue was up 5.1% on a year-over-year basis. On average, research analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.50%. This is a boost from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is 16.20%.

Apple announced that its board has authorized 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 reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

AAPL has been the topic of several recent research reports. Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. TD Cowen reduced their price objective on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Morgan Stanley reissued an "overweight" rating on shares of Apple in a research report on Friday, June 13th. Loop Capital reduced their price target on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Finally, Bank of America reiterated a "buy" rating and set a $235.00 price target on shares of Apple in a research note on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and a consensus price target of $234.95.

Insider Activity

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the transaction, the chief financial officer directly owned 4,569 shares in the company, valued at $941,214. The trade was a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the firm'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 transaction of $933,940.34. Following the sale, the insider directly 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 disclosure for this sale can be found here. Company 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.