Apple Inc. (NASDAQ:AAPL) Shares Sold by Sowa Financial Group Inc.

Sowa Financial Group Inc. trimmed its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 111,078 shares of the iPhone maker's stock after selling 2,106 shares during the period. Apple accounts for about 16.2% of Sowa Financial Group Inc.'s investment portfolio, making the stock its 2nd largest position. Sowa Financial Group Inc.'s holdings in Apple were worth $24,674,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Drystone LLC acquired a new stake in shares of Apple during the 4th quarter worth about $25,000. Conquis Financial LLC acquired 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 in the fourth quarter worth approximately $65,000. Pillar Financial Advisors LLC acquired a new stake in shares of Apple in the fourth quarter worth approximately $82,000. Finally, Compass Planning Associates Inc purchased a new position in Apple in the fourth quarter valued at approximately $96,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Stock Up 0.6%

Shares of NASDAQ:AAPL traded up $1.16 during trading on Friday, hitting $211.18. 48,647,642 shares of the company were exchanged, compared to its average volume of 53,129,745. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The stock has a market cap of $3.15 trillion, a price-to-earnings ratio of 32.89, a P/E/G ratio of 2.35 and a beta of 1.20. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm has a fifty day moving average price of $204.32 and a two-hundred day moving average price of $216.12.

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

Apple announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio is presently 16.20%.

Insiders Place Their Bets

In other news, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the sale, the chief financial officer directly owned 4,569 shares in the company, valued at approximately $941,214. This represents a 50.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Apple from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday. Morgan Stanley reaffirmed an "overweight" rating on shares of Apple in a report on Friday, June 13th. Monness Crespi & Hardt boosted their price objective on Apple to $245.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. China Renaissance started 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, Scotiabank lowered Apple to a "market perform" rating in a report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $235.11.

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.