Burns J W & Co. Inc. NY Sells 2,118 Shares of Apple Inc. (NASDAQ:AAPL)

Burns J W & Co. Inc. NY cut its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 0.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 320,251 shares of the iPhone maker's stock after selling 2,118 shares during the period. Apple accounts for 9.2% of Burns J W & Co. Inc. NY's holdings, making the stock its biggest holding. Burns J W & Co. Inc. NY's holdings in Apple were worth $71,137,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Drystone LLC bought a new stake in Apple during the fourth quarter worth approximately $25,000. Life Planning Partners Inc purchased a new position in Apple during the 4th quarter valued at about $47,000. Conquis Financial LLC purchased a new position in shares of Apple in the 4th quarter valued at $63,000. LSV Asset Management bought a new position in Apple in the fourth quarter worth about $65,000. Finally, Pillar Financial Advisors LLC purchased a new stake in shares of Apple during the 4th quarter valued at $82,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AAPL shares. China Renaissance initiated coverage on Apple in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 target price on the stock. Monness Crespi & Hardt increased their target price on Apple to $245.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Morgan Stanley reiterated an "overweight" rating on shares of Apple in a report on Friday, June 13th. Loop Capital lowered their price objective 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, TD Cowen dropped their target price on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $234.39.

Insider Transactions at Apple

In other news, SVP Katherine L. Adams sold 38,822 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the sale, the senior vice president now owns 179,158 shares in the company, valued at $40,072,269.86. This trade represents a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the sale, the chief executive officer now directly owns 3,280,295 shares of the company's stock, valued at approximately $733,637,976.75. This represents a 3.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock valued at $42,694,080 in the last ninety days. Corporate insiders own 0.06% of the company's stock.

Apple Price Performance

Apple stock traded up $0.08 during trading hours on Friday, hitting $201.08. The stock had a trading volume of 73,093,456 shares, compared to its average volume of 53,477,308. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The stock has a market capitalization of $3.00 trillion, a price-to-earnings ratio of 31.32, a PEG ratio of 2.24 and a beta of 1.22. The stock's fifty day moving average is $202.52 and its two-hundred day moving average is $220.53. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78.

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

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.52%. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio (DPR) is 16.20%.

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

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.