Bay Rivers Group Sells 1,599 Shares of Apple Inc. (NASDAQ:AAPL)

Bay Rivers Group decreased its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 68,300 shares of the iPhone maker's stock after selling 1,599 shares during the quarter. Apple comprises approximately 8.0% of Bay Rivers Group's investment portfolio, making the stock its largest holding. Bay Rivers Group's holdings in Apple were worth $15,171,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Regent Peak Wealth Advisors LLC boosted its holdings in Apple by 0.9% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 111,858 shares of the iPhone maker's stock worth $28,012,000 after buying an additional 1,050 shares during the period. Tallon Kerry Patrick purchased a new position in shares of Apple in the 4th quarter worth about $1,877,000. First National Bank of Hutchinson lifted its stake in Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC lifted its position in Apple by 10.7% in the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Finally, Verity & Verity LLC boosted its position in Apple by 4.7% during the 4th quarter. Verity & Verity LLC now owns 125,604 shares of the iPhone maker's stock valued at $31,454,000 after buying an additional 5,631 shares during the period. 67.73% of the stock is owned by institutional investors.

Apple Trading Up 0.4%

Shares of NASDAQ:AAPL traded up $0.92 during trading on Friday, reaching $213.36. The company's stock had a trading volume of 34,955,836 shares, compared to its average volume of 53,618,682. The stock has a market capitalization of $3.19 trillion, a PE ratio of 33.23, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. The firm's 50 day simple moving average is $203.35 and its two-hundred day simple moving average is $218.86. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

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

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

Apple Increases Dividend

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

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the transaction, the chief financial officer owned 4,569 shares in the company, valued at approximately $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Rosenblatt Securities lowered shares of Apple from a "buy" rating to a "neutral" rating and set a $217.00 price objective for the company. in a report on Friday, May 2nd. Loop Capital reduced their target price on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. China Renaissance started coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 target price on the stock. DA Davidson upped their price target on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Finally, Monness Crespi & Hardt boosted their price target on Apple to $245.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $234.95.

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.