Brady Family Wealth LLC Reduces Stake in Apple Inc. (NASDAQ:AAPL)

Key Points

• Brady Family Wealth LLC has reduced its stake in Apple Inc. by 1.1%, still making it the firm's largest holding at 7.8% of its portfolio, valued at approximately $24.4 million.
• Apple announced a stock buyback program worth $100 billion, reflecting the board's belief that the stock is undervalued, along with a recent quarterly dividend increase from $0.25 to $0.26 per share.
• Analysts maintain a Moderate Buy rating on Apple, with the average target price set at $234.94, while recent earnings exceeded expectations, showing a 5.1% year-over-year revenue increase.

Brady Family Wealth LLC lessened its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 109,946 shares of the iPhone maker's stock after selling 1,178 shares during the quarter. Apple comprises about 7.8% of Brady Family Wealth LLC's investment portfolio, making the stock its biggest holding. Brady Family Wealth LLC's holdings in Apple were worth $24,422,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of AAPL. Tallon Kerry Patrick bought a new position in shares of Apple in the 4th quarter worth $1,877,000. First National Bank of Hutchinson boosted its position in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC increased its holdings in Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock worth $6,836,000 after buying an additional 2,647 shares during the last quarter. Eagle Capital Management LLC raised its holdings in shares of Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after purchasing an additional 272 shares during the period. Finally, Brighton Jones LLC increased its position in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after buying an additional 69,207 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Raymond James Financial dropped their price objective on shares of Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. DA Davidson raised their price objective on shares of Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. UBS Group restated a "hold" rating on shares of Apple in a research note on Friday, July 18th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Apple in a report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $234.94.

Insider Activity

In other news, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated Monday, May 12th. The shares were 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 of the company's stock, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.06% of the company's stock.

Apple Trading Down 0.1%

Shares of NASDAQ:AAPL traded down $0.23 during trading on Thursday, reaching $208.82. 13,029,085 shares of the stock were exchanged, compared to its average volume of 56,191,012. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The firm's 50-day moving average price is $205.10 and its 200 day moving average price is $214.16. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The firm has a market cap of $3.12 trillion, a price-to-earnings ratio of 32.53, a price-to-earnings-growth ratio of 2.32 and a beta of 1.20.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion for 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 company's revenue was up 5.1% on a year-over-year basis. During the same period last year, the business posted $1.53 EPS. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its board has initiated a share repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board 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.