Bright Futures Wealth Management LLC. Cuts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Key Points

• Bright Futures Wealth Management LLC reduced its stake in Apple by 14.1%, now holding $2.32 million worth of shares, which makes up 2.5% of its investment portfolio.
• Brokerages have recently upgraded their ratings for Apple, with Tigress Financial raising its target price to $300 and Bank of America maintaining a buy rating with a price objective of $235.
• Apple's board announced a stock repurchase plan allowing the company to buy back up to $100 billion in outstanding shares, reflecting confidence in the stock's value.

Bright Futures Wealth Management LLC. decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 14.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 10,428 shares of the iPhone maker's stock after selling 1,707 shares during the period. Apple comprises 2.5% of Bright Futures Wealth Management LLC.'s portfolio, making the stock its 11th biggest position. Bright Futures Wealth Management LLC.'s holdings in Apple were worth $2,316,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Life Planning Partners Inc acquired a new position in Apple in the 4th quarter valued at $47,000. Conquis Financial LLC acquired a new position in Apple in the 4th quarter valued at $63,000. LSV Asset Management acquired a new position in Apple in the 4th quarter valued at $65,000. Pillar Financial Advisors LLC acquired a new position in Apple in the 4th quarter valued at $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple in the 4th quarter valued at $96,000. Institutional investors own 67.73% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on AAPL. Morgan Stanley increased their target price on Apple from $235.00 to $240.00 and gave the stock an "overweight" rating in a report on Friday. JPMorgan Chase & Co. increased their target price on Apple from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday. DA Davidson reissued a "buy" rating and set a $250.00 target price on shares of Apple in a report on Friday. TD Cowen reduced their target price on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Finally, China Renaissance began coverage on Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 target price on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $237.25.

Apple Stock Down 2.5%

Apple stock traded down $5.19 during mid-day trading on Friday, reaching $202.38. The stock had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. 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 Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The stock's 50-day simple moving average is $205.22 and its 200-day simple moving average is $213.98. The firm has a market capitalization of $3.02 trillion, a PE ratio of 30.71, a price-to-earnings-growth ratio of 2.28 and a beta of 1.17.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a return on equity of 172.48% and a net margin of 24.30%. The firm had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter last year, the firm posted $1.40 earnings per share. The company's revenue for the quarter was up 9.6% compared to the same quarter last year. On average, sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple's payout ratio is presently 16.20%.

Apple declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, insider Chris Kondo sold 4,486 shares of Apple 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 transaction, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by insiders.

Apple 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.