Center for Financial Planning Inc. Has $6.14 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Key Points

• Center for Financial Planning Inc. reduced its stake in Apple Inc. by 4.7%, now holding 27,656 shares valued at approximately $6.14 million, making it the firm's 11th largest holding.
• Apple recently declared a quarterly dividend of $0.26 per share, equating to an annual yield of 0.5%, with a dividend payout ratio of 16.20%.
• The company also announced a significant $100 billion stock buyback plan to repurchase about 3.1% of its shares, indicating confidence in its stock valuation.

Center for Financial Planning Inc. decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 4.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,656 shares of the iPhone maker's stock after selling 1,350 shares during the quarter. Apple accounts for approximately 0.8% of Center for Financial Planning Inc.'s holdings, making the stock its 11th largest holding. Center for Financial Planning Inc.'s holdings in Apple were worth $6,143,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 4,486 shares of the company's 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 in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AAPL. Raymond James Financial reissued an "outperform" rating and set a $240.00 price target (up previously from $230.00) on shares of Apple in a research report on Friday. Evercore ISI boosted their price target on Apple to $250.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Bank of America boosted their price objective on Apple from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Friday. Rosenblatt Securities restated a "neutral" rating and set a $217.00 price objective on shares of Apple in a report on Tuesday. Finally, Needham & Company LLC restated a "hold" rating on shares of Apple in a report on Friday, July 25th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.25.

Apple Trading Down 2.5%

AAPL traded down $5.19 during trading on Friday, reaching $202.38. 97,423,066 shares of the stock traded hands, compared to its average volume of 44,912,472. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $3.02 trillion, a PE ratio of 27.88, a P/E/G ratio of 2.22 and a beta of 1.17. The stock's 50-day moving average is $205.37 and its 200 day moving average is $213.77. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10.

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

Apple declared that its Board of Directors has authorized a stock repurchase 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 stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be issued a dividend of $0.26 per share. The ex-dividend date is Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple's dividend payout ratio is currently 15.78%.

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.