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

Channel Wealth LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 4.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,352 shares of the iPhone maker's stock after selling 2,464 shares during the quarter. Apple makes up about 3.9% of Channel Wealth LLC's investment portfolio, making the stock its 3rd largest holding. Channel Wealth LLC's holdings in Apple were worth $12,517,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Advanced Portfolio Management LLC grew its stake in shares of Apple by 0.3% during the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock valued at $3,260,000 after acquiring an additional 47 shares during the period. Hanseatic Management Services Inc. lifted its holdings in Apple by 1.3% during the fourth quarter. Hanseatic Management Services Inc. now owns 3,775 shares of the iPhone maker's stock valued at $945,000 after purchasing an additional 48 shares in the last quarter. Family Capital Management Inc. boosted its position in shares of Apple by 0.3% in the fourth quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker's stock worth $4,235,000 after purchasing an additional 48 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA lifted its stake in shares of Apple by 0.3% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker's stock valued at $4,178,000 after buying an additional 48 shares in the last quarter. Finally, Scarborough Advisors LLC lifted its stake in shares of Apple by 0.3% during the 4th quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker's stock valued at $3,992,000 after buying an additional 51 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of Apple 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 sale, the chief financial officer owned 4,569 shares of the company's stock, 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. Corporate insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a report on Monday, April 14th. TD Cowen cut their target price on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Wedbush reissued an "outperform" rating and issued a $270.00 price target on shares of Apple in a report on Tuesday, June 10th. China Renaissance started coverage on shares of Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price objective for the company. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.95.

Apple Trading Up 0.4%

NASDAQ AAPL traded up $0.92 on Friday, hitting $213.36. 34,955,836 shares of the stock were exchanged, compared to its average volume of 53,618,682. 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 52-week low of $169.21 and a 52-week high of $260.10. The firm has a market capitalization of $3.19 trillion, a P/E ratio of 33.23, a P/E/G ratio of 2.38 and a beta of 1.20. The stock has a fifty day moving average price of $203.35 and a two-hundred day moving average price of $218.86.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the previous year, the company earned $1.53 EPS. Research analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its Board of Directors has approved a share 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 shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is 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 represents a $1.04 annualized dividend and a dividend yield of 0.49%. The ex-dividend date was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is 16.20%.

About Apple

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.