Apple Inc. (NASDAQ:AAPL) Stock Position Reduced by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,739,667 shares of the iPhone maker's stock after selling 89,973 shares during the period. Apple accounts for approximately 6.9% of Chevy Chase Trust Holdings LLC's portfolio, making the stock its largest holding. Chevy Chase Trust Holdings LLC owned 0.06% of Apple worth $2,163,472,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Conquis Financial LLC bought a new position in Apple in the fourth quarter valued at $63,000. LSV Asset Management bought a new position in Apple in the fourth quarter valued at $65,000. Pillar Financial Advisors LLC bought a new position in Apple in the fourth quarter valued at $82,000. Compass Planning Associates Inc bought a new position in Apple in the fourth quarter valued at $96,000. Finally, Collier Financial bought a new position in Apple in the fourth quarter valued at $140,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Monness Crespi & Hardt increased their target price on Apple from $245.00 to $270.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Raymond James Financial reissued an "outperform" rating and issued a $240.00 target price (up previously from $230.00) on shares of Apple in a research note on Friday, August 1st. Barclays raised their price objective on Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. DA Davidson reaffirmed a "buy" rating and set a $250.00 price objective on shares of Apple in a research note on Friday, August 1st. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and set a $217.00 price objective on shares of Apple in a research note on Tuesday, July 29th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and an average price target of $237.25.

Apple Stock Performance

Shares of AAPL stock traded up $10.20 during mid-day trading on Wednesday, reaching $213.12. 102,898,971 shares of the company's stock traded hands, compared to its average volume of 57,348,797. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The firm has a 50 day moving average price of $205.58 and a two-hundred day moving average price of $213.24. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The firm has a market capitalization of $3.16 trillion, a PE ratio of 32.34, a price-to-earnings-growth ratio of 2.14 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter in the previous year, the firm posted $1.40 EPS. The company's revenue for the quarter was up 9.6% compared to the same quarter last year. On average, research analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

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

Apple declared that its Board of Directors has authorized a stock repurchase program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction 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 transaction, the insider owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.06% of the company's stock.

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.