Clg LLC Cuts Stock Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Clg LLC reduced its holdings in Apple Inc. by 13.0%, now owning approximately $18.14 million worth of the stock, making it their 4th largest position.
• Apple recently increased its quarterly dividend from $0.25 to $0.26 per share, resulting in an annualized dividend yield of 0.49% for investors.
• The company's latest earnings report showed an EPS of $1.65, exceeding analysts' expectations, with a total revenue of $95.36 billion for the quarter.

CLG LLC trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 13.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 81,640 shares of the iPhone maker's stock after selling 12,214 shares during the quarter. Apple makes up 6.3% of CLG LLC's holdings, making the stock its 4th largest position. CLG LLC's holdings in Apple were worth $18,135,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of AAPL. Conquis Financial LLC acquired a new stake in Apple in the 4th quarter worth about $63,000. LSV Asset Management acquired a new stake in shares of Apple in the fourth quarter valued at approximately $65,000. Pillar Financial Advisors LLC bought a new stake in shares of Apple in the fourth quarter valued at approximately $82,000. Compass Planning Associates Inc acquired a new stake in Apple during the fourth quarter worth approximately $96,000. Finally, Collier Financial acquired a new stake in Apple during the fourth quarter worth approximately $140,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Scotiabank downgraded Apple to a "market perform" rating in a research note on Friday, May 2nd. Monness Crespi & Hardt boosted their price target on Apple to $245.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. DA Davidson lifted their target price on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Tigress Financial lifted their target price on shares of Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a research note on Thursday, April 3rd. Finally, Wedbush reaffirmed an "outperform" rating and set a $270.00 price objective on shares of Apple in a research report on Wednesday. Two equities 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $234.94.

Apple Price Performance

Shares of NASDAQ:AAPL traded down $2.22 during trading on Wednesday, reaching $209.05. The company had a trading volume of 43,674,703 shares, compared to its average volume of 43,746,808. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a fifty day moving average of $205.10 and a two-hundred day moving average of $214.16. The stock has a market capitalization of $3.12 trillion, a P/E ratio of 32.56, a price-to-earnings-growth ratio of 2.32 and a beta of 1.20. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (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 return on equity of 167.24% and a net margin of 24.30%. The company's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.53 EPS. Equities research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were paid a $0.26 dividend. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.50%. Apple's dividend payout ratio is 16.20%.

Apple declared that its Board of Directors has initiated a share 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 repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple 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 transaction, the insider owned 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.06% of the company's stock.

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.