Apple Inc. (NASDAQ:AAPL) Shares Sold by Colony Family Offices LLC

Key Points

• Colony Family Offices LLC has reduced its holdings in Apple Inc. by 9.1%, selling 1,350 shares in the first quarter, leaving it with 13,448 shares valued at approximately $2.99 million.
• The Apple Board of Directors has approved a $100 billion stock repurchase program, indicating confidence in the company's stock valuation.
• Apple recently increased its quarterly dividend to $0.26 per share, up from $0.25, representing an annual yield of 0.49% and a dividend payout ratio of 16.20%.

Colony Family Offices LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 9.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,448 shares of the iPhone maker's stock after selling 1,350 shares during the quarter. Apple makes up about 0.9% of Colony Family Offices LLC's holdings, making the stock its 19th biggest position. Colony Family Offices LLC's holdings in Apple were worth $2,987,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AAPL. Conquis Financial LLC bought a new stake in shares of Apple during the fourth quarter valued at about $63,000. LSV Asset Management purchased a new stake in Apple in the 4th quarter worth approximately $65,000. Pillar Financial Advisors LLC bought a new position in Apple in the 4th quarter valued at $82,000. Compass Planning Associates Inc purchased a new stake in shares of Apple in the fourth quarter worth $96,000. Finally, Collier Financial bought a new stake in Apple during the fourth quarter valued at $140,000. 67.73% of the stock is owned by institutional investors.

Apple Trading Down 0.1%

AAPL traded down $0.23 during trading on Thursday, reaching $208.82. The company had a trading volume of 13,029,085 shares, compared to its average volume of 56,191,012. The stock has a market cap of $3.12 trillion, a P/E ratio of 32.53, a PEG ratio of 2.32 and a beta of 1.20. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The business has a 50 day simple moving average of $205.10 and a 200-day simple moving average of $214.16. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same period last year, the company posted $1.53 earnings per share. Apple's revenue was up 5.1% compared to the same quarter last year. On average, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

AAPL has been the subject of a number of recent research reports. Bank of America restated a "buy" rating and issued a $235.00 target price on shares of Apple in a research report on Tuesday, June 10th. UBS Group reaffirmed a "hold" rating on shares of Apple in a research note on Friday, July 18th. Loop Capital decreased their target price on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. TD Cowen cut their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. raised their price objective on Apple from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $234.94.

Insider Transactions at Apple

In other news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction that occurred 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 trade represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.06% of the stock is currently owned by company insiders.

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.