Condor Capital Management Sells 1,605 Shares of Apple Inc. (NASDAQ:AAPL)

Condor Capital Management reduced its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 152,219 shares of the iPhone maker's stock after selling 1,605 shares during the period. Apple accounts for about 3.4% of Condor Capital Management's investment portfolio, making the stock its 4th biggest holding. Condor Capital Management's holdings in Apple were worth $38,119,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in AAPL. Drystone LLC acquired a new stake in shares of Apple in the 4th quarter worth about $25,000. SPX Gestao de Recursos Ltda bought a new position in Apple in the 3rd quarter worth about $71,000. Pillar Financial Advisors LLC bought a new position in Apple in the 4th quarter worth about $82,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Apple in the third quarter valued at approximately $77,000. Finally, Compass Planning Associates Inc bought a new stake in shares of Apple during the fourth quarter valued at approximately $96,000. 67.73% of the stock is owned by institutional investors.

Apple Trading Down 0.5%

Shares of NASDAQ AAPL traded down $0.94 during mid-day trading on Friday, hitting $199.01. 70,744,759 shares of the company traded hands, compared to its average volume of 56,305,937. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market capitalization of $2.97 trillion, a price-to-earnings ratio of 31.59, a PEG ratio of 2.44 and a beta of 1.27. The business has a 50 day moving average of $203.59 and a two-hundred day moving average of $225.20.

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 the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The firm had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter in the previous year, the company earned $1.53 EPS. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has approved a share buyback program on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a dividend of $0.26 per share. 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 0.52%. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is currently 16.20%.

Insider Activity at Apple

In other news, COO Jeffrey E. Williams sold 35,493 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the completion of the sale, the chief operating officer now owns 390,059 shares of the company's stock, valued at $87,377,116.59. This trade represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 now owns 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,507 shares of company stock worth $42,694,080. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AAPL shares. Wedbush reissued an "outperform" rating and issued a $270.00 price objective on shares of Apple in a report on Friday, May 16th. Argus raised Apple to a "strong-buy" rating in a research note on Friday, January 31st. Bank of America decreased their price target on Apple from $250.00 to $240.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Monness Crespi & Hardt lowered their price target on Apple from $260.00 to $245.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $225.00 price objective on shares of Apple in a report on Friday, May 2nd. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and an average target price of $235.80.

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.