Diversified Portfolios Inc. Has $5.32 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Key Points

• Diversified Portfolios Inc. reduced its holdings in Apple Inc. by 27.3% in the first quarter, selling 8,980 shares and holding a total of 23,948 shares worth approximately $5.32 million.
• Apple recently announced a $100 billion share repurchase plan, indicating the board's belief that the company's shares are undervalued, and is set to pay a quarterly dividend of $0.26 per share on August 14.
• Apple's latest earnings report showed an EPS of $1.57, surpassing estimates, with revenue growing 9.6% year-over-year to $94.04 billion for the quarter.

Diversified Portfolios Inc. cut its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 27.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,948 shares of the iPhone maker's stock after selling 8,980 shares during the period. Diversified Portfolios Inc.'s holdings in Apple were worth $5,320,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Tallon Kerry Patrick bought a new position in shares of Apple in the 4th quarter valued at about $1,877,000. First National Bank of Hutchinson boosted its stake in shares of Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC boosted its stake in shares of Apple by 10.7% in the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Eagle Capital Management LLC boosted its stake in Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after acquiring an additional 272 shares during the last quarter. Finally, Brighton Jones LLC boosted its stake in Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after acquiring an additional 69,207 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on AAPL shares. Citigroup lifted their price objective on shares of Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research note on Friday. Evercore ISI lifted their price objective on shares of Apple to $250.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wedbush reissued an "outperform" rating and set a $270.00 price objective on shares of Apple in a research note on Wednesday, July 30th. The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a research note on Wednesday, May 21st. Finally, KeyCorp raised shares of Apple from an "underweight" rating to a "sector weight" rating in a research note on Monday, April 14th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $237.25.

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated 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 directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is owned by insiders.

Apple Stock Up 0.5%

AAPL traded up $0.97 during trading on Monday, reaching $203.35. 74,983,799 shares of the stock were exchanged, compared to its average volume of 57,129,035. The stock has a market cap of $3.04 trillion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 2.20 and a beta of 1.16. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The stock's 50 day moving average price is $205.37 and its two-hundred day moving average price is $213.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%. The business had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter in the prior year, the business earned $1.40 EPS. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. Equities analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

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

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

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.