Envestnet Asset Management Inc. Sells 487,414 Shares of Apple Inc. $AAPL

Envestnet Asset Management Inc. lowered its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,566,629 shares of the iPhone maker's stock after selling 487,414 shares during the quarter. Apple comprises 0.9% of Envestnet Asset Management Inc.'s holdings, making the stock its 15th biggest position. Envestnet Asset Management Inc. owned 0.08% of Apple worth $2,791,425,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in AAPL. Life Planning Partners Inc bought a new position in Apple in the fourth quarter valued at approximately $47,000. Elite Financial Inc. bought a new stake in Apple during the 1st quarter worth $58,000. Conquis Financial LLC acquired a new stake in shares of Apple during the fourth quarter valued at about $63,000. LSV Asset Management bought a new stake in Apple during the 4th quarter worth approximately $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in shares of Apple in the fourth quarter worth $82,000. 67.73% of the stock is currently owned by institutional investors.

Insider Activity at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at $30,508,538.40. This represents a 20.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.06% of the company's stock.

Analyst Ratings Changes

AAPL has been the topic of a number of recent analyst reports. Monness Crespi & Hardt lifted their price objective on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Friday, July 25th. Wedbush reissued an "outperform" rating and issued a $270.00 price objective on shares of Apple in a research note on Thursday, August 7th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $217.00 price target on shares of Apple in a research report on Tuesday, July 29th. Finally, Jefferies Financial Group upgraded shares of Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $237.37.

Apple Price Performance

Shares of Apple stock traded up $0.80 during trading on Wednesday, hitting $230.11. The stock had a trading volume of 19,336,211 shares, compared to its average volume of 56,990,016. The firm has a market cap of $3.41 trillion, a price-to-earnings ratio of 34.93, a P/E/G ratio of 2.37 and a beta of 1.16. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The business's 50-day moving average is $213.77 and its 200 day moving average is $212.93. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its 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 net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period last year, the firm posted $1.40 earnings per share. Apple's quarterly revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its Board of Directors has initiated a stock repurchase 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 reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio is presently 15.78%.

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.