Family Investment Center Inc. Lowers Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Family Investment Center Inc. decreased its stake in Apple Inc. by 23.2%, now holding 7,812 shares valued at approximately $1.74 million.
• Apple's recent earnings report showed a 9.6% revenue increase year-over-year, with earnings per share of $1.57, surpassing analysts' expectations.
• The company has authorized a $100 billion share buyback, indicating confidence in the stock's value and reflecting its solid financial position.

Family Investment Center Inc. trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 23.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,812 shares of the iPhone maker's stock after selling 2,365 shares during the quarter. Apple accounts for 0.4% of Family Investment Center Inc.'s holdings, making the stock its 29th biggest position. Family Investment Center Inc.'s holdings in Apple were worth $1,735,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of AAPL. Burkett Financial Services LLC boosted its holdings in shares of Apple by 0.6% in the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock valued at $3,199,000 after buying an additional 93 shares during the last quarter. Avid Wealth Partners LLC boosted its holdings in shares of Apple by 28.3% in the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after buying an additional 930 shares during the last quarter. OneAscent Wealth Management LLC boosted its holdings in shares of Apple by 4.6% in the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after buying an additional 409 shares during the last quarter. TruWealth Advisors LLC boosted its holdings in shares of Apple by 2.8% in the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock valued at $42,045,000 after buying an additional 5,120 shares during the last quarter. Finally, Allstate Corp boosted its holdings in shares of Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after buying an additional 438,471 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Apple Price Performance

NASDAQ AAPL traded up $2.56 during trading on Tuesday, reaching $229.74. The company's stock had a trading volume of 41,781,765 shares, compared to its average volume of 57,888,410. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The stock has a market capitalization of $3.41 trillion, a PE ratio of 34.86, a P/E/G ratio of 2.40 and a beta of 1.16. The firm has a fifty day moving average of $207.35 and a 200 day moving average of $213.10. Apple Inc. has a one year low of $169.21 and a one year high of $260.10.

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

Apple announced that its board has authorized a stock repurchase program on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be 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 is Monday, August 11th. Apple's dividend payout ratio (DPR) is presently 15.78%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on AAPL shares. Evercore ISI increased their price objective on Apple to $250.00 and gave the company a "buy" rating in a report on Friday, June 6th. UBS Group raised their price target on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Friday, August 1st. TD Cowen cut their price target on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Raymond James Financial reaffirmed an "outperform" rating and set a $240.00 price target (up previously from $230.00) on shares of Apple in a report on Friday, August 1st. Finally, Scotiabank downgraded Apple to a "market perform" rating in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $237.60.

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.