First City Capital Management Inc. Sells 3,878 Shares of Apple Inc. (NASDAQ:AAPL)

First City Capital Management Inc. decreased its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 18.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,766 shares of the iPhone maker's stock after selling 3,878 shares during the period. Apple comprises about 2.2% of First City Capital Management Inc.'s investment portfolio, making the stock its 13th biggest position. First City Capital Management Inc.'s holdings in Apple were worth $3,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Burkett Financial Services LLC grew its holdings in Apple by 0.6% in the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after acquiring an additional 93 shares during the last quarter. OneAscent Wealth Management LLC grew its holdings in Apple by 4.6% in the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after acquiring an additional 409 shares during the last quarter. TruWealth Advisors LLC grew its holdings in Apple by 2.8% in the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after acquiring an additional 5,120 shares during the last quarter. Allstate Corp grew its holdings in Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after acquiring an additional 438,471 shares during the last quarter. Finally, Vinva Investment Management Ltd grew its holdings in Apple by 12.4% in the 4th quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker's stock worth $192,700,000 after acquiring an additional 83,997 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Apple Stock Up 0.0%

Apple stock traded up $0.06 during trading hours on Tuesday, hitting $210.01. The stock had a trading volume of 42,218,952 shares, compared to its average volume of 53,538,384. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $3.14 trillion, a P/E ratio of 32.71, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The stock's 50-day moving average price is $203.34 and its 200-day moving average price is $218.13.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results 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. The business had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.53 earnings per share. Equities research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

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

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.50%. Apple's payout ratio is 16.20%.

Insider Activity

In other Apple news, insider Chris Kondo sold 4,486 shares of Apple 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 completion of the transaction, the insider directly owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer directly owned 4,569 shares of the company's stock, valued at $941,214. The trade was a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

AAPL has been the topic of a number of recent analyst reports. Bank of America reissued a "buy" rating and issued a $235.00 price target on shares of Apple in a report on Tuesday, June 10th. China Renaissance initiated coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target on the stock. Wedbush reissued an "outperform" rating and issued a $270.00 price target on shares of Apple in a report on Tuesday, June 10th. JPMorgan Chase & Co. cut their price target on shares of Apple from $245.00 to $230.00 and set an "overweight" rating on the stock in a report on Thursday, June 26th. Finally, Tigress Financial lifted their target price on shares of Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a research note on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $234.95.

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.