Flagship Harbor Advisors LLC Has $50.36 Million Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Flagship Harbor Advisors LLC has reduced its stake in Apple Inc. by 1.4%, now holding 226,718 shares valued at approximately $50.36 million, making it their third largest holding.
• Recent adjustments by other investors include Friday Financial increasing their stake by 232.2%, while several firms have updated their price targets for Apple, with an average target of $237.25.
• Apple recently announced a $100 billion share buyback plan and a quarterly dividend of $0.26 per share, which indicates management's belief that the stock is undervalued.

Flagship Harbor Advisors LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 226,718 shares of the iPhone maker's stock after selling 3,153 shares during the quarter. Apple comprises 2.6% of Flagship Harbor Advisors LLC's holdings, making the stock its 3rd largest holding. Flagship Harbor Advisors LLC's holdings in Apple were worth $50,361,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Burkett Financial Services LLC grew its holdings in Apple by 0.6% during the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after buying an additional 93 shares in the last quarter. Avid Wealth Partners LLC boosted its position in Apple by 28.3% in the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after purchasing an additional 930 shares during the last quarter. OneAscent Wealth Management LLC boosted its position in Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after purchasing an additional 409 shares during the last quarter. TruWealth Advisors LLC boosted its position in Apple by 2.8% in the first quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after purchasing an additional 5,120 shares during the last quarter. Finally, Allstate Corp boosted its position in Apple by 3,368.2% in the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after purchasing an additional 438,471 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Apple Stock Performance

NASDAQ:AAPL traded down $5.19 during mid-day trading on Friday, reaching $202.38. The company's stock had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The firm's fifty day moving average price is $205.37 and its two-hundred day moving average price is $213.60. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The stock has a market cap of $3.02 trillion, a P/E ratio of 30.71, a PEG ratio of 2.22 and a beta of 1.17.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 172.48%. The firm had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. During the same period in the previous year, the company earned $1.40 earnings per share. The firm's quarterly revenue was up 9.6% on a year-over-year basis. On average, equities analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple announced that its Board of Directors has approved a stock buyback program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be issued 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 payout ratio is presently 15.78%.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.06% of the stock is owned by insiders.

Analyst Ratings Changes

AAPL has been the topic of several research analyst reports. DA Davidson reissued a "buy" rating and issued a $250.00 price objective on shares of Apple in a research report on Friday. UBS Group upped their price target on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a research report on Friday. Scotiabank cut Apple to a "market perform" rating in a research report on Friday, May 2nd. Barclays increased their price objective on Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a report on Friday. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a report on Friday, July 25th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $237.25.

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.