Apple Inc. $AAPL Shares Sold by Formidable Asset Management LLC

Key Points

• Formidable Asset Management LLC has reduced its position in Apple Inc. by 2.7%, selling 5,800 shares during the first quarter, but still retains ownership of 210,435 shares valued at approximately $46.7 million.
• In Q1, several hedge funds adjusted their holdings in Apple, with Avid Wealth Partners LLC significantly increasing its position by 28.3%.
• Apple reported a quarterly earnings per share of $1.57, surpassing analyst estimates, with revenue growth of 9.6% year-over-year, totaling $94.04 billion.

Formidable Asset Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 210,435 shares of the iPhone maker's stock after selling 5,800 shares during the quarter. Apple accounts for about 7.8% of Formidable Asset Management LLC's holdings, making the stock its 2nd largest position. Formidable Asset Management LLC's holdings in Apple were worth $46,744,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Life Planning Partners Inc acquired a new stake in Apple in the 4th quarter valued at $47,000. Elite Financial Inc. bought a new position in shares of Apple in the first quarter worth about $58,000. Conquis Financial LLC acquired a new position in shares of Apple in the fourth quarter valued at approximately $63,000. LSV Asset Management bought a new stake in Apple in the fourth quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in Apple in the fourth quarter valued at approximately $82,000. Institutional investors own 67.73% of the company's stock.

Apple Price Performance

Shares of AAPL traded down $0.42 during trading hours on Friday, reaching $232.14. 39,382,353 shares of the company traded hands, compared to its average volume of 55,684,536. The stock has a fifty day simple moving average of $215.79 and a 200 day simple moving average of $212.91. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The stock has a market capitalization of $3.45 trillion, a PE ratio of 31.98, a price-to-earnings-growth ratio of 2.42 and a beta of 1.11.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping 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 company 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 business posted $1.40 EPS. The company's quarterly revenue was up 9.6% compared to the same quarter last year. As a group, research analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

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 $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple's payout ratio is 15.78%.

Insider Transactions at Apple

In other news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president 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 document filed with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AAPL has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Citigroup boosted their price target on shares of Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Morgan Stanley upped their price objective on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Rosenblatt Securities reissued a "neutral" rating and set a $217.00 price target on shares of Apple in a report on Tuesday, July 29th. Finally, Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Apple presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.37.

Apple 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.