Forum Financial Management LP Has $78.88 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Forum Financial Management LP increased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 315,003 shares of the iPhone maker's stock after purchasing an additional 10,526 shares during the period. Apple accounts for about 1.3% of Forum Financial Management LP's investment portfolio, making the stock its 13th biggest holding. Forum Financial Management LP's holdings in Apple were worth $78,883,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Drystone LLC bought a new position in Apple in the 4th quarter worth about $25,000. Life Planning Partners Inc bought a new position in shares of Apple in the fourth quarter valued at $47,000. Conquis Financial LLC acquired a new stake in shares of Apple during the fourth quarter worth $63,000. LSV Asset Management purchased a new stake in Apple during the fourth quarter valued at about $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in Apple in the 4th quarter worth approximately $82,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Trading Up 2.2%

AAPL stock traded up $4.42 during trading on Friday, hitting $201.00. The company had a trading volume of 95,792,149 shares, compared to its average volume of 54,505,078. The stock has a market cap of $3.00 trillion, a price-to-earnings ratio of 31.31, a PEG ratio of 2.19 and a beta of 1.22. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. 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 firm has a 50-day moving average price of $202.29 and a 200-day moving average price of $222.00.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same period in the prior year, the business posted $1.53 earnings per share. Apple's revenue was up 5.1% compared to the same quarter last year. As a group, analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. This is a boost from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is currently 16.20%.

Apple announced that its board has initiated a share repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

AAPL has been the topic of a number of research reports. Citigroup reiterated a "buy" rating on shares of Apple in a report on Tuesday, June 10th. Jefferies Financial Group restated an "underperform" rating and issued a $170.62 target price (up from $167.88) on shares of Apple in a report on Friday, May 2nd. Loop Capital dropped their price objective on Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. TD Cowen reduced their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, UBS Group restated a "buy" rating on shares of Apple in a research note on Sunday, June 1st. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and an average target price of $234.86.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred 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 sale, the insider now owns 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the completion of the sale, the chief executive officer now owns 3,280,295 shares in the company, valued at $733,637,976.75. This trade represents a 3.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock worth $42,694,080 in the last quarter. Corporate insiders own 0.06% of the company's stock.

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.