Fragasso Financial Advisors Inc Has $60.15 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

Fragasso Financial Advisors Inc lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 270,787 shares of the iPhone maker's stock after selling 11,697 shares during the quarter. Apple comprises 4.5% of Fragasso Financial Advisors Inc's investment portfolio, making the stock its 7th largest position. Fragasso Financial Advisors Inc's holdings in Apple were worth $60,150,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Apple

In other news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at approximately $941,214. This represents a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jeffrey E. Williams sold 35,493 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total value of $7,950,786.93. Following the transaction, the chief operating officer owned 390,059 shares of the company's stock, valued at $87,377,116.59. The trade was a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,507 shares of company stock valued at $42,694,080 in the last ninety days. Corporate insiders own 0.06% of the company's stock.

Apple Stock Up 1.4%

NASDAQ AAPL traded up $2.81 during trading hours on Tuesday, reaching $207.98. 47,012,341 shares of the company's stock traded hands, compared to its average volume of 53,499,023. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The firm has a 50-day simple moving average of $202.85 and a 200 day simple moving average of $219.53. The firm has a market cap of $3.11 trillion, a PE ratio of 32.41, a PEG ratio of 2.25 and a beta of 1.22.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter last year, the firm earned $1.53 earnings per share. The business's revenue for the quarter was up 5.1% on a year-over-year basis. Sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

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

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is 16.20%.

Analyst Upgrades and Downgrades

AAPL has been the topic of several analyst reports. TD Cowen decreased their price objective on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Bank of America reaffirmed a "buy" rating and issued a $235.00 price target on shares of Apple in a research note on Tuesday, June 10th. Rosenblatt Securities lowered Apple from a "buy" rating to a "neutral" rating and set a $217.00 price objective for the company. in a research note on Friday, May 2nd. Wedbush restated an "outperform" rating and issued a $270.00 target price on shares of Apple in a report on Tuesday, June 10th. Finally, Jefferies Financial Group reiterated an "underperform" rating and set a $170.62 price target (up from $167.88) on shares of Apple in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $234.39.

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.