GeoWealth Management LLC Sells 2,580 Shares of Apple Inc. (NASDAQ:AAPL)

GeoWealth Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 111,890 shares of the iPhone maker's stock after selling 2,580 shares during the period. Apple comprises about 0.9% of GeoWealth Management LLC's investment portfolio, making the stock its 18th biggest holding. GeoWealth Management LLC's holdings in Apple were worth $28,020,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. GG Group Ventures LLC grew its holdings in Apple by 7.9% during the third quarter. GG Group Ventures LLC now owns 5,786 shares of the iPhone maker's stock valued at $1,320,000 after purchasing an additional 422 shares during the period. Coldstream Capital Management Inc. grew its holdings in Apple by 11.7% during the third quarter. Coldstream Capital Management Inc. now owns 480,563 shares of the iPhone maker's stock valued at $111,639,000 after purchasing an additional 50,315 shares during the period. Unconventional Investor LLC grew its holdings in Apple by 6.7% during the third quarter. Unconventional Investor LLC now owns 4,373 shares of the iPhone maker's stock valued at $1,019,000 after purchasing an additional 275 shares during the period. Sunbelt Securities Inc. grew its holdings in Apple by 3.9% during the third quarter. Sunbelt Securities Inc. now owns 115,493 shares of the iPhone maker's stock valued at $26,910,000 after purchasing an additional 4,326 shares during the period. Finally, Asset Allocation Strategies LLC grew its holdings in Apple by 8.4% during the third quarter. Asset Allocation Strategies LLC now owns 7,581 shares of the iPhone maker's stock valued at $1,766,000 after purchasing an additional 589 shares during the period. Institutional investors own 67.73% of the company's stock.

Apple Stock Performance

NASDAQ:AAPL opened at $196.45 on Friday. The stock's fifty day moving average is $201.76 and its 200 day moving average is $223.10. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm has a market capitalization of $2.93 trillion, a PE ratio of 31.18, a PEG ratio of 2.44 and a beta of 1.22. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results 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 return on equity of 160.83% and a net margin of 24.30%. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same quarter in the prior year, the firm posted $1.53 EPS. Apple's quarterly revenue was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple announced that its board has authorized a share repurchase program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Apple Increases Dividend

The business also recently declared 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. This represents a $1.04 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is presently 16.20%.

Insider Activity at Apple

In other Apple 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 now owns 4,569 shares in the company, valued at $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Timothy D. Cook sold 108,136 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value 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 approximately $733,637,976.75. The trade was a 3.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,507 shares of company stock worth $42,694,080. Company insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on AAPL. Loop Capital cut their price target on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. DA Davidson boosted their price objective on Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Bank of America restated a "buy" rating and issued a $235.00 price objective on shares of Apple in a research report on Tuesday. Maxim Group boosted their price objective on Apple to $215.00 and gave the company a "hold" rating in a research report on Friday, February 21st. Finally, China Renaissance assumed coverage on Apple in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective on the stock. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $234.86.

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.

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.