GKV Capital Management Co. Inc. Decreases Stake in Apple Inc. $AAPL

Key Points

• GKV Capital Management Co. Inc. reduced its holdings in Apple Inc. by 86.3%, selling 17,834 shares, and now owns only 2,830 shares valued at approximately $629,000.
• Apple reported a strong earnings beat with $1.57 EPS against expectations of $1.43, contributing to a revenue of $94.04 billion for the quarter, a 9.6% increase year-over-year.
• The stock recently experienced a 1.5% decline, with current trading around $234.35, and it has a market cap of $3.48 trillion.

GKV Capital Management Co. Inc. decreased its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 86.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,830 shares of the iPhone maker's stock after selling 17,834 shares during the period. GKV Capital Management Co. Inc.'s holdings in Apple were worth $629,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Conquis Financial LLC acquired a new stake in Apple during the 4th quarter worth about $63,000. LSV Asset Management acquired a new stake in Apple during the 4th quarter worth about $65,000. Elite Financial Inc. acquired a new stake in Apple during the 1st quarter worth about $58,000. Pillar Financial Advisors LLC acquired a new stake in Apple during the 4th quarter worth about $82,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Apple during the 4th quarter worth about $147,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Up 1.7%

NASDAQ AAPL traded up $3.89 during trading hours on Friday, hitting $233.92. The company's stock had a trading volume of 35,600,487 shares, compared to its average volume of 56,755,895. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a market capitalization of $3.47 trillion, a PE ratio of 35.46, a price-to-earnings-growth ratio of 2.37 and a beta of 1.11. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The company's 50-day simple moving average is $221.08 and its two-hundred day simple moving average is $212.48.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results 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 170.91%. The business had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter last year, the firm earned $1.40 EPS. The firm's revenue for the quarter was up 9.6% compared to the same quarter last year. Research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid 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 dividend payout ratio (DPR) is 15.78%.

Analyst Ratings Changes

A number of brokerages have weighed in on AAPL. BMO Capital Markets reiterated a "buy" rating on shares of Apple in a report on Wednesday, August 13th. Wedbush reissued an "outperform" rating and set a $270.00 price objective on shares of Apple in a research report on Tuesday. Citigroup reissued a "buy" rating on shares of Apple in a research report on Wednesday. Barclays increased their price objective on shares of Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. Finally, Bank of America increased their price objective on shares of Apple from $260.00 to $270.00 and gave the stock a "buy" rating in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Apple currently has an average rating of "Moderate Buy" and a consensus price target of $240.80.

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the sale, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.06% of the company's stock.

Apple Company 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.