Index Fund Advisors Inc. Has $3.46 Million Stock Holdings in Apple Inc. $AAPL

Key Points

• Index Fund Advisors Inc. has significantly reduced its holdings in Apple's shares by 74.7%, now holding only 15,581 shares worth approximately $3.46 million.
• Apple's recent earnings report showed a notable increase in revenue to $94.04 billion, surpassing analysts' expectations and resulting in earnings per share of $1.57.
• The company recently announced a share repurchase plan allowing it to buy back $100 billion of its own shares, reflecting confidence in its stock valuation.

Index Fund Advisors Inc. cut its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 74.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,581 shares of the iPhone maker's stock after selling 45,957 shares during the period. Apple accounts for approximately 0.2% of Index Fund Advisors Inc.'s holdings, making the stock its 18th biggest holding. Index Fund Advisors Inc.'s holdings in Apple were worth $3,461,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AAPL. Burkett Financial Services LLC lifted its stake in shares of Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after acquiring an additional 93 shares in the last quarter. Avid Wealth Partners LLC raised its stake in Apple by 28.3% during the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after buying an additional 930 shares in the last quarter. OneAscent Wealth Management LLC raised its stake in Apple by 4.6% during the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after buying an additional 409 shares in the last quarter. TruWealth Advisors LLC lifted its holdings in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after buying an additional 5,120 shares during the last quarter. Finally, Allstate Corp grew its position in shares of Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after acquiring an additional 438,471 shares in the last quarter. Hedge funds and other 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, hitting $232.14. 39,382,353 shares of the company were exchanged, compared to its average volume of 58,935,340. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The company has a market capitalization of $3.45 trillion, a PE ratio of 35.23, a PEG ratio of 2.43 and a beta of 1.16. The firm has a fifty day simple moving average of $215.79 and a 200-day simple moving average of $213.08. Apple Inc. has a one year low of $169.21 and a one year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping 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 firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same period in the previous year, the company posted $1.40 EPS. The company's quarterly revenue was up 9.6% compared to the same quarter last year. As a group, sell-side analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio (DPR) is 15.78%.

Insider Buying and Selling at Apple

In other news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction on 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

AAPL has been the topic of several analyst reports. Loop Capital dropped their target price on Apple from $230.00 to $226.00 and set a "hold" rating on the stock in a research report on Thursday, August 21st. Evercore ISI reaffirmed an "outperform" rating and set a $250.00 price target on shares of Apple in a report on Wednesday, August 13th. Bank of America reissued a "buy" rating and issued a $250.00 price objective on shares of Apple in a report on Monday, August 25th. Raymond James Financial reaffirmed an "outperform" rating and set a $240.00 target price (up previously from $230.00) on shares of Apple in a research note on Friday, August 1st. Finally, BMO Capital Markets reiterated a "buy" rating on shares of Apple in a research report on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $237.37.

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.