InTrack Investment Management Inc Lowers Stock Holdings in Apple Inc. (NASDAQ:AAPL)

InTrack Investment Management Inc reduced its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 20.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,595 shares of the iPhone maker's stock after selling 5,470 shares during the quarter. Apple comprises 4.4% of InTrack Investment Management Inc's holdings, making the stock its 3rd largest position. InTrack Investment Management Inc's holdings in Apple were worth $4,797,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Drystone LLC bought a new position in Apple in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc bought a new stake in Apple in the fourth quarter valued at $47,000. Conquis Financial LLC bought a new stake in Apple in the fourth quarter valued at $63,000. LSV Asset Management bought a new stake in shares of Apple during the fourth quarter worth about $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in shares of Apple during the fourth quarter worth about $82,000. 67.73% of the stock is owned by institutional investors.

Apple Trading Down 0.6%

Shares of AAPL opened at $211.16 on Friday. Apple Inc. has a 1-year low of $169.21 and a 1-year 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 market capitalization of $3.15 trillion, a price-to-earnings ratio of 32.89, a PEG ratio of 2.36 and a beta of 1.20. The company has a 50-day moving average of $203.39 and a 200 day moving average of $217.12.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. Apple's revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.53 EPS. On average, research analysts expect that Apple Inc. will post 7.28 EPS for the current year.

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

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Apple's dividend payout ratio is currently 16.20%.

Insider Transactions at Apple

In related news, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the sale, the chief financial officer 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider directly owned 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 disclosure for this sale can be found here. 0.06% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Needham & Company LLC reissued a "hold" rating on shares of Apple in a research report on Tuesday, June 10th. KeyCorp raised shares of Apple from an "underweight" rating to a "sector weight" rating in a research note on Monday, April 14th. Raymond James Financial cut their price objective on shares of Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. UBS Group set a $210.00 price target on shares of Apple and gave the company a "neutral" rating in a report on Thursday, July 3rd. Finally, Barclays set a $173.00 target price on shares of Apple and gave the stock an "underweight" rating in a report on Tuesday, June 24th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $235.27.

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.

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