Apple Inc. $AAPL is Investor s Fiduciary Advisor Network LLC's 2nd Largest Position

Key Points

• Investor's Fiduciary Advisor Network LLC reduced its Apple Inc. (AAPL) holdings by 19.3%, owning 49,663 shares valued at approximately $11.03 million after selling 11,878 shares in the first quarter.
• Despite some institutional selling, 67.73% of Apple stock is still owned by hedge funds and institutional investors, with firms like Allstate Corp dramatically increasing their positions by over 3,368%.
• Apple recently reported stronger than expected earnings, with $1.57 EPS surpassing estimates, and a declared quarterly dividend of $0.26 per share, indicating financial strength and confidence in its stock value.

Investor s Fiduciary Advisor Network LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 19.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,663 shares of the iPhone maker's stock after selling 11,878 shares during the period. Apple comprises about 5.2% of Investor s Fiduciary Advisor Network LLC's portfolio, making the stock its 2nd largest position. Investor s Fiduciary Advisor Network LLC's holdings in Apple were worth $11,031,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in AAPL. Rice Partnership LLC lifted its position in shares of Apple by 0.3% in the 1st quarter. Rice Partnership LLC now owns 193,727 shares of the iPhone maker's stock worth $43,033,000 after purchasing an additional 563 shares during the period. Cloud Capital Management LLC purchased a new position in Apple during the first quarter valued at approximately $3,467,000. Forte Asset Management LLC lifted its holdings in Apple by 128.8% during the first quarter. Forte Asset Management LLC now owns 10,825 shares of the iPhone maker's stock worth $2,405,000 after buying an additional 6,094 shares during the period. Argentarii LLC lifted its holdings in Apple by 5.1% during the first quarter. Argentarii LLC now owns 60,177 shares of the iPhone maker's stock worth $13,367,000 after buying an additional 2,900 shares during the period. Finally, SwitchPoint Financial Planning LLC boosted its position in Apple by 13.9% during the 1st quarter. SwitchPoint Financial Planning LLC now owns 5,248 shares of the iPhone maker's stock valued at $1,166,000 after acquiring an additional 641 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Stock Performance

Shares of NASDAQ AAPL traded up $2.86 during mid-day trading on Friday, hitting $227.76. The stock had a trading volume of 42,431,176 shares, compared to its average volume of 61,854,304. The firm has a market cap of $3.38 trillion, a PE ratio of 34.56, a PEG ratio of 2.38 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The company has a 50 day moving average of $212.52 and a two-hundred day moving average of $212.96. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter in the previous year, the firm posted $1.40 EPS. The firm's revenue was up 9.6% compared to the same quarter last year. Research analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The firm also recently declared 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 0.5%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio is 15.78%.

Apple announced that its Board of Directors has approved a share repurchase program on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AAPL has been the topic of several analyst reports. Scotiabank lowered Apple to a "market perform" rating in a research note on Friday, May 2nd. Barclays lifted 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. Jefferies Financial Group upgraded shares of Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. BMO Capital Markets restated a "buy" rating on shares of Apple in a research note on Wednesday, August 13th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $237.98.

Insider Buying and Selling

In related news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is currently owned by company insiders.

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.