J. L. Bainbridge & Co. Inc. Has $111.90 Million Stake in Apple Inc. (NASDAQ:AAPL)

J. L. Bainbridge & Co. Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 503,774 shares of the iPhone maker's stock after selling 31,791 shares during the period. Apple makes up about 11.2% of J. L. Bainbridge & Co. Inc.'s holdings, making the stock its 2nd biggest position. J. L. Bainbridge & Co. Inc.'s holdings in Apple were worth $111,903,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of AAPL. Burkett Financial Services LLC increased its holdings in Apple by 0.6% during the 1st 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 during the period. Avid Wealth Partners LLC increased its holdings in Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after acquiring an additional 930 shares during the period. OneAscent Wealth Management LLC increased its holdings in Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after acquiring an additional 409 shares during the period. TruWealth Advisors LLC increased 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 acquiring an additional 5,120 shares during the period. Finally, Allstate Corp increased its holdings in Apple by 3,368.2% during 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 during the period. Institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a "neutral" rating and set a $217.00 target price on shares of Apple in a report on Tuesday, July 29th. Loop Capital decreased their target price on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. 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 report on Friday, August 1st. TD Cowen decreased their target price on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Finally, Bank of America boosted their price target on shares of Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $237.60.

Apple Stock Down 0.2%

Shares of Apple stock traded down $0.42 during trading on Thursday, hitting $232.91. The company's stock had a trading volume of 37,584,287 shares, compared to its average volume of 57,933,523. 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 fifty day simple moving average of $208.49 and a two-hundred day simple moving average of $213.35. The company has a market capitalization of $3.46 trillion, a PE ratio of 35.33, a P/E/G ratio of 2.40 and a beta of 1.16. Apple Inc. has a 52 week low of $169.21 and a 52 week 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple's quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the business earned $1.40 EPS. Equities research analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

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

Apple announced that its board has authorized a share repurchase plan on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the sale, the senior vice president directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.06% of the company's stock.

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.