Jaffetilchin Investment Partners LLC Sells 3,083 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Jaffetilchin Investment Partners LLC has a holdings worth $80.31 million in Apple Inc., making it the firm's second largest investment at approximately 5.8% of their portfolio.
• Apple reported earnings of $1.57 per share for the last quarter, exceeding estimates, while total revenue reached $94.04 billion, a 9.6% year-over-year increase.
• The company's Board of Directors has authorized a $100 billion stock buyback program, indicating confidence in the stock's value.

Jaffetilchin Investment Partners LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 361,544 shares of the iPhone maker's stock after selling 3,083 shares during the quarter. Apple accounts for 5.8% of Jaffetilchin Investment Partners LLC's investment portfolio, making the stock its 2nd biggest position. Jaffetilchin Investment Partners LLC's holdings in Apple were worth $80,310,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Tallon Kerry Patrick bought a new stake in Apple during the fourth quarter worth about $1,877,000. First National Bank of Hutchinson raised its holdings in shares of Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC raised its holdings in shares of Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Eagle Capital Management LLC raised its holdings in shares of Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after purchasing an additional 272 shares during the last quarter. Finally, Brighton Jones LLC increased its holdings in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after buying an additional 69,207 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Stock Up 1.1%

AAPL stock traded up $2.56 during trading on Tuesday, hitting $229.74. 41,781,765 shares of the company's stock traded hands, compared to its average volume of 57,888,410. The firm has a market capitalization of $3.41 trillion, a P/E ratio of 34.86, a PEG ratio of 2.40 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The business has a fifty day simple moving average of $207.35 and a two-hundred day simple moving average of $213.10.

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

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

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's dividend payout ratio is currently 15.78%.

Analysts Set New Price Targets

AAPL has been the subject of a number of research reports. China Renaissance initiated coverage on shares of Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 target price for the company. Monness Crespi & Hardt upped their price target on shares of Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Evercore ISI upped their price target on shares of Apple to $250.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. UBS Group upped their target price on shares of Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Barclays upped their target price 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. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $237.60.

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.