Apple Inc. $AAPL Shares Sold by Kanawha Capital Management LLC

Key Points

• Kanawha Capital Management LLC has reduced its position in Apple Inc. by 0.7%, maintaining it as their second-largest holding, now accounting for approximately 5.6% of their investment portfolio.
• Apple's analysts maintain a generally positive outlook, with an average target price of $237.60 and a consensus rating of "Moderate Buy." Multiple analysts have raised their price targets recently, with Bank of America setting it at $250.00.
• Apple recently declared a quarterly dividend of $0.26 per share and has approved a substantial $100 billion stock buyback program, signaling confidence in the company's valuation.

Kanawha Capital Management LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 324,370 shares of the iPhone maker's stock after selling 2,164 shares during the quarter. Apple comprises about 5.6% of Kanawha Capital Management LLC's investment portfolio, making the stock its 2nd largest holding. Kanawha Capital Management LLC's holdings in Apple were worth $72,052,000 at the end of the most recent reporting period.

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

Apple Trading Down 0.7%

AAPL stock traded down $1.5190 during midday trading on Thursday, reaching $224.4910. The stock had a trading volume of 17,095,958 shares, compared to its average volume of 57,413,074. 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 twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market cap of $3.33 trillion, a price-to-earnings ratio of 34.06, a PEG ratio of 2.41 and a beta of 1.16. The business has a fifty day simple moving average of $211.38 and a two-hundred day simple moving average of $213.15.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (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 firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter last year, the business earned $1.40 earnings per share. The company's revenue was up 9.6% compared to the same quarter last year. As a group, research analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

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

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple's payout ratio is presently 15.78%.

Insider Activity

In other news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction that occurred on 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 owned 136,687 shares in the company, valued at $30,508,538.40. This represents a 20.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AAPL has been the subject of a number of research analyst reports. The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a report on Wednesday, May 21st. Morgan Stanley upped their target price on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Scotiabank downgraded Apple to a "market perform" rating in a report on Friday, May 2nd. UBS Group increased their price objective on Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $250.00 target price on shares of Apple in a research report on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Apple presently has an average rating of "Moderate Buy" and a consensus price target of $237.98.

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.