Apple Inc. (NASDAQ:AAPL) Shares Sold by Kentucky Retirement Systems

Key Points

• Kentucky Retirement Systems reduced its holdings in Apple Inc. by 3.7%, now holding approximately 1,006,398 shares worth $223.55 million, making Apple its largest investment.
• Wall Street analysts have diverse opinions on Apple, with ratings varying from "strong buy" to "sell", and an average target price set at $234.94.
• Apple recently announced a $100 billion share buyback plan, indicating strong confidence from management regarding the stock's valuation.

Kentucky Retirement Systems decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,006,398 shares of the iPhone maker's stock after selling 38,413 shares during the period. Apple accounts for about 6.8% of Kentucky Retirement Systems' portfolio, making the stock its largest position. Kentucky Retirement Systems' holdings in Apple were worth $223,551,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Life Planning Partners Inc purchased a new position in Apple during the 4th quarter valued at about $47,000. Conquis Financial LLC purchased a new position in shares of Apple in the 4th quarter worth approximately $63,000. LSV Asset Management purchased a new position in shares of Apple in the 4th quarter worth approximately $65,000. Pillar Financial Advisors LLC purchased a new position in shares of Apple in the 4th quarter worth approximately $82,000. Finally, Compass Planning Associates Inc purchased a new position in shares of Apple in the 4th quarter worth approximately $96,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AAPL. Loop Capital cut their price objective on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. 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. Bank of America lifted their price objective on shares of Apple from $235.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Apple from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $237.25.

Insider Transactions at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred on Monday, May 12th. The shares were 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 in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.06% of the company's stock.

Apple Stock Down 2.5%

Shares of Apple stock traded down $5.19 during trading hours on Friday, hitting $202.38. 97,423,066 shares of the company's stock traded hands, compared to its average volume of 44,912,472. The stock has a 50 day simple moving average of $205.37 and a 200-day simple moving average of $213.77. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The company has a market cap of $3.02 trillion, a PE ratio of 27.88, a PEG ratio of 2.22 and a beta of 1.17. 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 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. The firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 172.48%. Apple's revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the company posted $1.40 earnings per share. Equities research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

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

Apple announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

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.