KG&L Capital Management LLC Sells 3,674 Shares of Apple Inc. (NASDAQ:AAPL)

KG&L Capital Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 6.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,077 shares of the iPhone maker's stock after selling 3,674 shares during the quarter. Apple accounts for about 3.8% of KG&L Capital Management LLC's holdings, making the stock its 4th largest position. KG&L Capital Management LLC's holdings in Apple were worth $11,757,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Tallon Kerry Patrick bought a new position in shares of Apple during the 4th quarter worth approximately $1,877,000. First National Bank of Hutchinson lifted its position in shares of Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after buying an additional 6,982 shares during the period. Capital & Planning LLC raised its position in Apple by 10.7% in the 4th 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 position in Apple by 0.5% in the 4th 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 raised its position in Apple by 14.8% in the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Buying and Selling at Apple

In related news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on AAPL. KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a research note on Monday, April 14th. Citigroup lifted their target price on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Loop Capital lowered their target price on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Wedbush reissued an "outperform" rating and issued a $270.00 target price on shares of Apple in a research note on Thursday. Finally, China Renaissance began coverage on Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 target price for the company. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $237.60.

Apple Stock Performance

Shares of Apple stock opened at $229.35 on Friday. The firm has a market cap of $3.40 trillion, a price-to-earnings ratio of 34.80, a price-to-earnings-growth ratio of 2.30 and a beta of 1.16. The stock's 50-day moving average is $206.84 and its 200-day moving average is $213.21. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83.

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 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 analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business's quarterly revenue was up 9.6% on a year-over-year basis. During the same period last year, the business earned $1.40 EPS. Equities analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its board has initiated a stock repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders 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 dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's dividend payout ratio (DPR) is currently 15.78%.

Apple Profile

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.

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