Apple Inc. $AAPL is Lee Danner & Bass Inc.'s 3rd Largest Position

Key Points

• Lee Danner & Bass Inc. reduced its stake in Apple Inc. by 3.1%, now holding over 242,000 shares valued at approximately $53.9 million.
• Several institutional investors have recently adjusted their positions in Apple, with Riggs Asset Management increasing its stake by 6.8%.
• Analysts have mixed views on Apple, with a consensus rating of "Moderate Buy" and an average target price set at $237.98.

Lee Danner & Bass Inc. decreased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 242,613 shares of the iPhone maker's stock after selling 7,684 shares during the quarter. Apple accounts for approximately 4.4% of Lee Danner & Bass Inc.'s investment portfolio, making the stock its 3rd largest holding. Lee Danner & Bass Inc.'s holdings in Apple were worth $53,892,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Tallon Kerry Patrick acquired a new position in Apple during the fourth quarter valued at $1,877,000. First National Bank of Hutchinson lifted its holdings in shares of Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after buying an additional 6,982 shares during the period. Capital & Planning LLC boosted its stake in shares of 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 buying an additional 2,647 shares during the last quarter. Eagle Capital Management LLC raised its position in 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 acquiring an additional 272 shares in the last quarter. Finally, Brighton Jones LLC raised its position 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 acquiring an additional 69,207 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Evercore ISI reaffirmed an "outperform" rating and set a $250.00 target price on shares of Apple in a report on Wednesday, August 13th. Raymond James Financial reaffirmed an "outperform" rating and issued a $240.00 price objective (up previously from $230.00) on shares of Apple in a report on Friday, August 1st. Loop Capital decreased their price objective on shares of Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research report on Thursday. Morgan Stanley raised their target price on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research report on Friday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $237.98.

Insider Activity at Apple

In other news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

AAPL traded up $2.86 during trading on Friday, reaching $227.76. The company's stock had a trading volume of 42,431,176 shares, compared to its average volume of 61,854,304. The firm has a fifty day simple moving average of $212.52 and a two-hundred day simple moving average of $212.96. The company has a market cap of $3.38 trillion, a price-to-earnings ratio of 34.56, a PEG ratio of 2.38 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.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion for 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 revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.40 EPS. As a group, analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

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

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

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.