Libra Wealth LLC Cuts Stock Position in Apple Inc. $AAPL

Key Points

• Libra Wealth LLC reduced its position in Apple Inc. by 5.4%, now holding 25,080 shares, which constitute about 2.1% of its holdings.
• Apple reported a quarterly EPS of $1.57, surpassing estimates, and its revenue increased by 9.6% year-over-year, totaling $94.04 billion.
• The company's board has authorized a $100 billion stock repurchase program, indicating confidence in its stock value.

Libra Wealth LLC reduced its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,080 shares of the iPhone maker's stock after selling 1,422 shares during the period. Apple comprises about 2.1% of Libra Wealth LLC's holdings, making the stock its 12th largest holding. Libra Wealth LLC's holdings in Apple were worth $5,571,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AAPL. Burkett Financial Services LLC raised its holdings in Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock valued at $3,199,000 after acquiring an additional 93 shares in the last quarter. Avid Wealth Partners LLC increased its holdings in Apple by 28.3% in the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after buying an additional 930 shares during the last quarter. OneAscent Wealth Management LLC raised its stake in Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after buying an additional 409 shares in the last quarter. TruWealth Advisors LLC lifted its holdings in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after buying an additional 5,120 shares during the last quarter. Finally, Allstate Corp boosted its position in shares of Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after acquiring an additional 438,471 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Price Performance

Apple stock traded down $0.13 during midday trading on Tuesday, reaching $230.76. 8,640,402 shares of the company were exchanged, compared to its average volume of 57,554,328. The firm's 50-day simple moving average is $210.28 and its 200-day simple moving average is $212.94. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The company has a market capitalization of $3.42 trillion, a price-to-earnings ratio of 35.07, a P/E/G ratio of 2.42 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87.

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

Apple Dividend Announcement

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

Apple declared that its board has authorized a share buyback 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 shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

AAPL has been the subject of several recent analyst reports. Evercore ISI restated an "outperform" rating and set a $250.00 target price on shares of Apple in a research note on Wednesday, August 13th. JPMorgan Chase & Co. lifted their price target on shares of Apple from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a report on Wednesday, May 21st. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research report on Friday, July 25th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $237.60.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.06% of the company's stock.

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.