Mill Capital Management LLC Has $119.53 Million Position in Apple Inc. (NASDAQ:AAPL)

Key Points

• Mill Capital Management LLC reduced its stake in Apple Inc. by 1.9% in Q1, holding 538,086 shares worth approximately $119.5 million, making Apple its second-largest investment.
• GAMMA Investing LLC dramatically increased its stake in Apple by over 25,934%, acquiring more than 59 million shares, while Vanguard Group also raised its position by 3.7% in Q4.
• Apple recently announced a new $100 billion share buyback plan and declared a quarterly dividend of $0.26 per share, reflecting confidence in its stock value.

Mill Capital Management LLC reduced its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 538,086 shares of the iPhone maker's stock after selling 10,304 shares during the period. Apple comprises about 9.6% of Mill Capital Management LLC's holdings, making the stock its 2nd largest holding. Mill Capital Management LLC's holdings in Apple were worth $119,525,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in AAPL. Conquis Financial LLC acquired a new position in Apple in the fourth quarter worth $63,000. LSV Asset Management bought a new position in shares of Apple during the 4th quarter valued at about $65,000. Pillar Financial Advisors LLC bought a new stake in shares of Apple in the fourth quarter valued at about $82,000. Compass Planning Associates Inc bought a new position in Apple in the fourth quarter valued at approximately $96,000. Finally, Collier Financial bought a new stake in shares of Apple in the 4th quarter valued at about $140,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.06% of the company's stock.

Apple Stock Performance

Shares of NASDAQ AAPL traded up $6.78 during mid-day trading on Thursday, reaching $220.03. 88,530,516 shares of the company's stock were exchanged, compared to its average volume of 57,598,227. The firm has a market capitalization of $3.27 trillion, a price-to-earnings ratio of 33.39, a price-to-earnings-growth ratio of 2.13 and a beta of 1.16. Apple Inc. has a 52 week low of $169.21 and a 52 week 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. The firm has a 50-day moving average price of $205.84 and a two-hundred day moving average price of $213.24.

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 analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%. The company's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.40 EPS. Analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple announced that its board has authorized a stock buyback plan on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication 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. Shareholders of record on Monday, August 11th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple's dividend payout ratio (DPR) is 15.78%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Citigroup boosted their price target on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research note on Friday, August 1st. DA Davidson restated a "buy" rating and issued a $250.00 target price on shares of Apple in a research report on Friday, August 1st. Bank of America increased their price target on shares of Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday. Rosenblatt Securities restated a "neutral" rating and set a $217.00 price objective on shares of Apple in a research report on Tuesday, July 29th. Finally, TD Cowen dropped their price objective on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.60.

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.