Prodigy Asset Management LLC Reduces Stake in Apple Inc. $AAPL

Prodigy Asset Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 23.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,489 shares of the iPhone maker's stock after selling 1,400 shares during the period. Apple makes up approximately 0.8% of Prodigy Asset Management LLC's investment portfolio, making the stock its 11th largest holding. Prodigy Asset Management LLC's holdings in Apple were worth $997,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Conquis Financial LLC acquired a new position in shares of Apple during the 4th quarter worth approximately $63,000. LSV Asset Management acquired a new position in Apple in the 4th quarter valued at $65,000. Elite Financial Inc. acquired a new stake in shares of Apple in the 1st quarter worth $58,000. Pillar Financial Advisors LLC acquired a new stake in shares of Apple in the 4th quarter worth $82,000. Finally, Compass Planning Associates Inc acquired a new stake in shares of Apple in the 4th quarter worth $96,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.06% of the stock is currently owned by corporate insiders.

Apple Stock Performance

NASDAQ AAPL opened at $229.31 on Wednesday. The stock has a market cap of $3.40 trillion, a price-to-earnings ratio of 34.80, a price-to-earnings-growth ratio of 2.37 and a beta of 1.16. The business has a fifty day moving average of $213.77 and a 200-day moving average of $212.93. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. 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 (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The firm had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same period in the prior year, the firm posted $1.40 earnings per share. The business's quarterly revenue was up 9.6% compared to the same quarter last year. As a group, analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its board has approved a stock repurchase plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Apple Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Raymond James Financial reiterated an "outperform" rating and set a $240.00 price target (up from $230.00) on shares of Apple in a report on Friday, August 1st. TD Cowen reduced their price target on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Barclays raised their target price on Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. Evercore ISI reissued an "outperform" rating and set a $250.00 target price on shares of Apple in a research report on Wednesday, August 13th. Finally, Monness Crespi & Hardt lifted their price target on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $237.01.

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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