PSI Advisors LLC Sells 2,384 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• PSI Advisors LLC reduced its stake in Apple Inc. by 7.8%, selling 2,384 shares, and currently holds 28,259 shares, valued at approximately $6.28 million.
• Apple's board has authorized a $100 billion stock repurchase plan, indicating confidence in the company's stock valuation.
• Analysts have a consensus price target of $234.94, with ratings including two sell, twelve hold, fifteen buy, and two strong buy recommendations.

PSI Advisors LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,259 shares of the iPhone maker's stock after selling 2,384 shares during the period. Apple comprises 2.0% of PSI Advisors LLC's holdings, making the stock its 12th largest position. PSI Advisors LLC's holdings in Apple were worth $6,277,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Life Planning Partners Inc acquired a new stake in Apple in the 4th quarter valued at about $47,000. Conquis Financial LLC acquired a new stake in Apple during the fourth quarter worth approximately $63,000. LSV Asset Management acquired a new stake in Apple during the fourth quarter worth approximately $65,000. Pillar Financial Advisors LLC acquired a new stake in Apple during the fourth quarter worth approximately $82,000. Finally, Compass Planning Associates Inc acquired a new stake in Apple during the fourth quarter worth approximately $96,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AAPL. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Barclays set a $173.00 price objective on shares of Apple and gave the stock an "underweight" rating in a research report on Tuesday, June 24th. Citigroup restated a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Bank of America restated a "buy" rating and set a $235.00 price objective on shares of Apple in a research report on Tuesday, June 10th. Finally, UBS Group reaffirmed a "hold" rating on shares of Apple in a report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $234.94.

Insider Buying and Selling 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 transaction of $933,940.34. Following the sale, the insider owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.06% of the company's stock.

Apple Price Performance

NASDAQ:AAPL traded down $1.53 during mid-day trading on Tuesday, reaching $212.52. The stock had a trading volume of 10,429,226 shares, compared to its average volume of 56,283,719. The stock has a 50-day simple moving average of $204.87 and a two-hundred day simple moving average of $214.22. The stock has a market capitalization of $3.17 trillion, a PE ratio of 33.11, a P/E/G ratio of 2.39 and a beta of 1.20. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion for the quarter, compared to analysts' expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. During the same period last year, the firm posted $1.53 earnings per share. On average, equities analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is presently 16.20%.

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

Apple Company 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.