Pursue Wealth Partners LLC Sells 1,307 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Pursue Wealth Partners LLC decreased its stake in Apple Inc. by 6.5%, selling 1,307 shares and holding 18,814 shares valued at approximately $4,179,000 at the end of the last quarter.
• Apple announced a $100 billion stock repurchase plan, reflecting the company's belief that its stock is undervalued, alongside a quarterly dividend of $0.26 per share.
• Wall Street analysts predominantly maintain a positive outlook on Apple, with a consensus rating of "Moderate Buy" and a target price of $237.25.

Pursue Wealth Partners LLC lessened its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 6.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,814 shares of the iPhone maker's stock after selling 1,307 shares during the period. Apple makes up 2.5% of Pursue Wealth Partners LLC's holdings, making the stock its 10th largest position. Pursue Wealth Partners LLC's holdings in Apple were worth $4,179,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AAPL. Tallon Kerry Patrick acquired a new position in shares of Apple in the 4th quarter worth $1,877,000. First National Bank of Hutchinson grew its holdings in shares of Apple by 24.6% during the fourth 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 in the last quarter. Capital & Planning LLC grew its holdings in shares of Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after buying an additional 2,647 shares in the last quarter. Eagle Capital Management LLC grew its holdings in shares of 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 buying an additional 272 shares in the last quarter. Finally, Brighton Jones LLC grew its holdings in shares of 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 buying an additional 69,207 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Citigroup lifted their price objective on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research report on Friday. Morgan Stanley boosted their target price on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday. Rosenblatt Securities restated a "neutral" rating and issued a $217.00 target price on shares of Apple in a research note on Tuesday, July 29th. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a research note on Wednesday, May 21st. Finally, Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and an average price target of $237.25.

Insider Buying and Selling

In related news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction on Monday, May 12th. The stock was 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. This trade represents a 22.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company's stock.

Apple Trading Down 2.5%

Shares of NASDAQ:AAPL traded down $5.19 during midday trading on Friday, hitting $202.38. The company had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The stock has a market cap of $3.02 trillion, a price-to-earnings ratio of 30.71, a PEG ratio of 2.22 and a beta of 1.17. The firm has a fifty day simple moving average of $205.37 and a 200 day simple moving average of $213.60.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 172.48% and a net margin of 24.30%. The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. During the same period last year, the company earned $1.40 EPS. The firm's revenue was up 9.6% on a year-over-year basis. On average, analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's dividend payout ratio (DPR) is presently 15.78%.

Apple announced that its Board of Directors has approved a stock buyback program on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

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.