Apple Inc. (NASDAQ:AAPL) Position Lessened by Refined Wealth Management

Key Points

• Refined Wealth Management significantly reduced its stake in Apple Inc. by 76.7%, owning only 2,969 shares after selling 9,759 shares in the first quarter, which represents about 0.5% of its total portfolio.
• Apple's share buyback plan, authorized on May 1st, allows for the repurchase of up to $100 billion in stock, indicating the company's belief that its shares may be undervalued.
• Apple's recent quarterly earnings report showed $1.57 EPS, surpassing analysts' expectations, with revenue of $94.04 billion, reflecting a 9.6% year-over-year growth.

Refined Wealth Management lessened its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 76.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,969 shares of the iPhone maker's stock after selling 9,759 shares during the quarter. Apple comprises 0.5% of Refined Wealth Management's holdings, making the stock its 20th largest position. Refined Wealth Management's holdings in Apple were worth $660,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in Apple during the 4th quarter worth about $46,868,648,000. GAMMA Investing LLC lifted its stake in Apple by 25,934.1% in the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after buying an additional 59,835,676 shares in the last quarter. Vanguard Group Inc. lifted its stake in Apple by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after buying an additional 49,168,843 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in shares of Apple by 23,555.4% during the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock worth $5,272,653,000 after purchasing an additional 20,966,232 shares during the period. Finally, Northern Trust Corp raised its position in shares of Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after buying an additional 20,079,472 shares during the period. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Stock Performance

Shares of NASDAQ AAPL traded down $5.19 during trading on Friday, reaching $202.38. 97,423,066 shares of the company traded hands, compared to its average volume of 44,912,472. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $3.02 trillion, a PE ratio of 27.88, a P/E/G ratio of 2.22 and a beta of 1.17. The firm has a 50 day simple moving average of $205.37 and a 200-day simple moving average of $213.77. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10.

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 172.48%. The business had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter in the previous year, the business posted $1.40 earnings per share. The business's revenue was up 9.6% compared to the same quarter last year. Equities research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

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

Apple declared that its board has initiated a stock buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AAPL. JPMorgan Chase & Co. raised their target price on Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday. UBS Group lifted their price target on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Friday. Wedbush reiterated an "outperform" rating and set a $270.00 price objective on shares of Apple in a research note on Wednesday. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Finally, Raymond James Financial reissued an "outperform" rating and set a $240.00 target price (up previously from $230.00) on shares of Apple in a research note on Friday. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $237.25.

Insiders Place Their Bets

In related news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the sale, the insider directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.