RKL Wealth Management LLC Has $29.77 Million Position in Apple Inc. $AAPL

Key Points

• RKL Wealth Management LLC increased its stake in Apple Inc. by 4.7%, owning a total of 134,012 shares valued at approximately $29.8 million after purchasing 6,040 additional shares in the first quarter.
• Apple announced a quarterly dividend of $0.26 per share, indicating an annualized dividend yield of 0.4%, while also initiating a significant $100 billion share buyback plan.
• Recent analyst ratings show a mix of opinions on Apple, with target prices raised by firms such as UBS and Morgan Stanley, although many analysts maintain a hold rating on the stock.

RKL Wealth Management LLC lifted its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,012 shares of the iPhone maker's stock after acquiring an additional 6,040 shares during the period. Apple makes up approximately 2.8% of RKL Wealth Management LLC's holdings, making the stock its 6th biggest holding. RKL Wealth Management LLC's holdings in Apple were worth $29,768,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Burkett Financial Services LLC boosted its holdings in shares of Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock valued at $3,199,000 after buying an additional 93 shares during the period. Avid Wealth Partners LLC boosted its holdings in shares of Apple by 28.3% in the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after buying an additional 930 shares during the period. OneAscent Wealth Management LLC boosted its holdings in shares of Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after buying an additional 409 shares during the period. TruWealth Advisors LLC boosted its holdings in shares of Apple by 2.8% in the first quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock valued at $42,045,000 after buying an additional 5,120 shares during the period. Finally, Allstate Corp boosted its holdings in shares of Apple by 3,368.2% in the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after buying an additional 438,471 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the sale, the senior vice president owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is owned by insiders.

Apple Price Performance

Apple stock traded down $0.9810 during trading hours on Tuesday, reaching $229.9090. 20,787,359 shares of the stock were exchanged, compared to its average volume of 57,647,684. The company has a market cap of $3.41 trillion, a P/E ratio of 34.93, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The stock has a 50 day moving average of $210.28 and a two-hundred day moving average of $212.94.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) 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 net margin of 24.30% and a return on equity of 170.91%. The firm's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the business earned $1.40 EPS. Equities analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared 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 shares. This buyback authorization allows the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Apple Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Monness Crespi & Hardt lifted their price objective on shares of Apple from $245.00 to $270.00 and gave the company a "buy" rating in a report on Friday, August 1st. Wedbush reiterated an "outperform" rating and issued a $270.00 price objective on shares of Apple in a report on Thursday, August 7th. Scotiabank downgraded shares of Apple to a "market perform" rating in a report on Friday, May 2nd. Finally, Loop Capital lowered their price objective on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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.