Saratoga Research & Investment Management Reduces Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Saratoga Research & Investment Management lowered its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 314,141 shares of the iPhone maker's stock after selling 18,059 shares during the quarter. Apple comprises 4.0% of Saratoga Research & Investment Management's portfolio, making the stock its 9th largest holding. Saratoga Research & Investment Management's holdings in Apple were worth $78,667,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Drystone LLC bought a new stake in Apple in the 4th quarter valued at $25,000. SPX Gestao de Recursos Ltda bought a new stake in shares of Apple in the third quarter valued at about $71,000. Pillar Financial Advisors LLC acquired a new stake in Apple during the fourth quarter worth about $82,000. Compass Planning Associates Inc bought a new position in Apple during the fourth quarter valued at about $96,000. Finally, Collier Financial acquired a new position in Apple in the 4th quarter valued at approximately $140,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Morgan Stanley reissued an "overweight" rating and set a $235.00 price objective on shares of Apple in a report on Thursday, June 5th. Citigroup reiterated a "buy" rating on shares of Apple in a research note on Tuesday. TD Cowen lowered their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. China Renaissance assumed coverage on shares of Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price objective for the company. Finally, DA Davidson lifted their target price on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.86.

Apple Stock Up 0.2%

Shares of NASDAQ AAPL traded up $0.40 during mid-day trading on Thursday, reaching $199.18. 43,675,646 shares of the company's stock were exchanged, compared to its average volume of 55,560,287. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. The business has a fifty day simple moving average of $200.92 and a 200 day simple moving average of $223.60. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market capitalization of $2.97 trillion, a price-to-earnings ratio of 31.62, a PEG ratio of 2.44 and a beta of 1.22.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. The company's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.53 EPS. As a group, equities analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is currently 16.20%.

Apple declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Apple

In related news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the transaction, the chief financial officer now owns 4,569 shares in the company, valued at approximately $941,214. This represents a 50.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the firm'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 completion of the transaction, the insider now directly owns 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 191,507 shares of company stock worth $42,694,080. Corporate insiders own 0.06% of the company's stock.

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.