Selway Asset Management Has $23.64 Million Stake in Apple Inc. (NASDAQ:AAPL)

Selway Asset Management cut its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 8.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,429 shares of the iPhone maker's stock after selling 10,237 shares during the quarter. Apple makes up approximately 9.8% of Selway Asset Management's holdings, making the stock its largest holding. Selway Asset Management's holdings in Apple were worth $23,641,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Drystone LLC acquired a new stake in Apple during the fourth quarter valued at approximately $25,000. Conquis Financial LLC acquired a new stake in shares of Apple during the 4th quarter valued at approximately $63,000. LSV Asset Management bought a new position in Apple during the fourth quarter worth $65,000. Pillar Financial Advisors LLC acquired a new position in Apple in the fourth quarter worth $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple in the fourth quarter worth $96,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Stock Up 0.4%

Shares of AAPL traded up $0.92 during trading hours on Thursday, hitting $213.36. 34,926,355 shares of the company were exchanged, compared to its average volume of 53,553,501. The firm's 50 day moving average is $203.16 and its 200-day moving average is $219.40. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a market cap of $3.19 trillion, a PE ratio of 33.23, a PEG ratio of 2.32 and a beta of 1.20.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The firm had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. During the same quarter in the prior year, the business earned $1.53 earnings per share. The company's revenue was up 5.1% on a year-over-year basis. On average, equities research analysts forecast 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 paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Apple's dividend payout ratio (DPR) is presently 16.20%.

Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

AAPL has been the topic of a number of recent research reports. Evercore ISI raised their price target on shares of Apple to $250.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. China Renaissance started coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 target price on the stock. KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a report on Monday, April 14th. Loop Capital dropped their price target on Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating and boosted their price objective for the company from $170.62 to $188.32 in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and an average price target of $234.95.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at $941,214. This represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.06% of the company's stock.

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.