Silver Oak Securities Incorporated Has $21.50 Million Stake in Apple Inc. (NASDAQ:AAPL)

Key Points

• Silver Oak Securities Incorporated reduced its holdings in Apple Inc. by 1.3%, now owning 98,655 shares valued at approximately $21.5 million.
• Apple reported a quarterly revenue increase of 5.1% year-over-year, reaching $95.36 billion, with earnings per share of $1.65 surpassing analysts' estimates.
• The company has authorized a $100 billion share repurchase plan, indicating management's belief that its stock is undervalued.

Silver Oak Securities Incorporated lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 98,655 shares of the iPhone maker's stock after selling 1,255 shares during the period. Apple makes up about 1.9% of Silver Oak Securities Incorporated's investment portfolio, making the stock its 12th largest holding. Silver Oak Securities Incorporated's holdings in Apple were worth $21,497,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Advanced Portfolio Management LLC increased its stake in shares of Apple by 0.3% in the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock valued at $3,260,000 after purchasing an additional 47 shares during the period. Family Capital Management Inc. increased its position in Apple by 0.3% in the 4th quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker's stock valued at $4,235,000 after acquiring an additional 48 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in Apple by 0.3% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker's stock valued at $4,178,000 after acquiring an additional 48 shares in the last quarter. Scarborough Advisors LLC boosted its position in Apple by 0.3% during the 4th quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker's stock worth $3,992,000 after acquiring an additional 51 shares during the period. Finally, Disciplined Investments LLC grew its stake in shares of Apple by 0.7% in the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock worth $1,794,000 after purchasing an additional 51 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction 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 sale, the insider 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 Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AAPL has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research report on Friday, July 25th. Rosenblatt Securities reiterated a "neutral" rating and set a $217.00 price objective on shares of Apple in a research note on Tuesday. TD Cowen cut their target price on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. The Goldman Sachs Group reiterated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Finally, Monness Crespi & Hardt boosted their price objective on Apple to $245.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $234.94.

Apple Stock Down 1.1%

NASDAQ AAPL traded down $2.22 during trading on Wednesday, hitting $209.05. 43,674,703 shares of the company traded hands, compared to its average volume of 43,746,808. The business has a fifty day simple moving average of $205.10 and a 200 day simple moving average of $214.16. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a market capitalization of $3.12 trillion, a P/E ratio of 32.56, a PEG ratio of 2.32 and a beta of 1.20.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. During the same quarter in the previous year, the firm earned $1.53 EPS. The firm's revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple announced that its Board of Directors has approved a share repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.50%. The ex-dividend date was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is 16.20%.

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.