Apple Inc. (NASDAQ:AAPL) Shares Sold by Summitry LLC

Summitry LLC reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,695 shares of the iPhone maker's stock after selling 2,220 shares during the quarter. Summitry LLC's holdings in Apple were worth $5,433,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AAPL. Drystone LLC acquired a new stake in shares of Apple in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc purchased a new stake in Apple in the 4th quarter valued at $47,000. SPX Gestao de Recursos Ltda acquired a new stake in shares of Apple in the 3rd quarter worth $71,000. Teachers Insurance & Annuity Association of America purchased a new position in shares of Apple during the 3rd quarter worth $77,000. Finally, Pillar Financial Advisors LLC purchased a new position in shares of Apple during the 4th quarter worth $82,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Insider Buying and Selling

In other news, CEO Timothy D. Cook sold 108,136 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. This trade represents a 3.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock worth $42,694,080 over the last 90 days. 0.06% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several recent analyst reports. Needham & Company LLC restated a "hold" rating and set a $225.00 price objective on shares of Apple in a research report on Wednesday. Scotiabank cut shares of Apple to a "market perform" rating in a research note on Friday, May 2nd. Loop Capital reduced their price target on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Citigroup reiterated a "cautious" rating on shares of Apple in a report on Monday, May 5th. Finally, Bank of America cut their target price on Apple from $250.00 to $240.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $235.80.

Apple Stock Down 1.1%

Shares of NASDAQ AAPL traded down $2.19 during mid-day trading on Thursday, hitting $200.63. The company had a trading volume of 55,012,072 shares, compared to its average volume of 58,125,285. The company has a market capitalization of $3.00 trillion, a PE ratio of 31.85, a price-to-earnings-growth ratio of 2.44 and a beta of 1.27. The business's 50-day simple moving average is $201.99 and its 200 day simple moving average is $224.54. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. Apple's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.53 EPS. On average, analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its board has approved a share repurchase plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

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 issued a $0.26 dividend. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a yield of 0.52%. Apple's dividend payout ratio (DPR) 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.