TCI Wealth Advisors Inc. Has $30.94 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Key Points

• TCI Wealth Advisors Inc. reduced its stake in Apple Inc. by 1.9%, selling 2,705 shares and now holds 139,264 shares, which are valued at approximately $30.9 million.
• Apple's Board of Directors announced a $100 billion stock repurchase plan, indicating a belief that the stock is currently undervalued.
• The company has recently increased its quarterly dividend from $0.25 to $0.26 per share, representing an annualized yield of 0.49%.

TCI Wealth Advisors Inc. cut its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,264 shares of the iPhone maker's stock after selling 2,705 shares during the period. Apple accounts for 2.5% of TCI Wealth Advisors Inc.'s portfolio, making the stock its 12th largest position. TCI Wealth Advisors Inc.'s holdings in Apple were worth $30,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in AAPL. Burkett Financial Services LLC raised its holdings in shares of Apple by 0.6% during the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after purchasing an additional 93 shares during the period. Avid Wealth Partners LLC grew its position in shares of Apple by 28.3% during the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after acquiring an additional 930 shares during the last quarter. OneAscent Wealth Management LLC grew its position in shares of Apple by 4.6% during the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after acquiring an additional 409 shares during the last quarter. TruWealth Advisors LLC grew its position in shares of Apple by 2.8% during the first quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after acquiring an additional 5,120 shares during the last quarter. Finally, Allstate Corp grew its position in shares of Apple by 3,368.2% during the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after acquiring an additional 438,471 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Trading Down 0.7%

AAPL stock traded down $1.53 during mid-day trading on Tuesday, reaching $212.52. 11,262,509 shares of the stock traded hands, compared to its average volume of 56,283,719. 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 52-week low of $169.21 and a 52-week high of $260.10. The company has a market cap of $3.17 trillion, a P/E ratio of 33.10, a P/E/G ratio of 2.39 and a beta of 1.20. The stock's fifty day moving average is $204.87 and its 200-day moving average is $214.22.

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, topping analysts' consensus estimates of $1.62 by $0.03. The business 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 167.24%. The firm's revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.53 earnings per share. As a group, sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. This is a positive change from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. Apple's dividend payout ratio is 16.20%.

Apple announced that its board has initiated a share repurchase program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

AAPL has been the subject of several recent research reports. Tigress Financial upped their price target on shares of Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a research report on Thursday, April 3rd. Wedbush restated an "outperform" rating and set a $270.00 price target on shares of Apple in a research report on Wednesday, July 9th. Morgan Stanley restated an "overweight" rating on shares of Apple in a research report on Friday, June 13th. Monness Crespi & Hardt upped their price target on shares of Apple to $245.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Citigroup restated a "buy" rating on shares of Apple in a research report 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 given a strong buy rating to the company's stock. According to MarketBeat.com, Apple currently has an average rating of "Moderate Buy" and an average price target of $234.94.

Insider Activity

In other news, insider Chris Kondo sold 4,486 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is owned by company insiders.

Apple 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.