Terra Alpha Investments LLC Sells 2,925 Shares of Apple Inc. (NASDAQ:AAPL)

Terra Alpha Investments LLC decreased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 12.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,104 shares of the iPhone maker's stock after selling 2,925 shares during the quarter. Apple accounts for about 4.9% of Terra Alpha Investments LLC's investment portfolio, making the stock its 5th largest position. Terra Alpha Investments LLC's holdings in Apple were worth $4,466,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. Tallon Kerry Patrick purchased a new position in shares of Apple in the fourth quarter worth approximately $1,877,000. First National Bank of Hutchinson grew its position in Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after purchasing an additional 6,982 shares in the last quarter. Capital & Planning LLC grew its position in Apple by 10.7% during the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock worth $6,836,000 after purchasing an additional 2,647 shares in the last quarter. Eagle Capital Management LLC grew its position in Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after purchasing an additional 272 shares in the last quarter. Finally, Independent Wealth Network Inc. grew its position in Apple by 6.3% during the 4th quarter. Independent Wealth Network Inc. now owns 21,617 shares of the iPhone maker's stock worth $5,413,000 after purchasing an additional 1,280 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, 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 value of $933,940.34. Following the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the firm's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the sale, the chief financial officer owned 4,569 shares in the company, 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.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Morgan Stanley reiterated an "overweight" rating on shares of Apple in a report on Friday, June 13th. Scotiabank cut Apple to a "market perform" rating in a research note on Friday, May 2nd. Monness Crespi & Hardt lifted their target price on Apple to $245.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Evercore ISI lifted their target price on Apple to $250.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, TD Cowen lowered their price objective on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $235.27.

Apple Price Performance

NASDAQ AAPL opened at $211.16 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company has a fifty day simple moving average of $203.39 and a 200 day simple moving average of $217.41. The company has a market cap of $3.15 trillion, a P/E ratio of 32.89, a P/E/G ratio of 2.38 and a beta of 1.20. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last released 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. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. During the same period in the prior year, the company earned $1.53 earnings per share. The business's quarterly revenue was up 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Apple Inc. will post 7.28 EPS for the current year.

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

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. This is a positive change from Apple's previous quarterly dividend of $0.25. 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.

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