Apple Inc. (NASDAQ:AAPL) is United Advisor Group LLC's 2nd Largest Position

Key Points

• United Advisor Group LLC reduced its stake in Apple Inc. by 5.1%, leaving it with 65,448 shares, which constitute about 3.0% of its investment portfolio.
• Apple's board has authorized a $100 billion share buyback program, allowing the company to repurchase up to 3.1% of its outstanding shares, indicating a belief in the stock's undervaluation.
• In its most recent earnings report, Apple reported $1.65 EPS exceeding analysts' estimates, along with a revenue of $95.36 billion, marking a 5.1% increase year-over-year.

United Advisor Group LLC decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 65,448 shares of the iPhone maker's stock after selling 3,537 shares during the period. Apple accounts for 3.0% of United Advisor Group LLC's portfolio, making the stock its 2nd largest position. United Advisor Group LLC's holdings in Apple were worth $14,538,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Burkett Financial Services LLC increased its position in shares of Apple by 0.6% during the 1st 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 last quarter. Avid Wealth Partners LLC boosted its stake in shares of Apple by 28.3% during the 1st 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 period. OneAscent Wealth Management LLC boosted its stake in shares of Apple by 4.6% during the 4th 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 period. TruWealth Advisors LLC boosted its stake in shares of Apple by 2.8% during the 1st 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 period. Finally, Allstate Corp boosted its stake in shares of Apple by 3,368.2% during the 4th 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 period. Institutional investors own 67.73% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. UBS Group restated a "hold" rating on shares of Apple in a research note on Friday, July 18th. Evercore ISI lifted their price objective on Apple to $250.00 and gave the company a "buy" rating in a report on Friday, June 6th. Raymond James Financial dropped their price objective on Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Monness Crespi & Hardt lifted their price objective on Apple to $245.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Finally, DA Davidson lifted their price objective on Apple from $230.00 to $250.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Two investment 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $234.94.

Insider Activity

In related news, insider Chris Kondo sold 4,486 shares of Apple 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 owned 15,533 shares in the company, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.06% of the stock is owned by corporate insiders.

Apple Price Performance

Shares of AAPL traded down $2.22 during mid-day trading on Wednesday, hitting $209.05. 43,674,703 shares of the company were exchanged, compared to its average volume of 43,746,808. 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 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The company has a 50 day moving average of $205.10 and a 200-day moving average of $214.16. The stock has a market cap of $3.12 trillion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 2.32 and a beta of 1.20.

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 business had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business's revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.53 earnings per share. Analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.50%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is currently 16.20%.

Apple declared that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

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.