Apple Inc. (NASDAQ:AAPL) is Westhampton Capital LLC's Largest Position

Key Points

• Westhampton Capital LLC has reduced its holdings in Apple Inc. by 1.9%, selling 1,686 shares, leaving them with 86,889 shares valued at approximately $19.3 million.
• Apple reported $1.57 earnings per share for the most recent quarter, exceeding analysts' expectations of $1.43, with revenues of $94.04 billion representing a 9.6% increase year-over-year.
• The company has authorized a $100 billion share repurchase plan, indicating perceived undervaluation, and declared a quarterly dividend of $0.26 per share, with a dividend yield of 0.5%.

Westhampton Capital LLC decreased its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,889 shares of the iPhone maker's stock after selling 1,686 shares during the period. Apple accounts for approximately 10.5% of Westhampton Capital LLC's holdings, making the stock its biggest holding. Westhampton Capital LLC's holdings in Apple were worth $19,301,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Life Planning Partners Inc acquired a new position in shares of Apple in the 4th quarter valued at approximately $47,000. Conquis Financial LLC acquired a new position in shares of Apple in the 4th quarter valued at approximately $63,000. LSV Asset Management acquired a new position in Apple during the 4th quarter worth approximately $65,000. Pillar Financial Advisors LLC acquired a new position in Apple during the 4th quarter worth approximately $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple during the 4th quarter worth approximately $96,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Performance

AAPL traded down $5.19 during trading hours on Friday, hitting $202.38. The stock had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The company's fifty day simple moving average is $205.37 and its 200 day simple moving average is $213.60. The stock has a market cap of $3.02 trillion, a PE ratio of 30.71, a price-to-earnings-growth ratio of 2.22 and a beta of 1.17. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 172.48%. The company had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same period last year, the business earned $1.40 earnings per share. Apple's revenue was up 9.6% compared to the same quarter last year. Equities analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its board has initiated a stock 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 purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be given a dividend of $0.26 per share. The ex-dividend date is Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple's dividend payout ratio is 15.78%.

Insider Activity at Apple

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

Analyst Upgrades and Downgrades

AAPL has been the subject of a number of recent research reports. Bank of America upped their price target on Apple from $235.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday. Needham & Company LLC restated a "hold" rating on shares of Apple in a research note on Friday, July 25th. Rosenblatt Securities reiterated a "neutral" rating and set a $217.00 price objective on shares of Apple in a research report on Tuesday, July 29th. JPMorgan Chase & Co. raised their price objective on Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday. Finally, KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a research note on Monday, April 14th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Apple currently has a consensus rating of "Moderate Buy" and an average target price of $237.25.

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.