9258 Wealth Management LLC trimmed its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,201 shares of the iPhone maker’s stock after selling 3,275 shares during the period. Apple accounts for 3.2% of 9258 Wealth Management LLC’s portfolio, making the stock its 2nd largest position. 9258 Wealth Management LLC’s holdings in Apple were worth $14,708,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. MKT Advisors LLC lifted its holdings in Apple by 0.5% during the second quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock valued at $1,777,000 after purchasing an additional 60 shares in the last quarter. Silver Oak Advisory Group Inc. lifted its stake in Apple by 1.8% in the 2nd quarter. Silver Oak Advisory Group Inc. now owns 3,925 shares of the iPhone maker’s stock valued at $537,000 after buying an additional 69 shares in the last quarter. 3D L Capital Management LLC boosted its holdings in Apple by 2.9% in the 1st quarter. 3D L Capital Management LLC now owns 2,445 shares of the iPhone maker’s stock worth $427,000 after buying an additional 70 shares during the last quarter. Weik Capital Management increased its stake in Apple by 0.3% during the 1st quarter. Weik Capital Management now owns 25,238 shares of the iPhone maker’s stock worth $4,407,000 after buying an additional 70 shares in the last quarter. Finally, Coyle Financial Counsel LLC raised its holdings in shares of Apple by 0.3% during the second quarter. Coyle Financial Counsel LLC now owns 26,125 shares of the iPhone maker’s stock valued at $3,572,000 after acquiring an additional 71 shares during the last quarter. 57.60% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on AAPL shares. Raymond James reduced their price objective on Apple from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 3rd. UBS Group set a $180.00 target price on shares of Apple in a research report on Monday, April 3rd. Cowen lowered their price target on shares of Apple from $200.00 to $195.00 and set an “outperform” rating on the stock in a research report on Friday, February 3rd. Credit Suisse Group increased their price objective on shares of Apple from $184.00 to $188.00 and gave the company an “outperform” rating in a report on Thursday, April 13th. Finally, Robert W. Baird boosted their target price on Apple from $170.00 to $180.00 in a report on Tuesday, May 2nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $174.74.
Apple Trading Up 0.4 %
Apple (NASDAQ:AAPL – Get Rating) last released its earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. Apple had a net margin of 24.49% and a return on equity of 165.72%. The company had revenue of $94.84 billion for the quarter, compared to analyst estimates of $92.84 billion. During the same period in the prior year, the business earned $1.52 EPS. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts anticipate that Apple Inc. will post 5.99 EPS for the current fiscal year.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 18th. Shareholders of record on Monday, May 15th will be issued a dividend of $0.24 per share. This is an increase from Apple’s previous quarterly dividend of $0.23. The ex-dividend date is Friday, May 12th. This represents a $0.96 annualized dividend and a yield of 0.56%. Apple’s dividend payout ratio is 16.30%.
Apple announced that its board has authorized a share repurchase program on Thursday, May 4th that authorizes the company to buyback $90.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling at Apple
In related news, CEO Timothy D. Cook sold 56,072 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the sale, the chief executive officer now directly owns 3,280,052 shares in the company, valued at $541,766,188.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Apple news, CEO Timothy D. Cook sold 56,072 shares of the stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $165.17, for a total value of $9,261,412.24. Following the sale, the chief executive officer now directly owns 3,280,052 shares of the company’s stock, valued at approximately $541,766,188.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Chris Kondo sold 4,092 shares of the business’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $173.26, for a total transaction of $708,979.92. Following the transaction, the insider now owns 33,946 shares of the company’s stock, valued at approximately $5,881,483.96. The disclosure for this sale can be found here. Insiders have sold 439,529 shares of company stock valued at $71,703,657 in the last quarter. Corporate insiders own 0.06% of the company’s stock.
About Apple
Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.
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