Garrett Wealth Advisory Group LLC Cuts Position in Apple Inc. (NASDAQ:AAPL)

Garrett Wealth Advisory Group LLC trimmed its position in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 2.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,637 shares of the iPhone maker’s stock after selling 840 shares during the period. Apple comprises about 2.6% of Garrett Wealth Advisory Group LLC’s portfolio, making the stock its 13th biggest position. Garrett Wealth Advisory Group LLC’s holdings in Apple were worth $5,000,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AAPL. Norges Bank purchased a new stake in shares of Apple during the fourth quarter worth approximately $25,228,507,000. State Street Corp boosted its holdings in Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after purchasing an additional 10,951,705 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Apple in the fourth quarter valued at approximately $1,461,735,000. Capital Research Global Investors boosted its holdings in Apple by 38.1% in the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock valued at $5,247,094,000 after purchasing an additional 8,154,171 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Apple by 41.8% in the fourth quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock valued at $3,705,275,000 after purchasing an additional 6,154,422 shares in the last quarter. 57.98% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Down 0.8 %

NASDAQ:AAPL opened at $154.09 on Friday. The stock has a fifty day moving average price of $142.90 and a two-hundred day moving average price of $158.03. The stock has a market capitalization of $2.49 trillion, a price-to-earnings ratio of 25.01, a PEG ratio of 1.98 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. During the same quarter last year, the business posted $1.40 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.60%. This is a boost from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio (DPR) is currently 14.94%.

Apple declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AAPL shares. Sanford C. Bernstein set a $170.00 price target on Apple in a report on Monday, May 2nd. Barclays lowered their price target on Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a report on Wednesday, July 13th. Evercore ISI decreased their price objective on Apple from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, June 28th. Citigroup decreased their price objective on Apple from $200.00 to $175.00 and set a “buy” rating for the company in a report on Wednesday, July 13th. Finally, The Goldman Sachs Group set a $130.00 price objective on Apple in a report on Tuesday. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $182.73.

Insider Activity

In other news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now owns 452,334 shares in the company, valued at $73,151,454.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.06% of the company’s stock.

Apple Company Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

Further Reading

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPLGet Rating).

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