Apple Inc. (NASDAQ:AAPL) Stock Holdings Cut by Burkett Financial Services LLC

Burkett Financial Services LLC trimmed its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,898 shares of the iPhone maker’s stock after selling 232 shares during the quarter. Apple accounts for approximately 1.2% of Burkett Financial Services LLC’s portfolio, making the stock its 10th largest holding. Burkett Financial Services LLC’s holdings in Apple were worth $2,383,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of AAPL. Norges Bank purchased a new position in Apple during the 4th quarter worth $33,912,466,000. International Assets Investment Management LLC raised its stake in shares of Apple by 14,395.4% during the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock worth $136,119,470,000 after purchasing an additional 70,212,651 shares during the period. Vanguard Group Inc. raised its stake in shares of Apple by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock worth $253,766,929,000 after purchasing an additional 18,067,216 shares during the period. Cerity Partners LLC raised its stake in shares of Apple by 130.1% during the 4th quarter. Cerity Partners LLC now owns 9,430,190 shares of the iPhone maker’s stock worth $1,815,594,000 after purchasing an additional 5,331,439 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of Apple during the 4th quarter worth $560,388,000. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Down 1.1 %

Shares of NASDAQ AAPL opened at $214.29 on Wednesday. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $220.20. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $3.29 trillion, a price-to-earnings ratio of 33.33, a PEG ratio of 2.59 and a beta of 1.25. The business has a 50-day moving average of $185.62 and a 200-day moving average of $184.36.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The company had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. During the same quarter in the previous year, the firm earned $1.52 earnings per share. Apple’s revenue was down 4.3% on a year-over-year basis. Sell-side analysts expect that Apple Inc. will post 6.58 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were issued a dividend of $0.25 per share. This is a positive change from Apple’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.00 annualized dividend and a dividend yield of 0.47%. Apple’s payout ratio is presently 15.55%.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the sale, the senior vice president now owns 136,572 shares of the company’s stock, valued at $23,068,376.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the completion of the sale, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at $574,260,512.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the sale, the senior vice president now directly owns 136,572 shares of the company’s stock, valued at approximately $23,068,376.52. The disclosure for this sale can be found here. Insiders sold a total of 346,270 shares of company stock valued at $60,880,196 over the last quarter. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AAPL. Maxim Group began coverage on Apple in a research note on Wednesday, April 17th. They set a “hold” rating and a $178.00 target price on the stock. Erste Group Bank upgraded Apple from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. Canaccord Genuity Group lifted their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research note on Saturday, May 4th. JPMorgan Chase & Co. boosted their price objective on Apple from $225.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Wedbush boosted their price objective on Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $208.06.

Apple Company 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.