Apple Inc. (NASDAQ:AAPL) Position Trimmed by Neville Rodie & Shaw Inc.

Neville Rodie & Shaw Inc. reduced its position in shares of Apple Inc. (NASDAQ:AAPL) by 4.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 633,619 shares of the iPhone maker’s stock after selling 27,676 shares during the period. Apple accounts for about 8.3% of Neville Rodie & Shaw Inc.’s portfolio, making the stock its largest holding. Neville Rodie & Shaw Inc.’s holdings in Apple were worth $108,653,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Wyrmwood Management LLC raised its holdings in Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after acquiring an additional 69 shares during the last quarter. A.P. Gilfoyle & Co. L.P. purchased a new stake in shares of Apple in the fourth quarter valued at approximately $39,000. Gilfoyle & Co LLC increased its holdings in shares of Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 118 shares during the last quarter. University of Texas Texas AM Investment Managment Co. lifted its position in Apple by 657.1% during the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after buying an additional 368 shares in the last quarter. Finally, Clarity Asset Management Inc. acquired a new position in Apple during the fourth quarter worth $85,000. Institutional investors and hedge funds own 60.41% of the company’s stock.

Apple Stock Performance

Shares of AAPL opened at $207.49 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $220.20. The stock has a 50 day moving average price of $187.87 and a 200 day moving average price of $184.87. The company has a market capitalization of $3.18 trillion, a price-to-earnings ratio of 32.27, a price-to-earnings-growth ratio of 2.61 and a beta of 1.25.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business had revenue of $90.75 billion during the quarter, compared to analysts’ expectations of $90.37 billion. During the same quarter in the prior year, the business posted $1.52 EPS. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. Research analysts predict that Apple Inc. will post 6.58 EPS for the current fiscal year.

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

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were given a dividend of $0.25 per share. The ex-dividend date was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.48%. This is a boost from Apple’s previous quarterly dividend of $0.24. Apple’s payout ratio is 15.55%.

Insider Activity at Apple

In related news, SVP Deirdre O’brien sold 54,732 shares of the firm’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 transaction of $9,244,782.12. Following the transaction, the senior vice president now owns 136,572 shares in the company, valued at approximately $23,068,376.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, SVP Deirdre O’brien sold 54,732 shares of the 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 $23,068,376.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 99,183 shares of Apple stock in a transaction on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the transaction, the chief executive officer now directly owns 3,377,407 shares in the company, valued at $574,260,512.21. 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 in the last three months. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on AAPL shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $216.00 target price on shares of Apple in a research note on Tuesday, June 11th. Citigroup reduced their target price on shares of Apple from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Loop Capital cut their price target on shares of Apple from $185.00 to $170.00 and set a “hold” rating for the company in a report on Monday, April 1st. Bank of America reiterated a “buy” rating and issued a $230.00 price objective on shares of Apple in a report on Wednesday, June 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $220.00 target price on shares of Apple in a research note on Tuesday, June 11th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $209.38.

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.