Tealwood Asset Management Inc. Sells 674 Shares of Apple Inc. (NASDAQ:AAPL)

Tealwood Asset Management Inc. reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 5.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 10,869 shares of the iPhone maker’s stock after selling 674 shares during the period. Tealwood Asset Management Inc.’s holdings in Apple were worth $1,864,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted 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 acquiring an additional 18,067,216 shares during the last quarter. Morgan Stanley increased its holdings in Apple by 1.0% during the 3rd quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock worth $35,394,751,000 after purchasing an additional 2,018,010 shares during the period. Norges Bank purchased a new position in Apple during the 4th quarter worth $33,912,466,000. International Assets Investment Management LLC increased its holdings in 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. Finally, Wellington Management Group LLP increased its holdings in Apple by 3.6% during the 4th quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock worth $11,677,190,000 after purchasing an additional 2,096,360 shares during the period. 60.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on AAPL. Evercore ISI raised their price objective on Apple from $220.00 to $250.00 and gave the stock an “outperform” rating in a report on Tuesday. DA Davidson upgraded Apple from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $200.00 to $230.00 in a report on Tuesday, June 11th. Needham & Company LLC restated a “buy” rating and set a $220.00 price objective on shares of Apple in a report on Tuesday, June 11th. Sanford C. Bernstein raised their price objective on Apple from $195.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Finally, DZ Bank restated a “hold” rating and set a $180.00 price objective on shares of Apple in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $212.46.

Apple Stock Performance

NASDAQ AAPL opened at $209.07 on Wednesday. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $220.20. The stock has a 50-day moving average of $189.37 and a 200 day moving average of $184.94. 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 stock has a market capitalization of $3.21 trillion, a price-to-earnings ratio of 32.51, a PEG ratio of 2.52 and a beta of 1.25.

Apple (NASDAQ:AAPL) last posted 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 period in the previous year, the business earned $1.52 EPS. Apple’s quarterly revenue was down 4.3% on a year-over-year basis. Sell-side analysts anticipate that Apple Inc. will post 6.58 EPS for the current fiscal year.

Apple Increases Dividend

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

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other 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 directly owns 3,377,407 shares in the company, valued at $574,260,512.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related 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 transaction, the chief executive officer now directly owns 3,377,407 shares in the company, valued at $574,260,512.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Luca Maestri sold 53,194 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $174.12, for a total value of $9,262,139.28. Following the completion of the transaction, the chief financial officer now owns 107,788 shares in the company, valued at $18,768,046.56. The disclosure for this sale can be found here. Insiders sold 346,270 shares of company stock worth $60,880,196 over the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Apple 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.