IAM Advisory LLC Lowers Stock Holdings in Apple Inc. (NASDAQ:AAPL)

IAM Advisory LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL) by 2.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 22,862 shares of the iPhone maker’s stock after selling 456 shares during the period. Apple accounts for approximately 1.3% of IAM Advisory LLC’s holdings, making the stock its 14th biggest position. IAM Advisory LLC’s holdings in Apple were worth $5,078,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Summit Investment Advisory Services LLC grew its holdings in Apple by 54.7% during the 1st quarter. Summit Investment Advisory Services LLC now owns 2,028 shares of the iPhone maker’s stock valued at $450,000 after buying an additional 717 shares in the last quarter. Burkett Financial Services LLC boosted its position in shares of Apple by 0.6% during the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock worth $3,199,000 after acquiring an additional 93 shares during the last quarter. Littlejohn Financial Services Inc. boosted its position in shares of Apple by 0.9% during the first quarter. Littlejohn Financial Services Inc. now owns 8,715 shares of the iPhone maker’s stock worth $1,936,000 after acquiring an additional 74 shares during the last quarter. Arkfeld Wealth Strategies L.L.C. grew its stake in Apple by 1.9% during the first quarter. Arkfeld Wealth Strategies L.L.C. now owns 66,341 shares of the iPhone maker’s stock valued at $14,736,000 after acquiring an additional 1,247 shares in the last quarter. Finally, McNamara Financial Services Inc. increased its holdings in Apple by 38.6% in the 1st quarter. McNamara Financial Services Inc. now owns 6,002 shares of the iPhone maker’s stock valued at $1,333,000 after acquiring an additional 1,673 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insiders Place Their Bets

In related news, insider Chris Kondo sold 4,486 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider owned 15,533 shares of the company’s stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer owned 4,569 shares of the company’s stock, valued at $941,214. The trade was a 50.01% decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on AAPL. Evercore ISI increased their price objective on shares of Apple to $250.00 and gave the company a “buy” rating in a report on Friday, June 6th. Monness Crespi & Hardt boosted their target price on Apple to $245.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Citigroup restated a “buy” rating on shares of Apple in a report on Tuesday, June 10th. Bank of America reaffirmed a “buy” rating and issued a $235.00 price objective on shares of Apple in a research note on Tuesday, June 10th. Finally, KeyCorp upgraded Apple from an “underweight” rating to a “sector weight” rating in a research report on Monday, April 14th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average price target of $234.95.

Apple Trading Up 0.4%

AAPL opened at $213.36 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The stock’s 50 day moving average price is $203.35 and its 200-day moving average price is $218.86. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The stock has a market cap of $3.19 trillion, a price-to-earnings ratio of 33.23, a P/E/G ratio of 2.38 and a beta of 1.20.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. Apple’s revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.53 EPS. On average, equities analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were paid a dividend of $0.26 per share. This is a positive change from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Monday, May 12th. Apple’s payout ratio is currently 16.20%.

About Apple

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.