GEN Financial Management INC. Sells 61 Shares of Apple Inc. (NASDAQ:AAPL)

GEN Financial Management INC. cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 3.3% during the first quarter, Holdings Channel.com reports. The firm owned 1,786 shares of the iPhone maker’s stock after selling 61 shares during the period. GEN Financial Management INC.’s holdings in Apple were worth $397,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Drystone LLC purchased a new stake in shares of Apple during the fourth quarter valued at $25,000. Life Planning Partners Inc purchased a new stake in shares of Apple during the fourth quarter valued at $47,000. Conquis Financial LLC acquired a new position in Apple during the fourth quarter valued at $63,000. LSV Asset Management acquired a new position in Apple during the fourth quarter valued at $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in Apple during the fourth quarter valued at $82,000. 67.73% of the stock is currently owned by institutional investors.

Apple Trading Up 0.2%

NASDAQ:AAPL opened at $209.11 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The firm has a market cap of $3.12 trillion, a price-to-earnings ratio of 32.57, a P/E/G ratio of 2.33 and a beta of 1.20. The company’s 50 day moving average is $203.79 and its 200-day moving average is $216.45. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same period last year, the business posted $1.53 EPS. Equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were issued a dividend of $0.26 per share. This is an increase from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Monday, May 12th. Apple’s dividend payout ratio (DPR) is currently 16.20%.

Apple announced that its Board of Directors has approved a share buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

AAPL has been the subject of a number of research reports. TD Cowen decreased their target price on shares of Apple from $290.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. DA Davidson upped their price objective on shares of Apple from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Morgan Stanley reiterated an “overweight” rating on shares of Apple in a research report on Friday, June 13th. Barclays set a $173.00 price objective on shares of Apple and gave the stock an “underweight” rating in a research report on Tuesday, June 24th. Finally, Bank of America reiterated a “buy” rating and issued a $235.00 price objective on shares of Apple in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $235.27.

Insider Activity

In related news, insider Chris Kondo sold 4,486 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevan Parekh sold 4,570 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer owned 4,569 shares of the company’s stock, valued at approximately $941,214. This represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

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.