Family Wealth Partners LLC Boosts Holdings in Apple Inc. (NASDAQ:AAPL)

Family Wealth Partners LLC lifted its stake in Apple Inc. (NASDAQ:AAPL) by 25.0% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,571 shares of the iPhone maker’s stock after acquiring an additional 314 shares during the period. Family Wealth Partners LLC’s holdings in Apple were worth $349,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Tallon Kerry Patrick purchased a new position in Apple during the 4th quarter worth $1,877,000. First National Bank of Hutchinson grew its position in Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC grew its position in Apple by 10.7% during the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker’s stock worth $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Eagle Capital Management LLC grew its position in Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after purchasing an additional 272 shares during the last quarter. Finally, Brighton Jones LLC lifted its stake in shares of Apple by 14.8% in the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after acquiring an additional 69,207 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 value of $941,420.00. Following the completion of the sale, the chief financial officer directly owned 4,569 shares in the company, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the insider owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

AAPL has been the subject of several recent analyst reports. Raymond James Financial reduced their target price on shares of Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Rosenblatt Securities cut shares of Apple from a “buy” rating to a “neutral” rating and set a $217.00 target price for the company. in a research note on Friday, May 2nd. Tigress Financial raised their target price on shares of Apple from $295.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Thursday, April 3rd. Bank of America restated a “buy” rating and issued a $235.00 target price on shares of Apple in a research note on Tuesday, June 10th. Finally, Jefferies Financial Group upgraded shares of Apple from an “underperform” rating to a “hold” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $235.11.

Apple Stock Performance

NASDAQ:AAPL opened at $211.18 on Friday. The firm has a 50 day simple moving average of $204.57 and a 200-day simple moving average of $215.85. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The firm has a market cap of $3.15 trillion, a PE ratio of 32.89, a P/E/G ratio of 2.35 and a beta of 1.20. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

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

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

Apple Increases Dividend

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

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.