Lakeridge Wealth Management LLC Sells 439 Shares of Apple Inc. (NASDAQ:AAPL)

Lakeridge Wealth Management LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.5% during the first quarter, Holdings Channel.com reports. The firm owned 28,450 shares of the iPhone maker’s stock after selling 439 shares during the period. Apple comprises 3.2% of Lakeridge Wealth Management LLC’s investment portfolio, making the stock its 7th biggest holding. Lakeridge Wealth Management LLC’s holdings in Apple were worth $6,319,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Drystone LLC acquired a new stake in shares of Apple during the 4th quarter worth approximately $25,000. Life Planning Partners Inc purchased a new position in shares of Apple during the 4th quarter valued at approximately $47,000. Conquis Financial LLC purchased a new position in shares of Apple during the 4th quarter valued at approximately $63,000. LSV Asset Management purchased a new position in shares of Apple during the 4th quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at approximately $82,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analysts Set New Price Targets

AAPL has been the topic of a number of recent analyst reports. Citigroup reiterated a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. JPMorgan Chase & Co. increased their target price on Apple from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Apple in a research report on Tuesday, June 10th. Monness Crespi & Hardt increased their target price on Apple to $245.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Apple in a report on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.11.

Apple Stock Up 0.6%

Shares of NASDAQ:AAPL opened at $211.18 on Friday. The business has a 50-day moving average price of $204.57 and a 200 day moving average price of $215.85. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 32.89, a PEG ratio of 2.35 and a beta of 1.20. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

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

Apple Increases Dividend

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

Apple declared that its board has authorized a stock 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 repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Apple news, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer directly owned 4,569 shares of the company’s stock, valued at $941,214. The trade was a 50.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Chris Kondo sold 4,486 shares of Apple 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 completion of the transaction, the insider directly owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. This represents 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.

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.