Apple Inc. (NASDAQ:AAPL) Shares Sold by Avidian Wealth Enterprises LLC

Avidian Wealth Enterprises LLC cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.1% during the first quarter, Holdings Channel.com reports. The institutional investor owned 175,787 shares of the iPhone maker’s stock after selling 3,785 shares during the period. Apple accounts for 1.7% of Avidian Wealth Enterprises LLC’s investment portfolio, making the stock its 13th largest holding. Avidian Wealth Enterprises LLC’s holdings in Apple were worth $39,048,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC lifted its holdings in Apple by 0.8% during the 1st quarter. Stonebridge Financial Group LLC now owns 137,988 shares of the iPhone maker’s stock worth $30,651,000 after buying an additional 1,151 shares in the last quarter. L.K. Benson & Company P.C. lifted its holdings in Apple by 14.7% during the 1st quarter. L.K. Benson & Company P.C. now owns 3,720 shares of the iPhone maker’s stock worth $826,000 after buying an additional 478 shares in the last quarter. Emerald Advisors LLC lifted its holdings in Apple by 3.4% during the 1st quarter. Emerald Advisors LLC now owns 20,383 shares of the iPhone maker’s stock worth $4,528,000 after buying an additional 667 shares in the last quarter. Financial Insights Inc. lifted its holdings in Apple by 2.8% during the 1st quarter. Financial Insights Inc. now owns 65,121 shares of the iPhone maker’s stock worth $14,465,000 after buying an additional 1,774 shares in the last quarter. Finally, Root Financial Partners LLC lifted its holdings in Apple by 34.6% during the 1st quarter. Root Financial Partners LLC now owns 101,001 shares of the iPhone maker’s stock worth $22,440,000 after buying an additional 25,978 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Up 1.6%

Shares of NASDAQ AAPL opened at $233.33 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The firm has a 50-day moving average price of $208.49 and a 200 day moving average price of $213.35. The stock has a market capitalization of $3.46 trillion, a price-to-earnings ratio of 35.41, a price-to-earnings-growth ratio of 2.40 and a beta of 1.16.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter last year, the business earned $1.40 earnings per share. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. Equities research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a $0.26 dividend. The ex-dividend date is Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. Apple’s dividend payout ratio (DPR) is 15.78%.

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

Wall Street Analyst Weigh In

AAPL has been the topic of a number of research reports. Jefferies Financial Group upgraded shares of Apple from an “underperform” rating to a “hold” rating in a report on Friday, July 18th. Bank of America increased their target price on shares of Apple from $240.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Apple in a report on Friday, July 25th. TD Cowen dropped their price objective on shares of Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Finally, Citigroup increased their price objective on shares of Apple from $240.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Two investment 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 data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $237.60.

Insider Activity at Apple

In related news, SVP Deirdre O’brien sold 34,821 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the sale, the senior vice president owned 136,687 shares in the company, valued at $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by company insiders.

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.