Apple Inc. $AAPL Shares Sold by Core Alternative Capital

Core Alternative Capital cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 11.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 104,353 shares of the iPhone maker’s stock after selling 13,946 shares during the period. Apple comprises approximately 5.6% of Core Alternative Capital’s holdings, making the stock its largest position. Core Alternative Capital’s holdings in Apple were worth $23,180,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AAPL. Life Planning Partners Inc acquired a new position in Apple during the 4th quarter valued at $47,000. Elite Financial Inc. bought a new stake in shares of Apple in the 1st quarter worth about $58,000. Conquis Financial LLC bought a new stake in shares of Apple in the 4th quarter worth about $63,000. LSV Asset Management bought a new stake in Apple during the 4th quarter worth about $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in Apple during the 4th quarter worth about $82,000. 67.73% of the stock is owned by institutional investors.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $227.76 on Friday. 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 twelve month low of $169.21 and a twelve month high of $260.10. The stock’s 50 day moving average is $212.52 and its 200-day moving average is $213.09. The firm has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 34.56, a PEG ratio of 2.35 and a beta of 1.16.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter in the prior year, the company posted $1.40 earnings per share. Apple’s revenue was up 9.6% compared to the same quarter last year. Sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its board has initiated a stock repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, August 11th. Apple’s dividend payout ratio is 15.78%.

Insider Transactions at Apple

In other news, SVP Deirdre O’brien sold 34,821 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Apple from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Citigroup raised their price target on shares of Apple from $240.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. BMO Capital Markets reissued a “buy” rating on shares of Apple in a research note on Wednesday, August 13th. Evercore ISI reaffirmed an “outperform” rating and set a $250.00 price target on shares of Apple in a report on Wednesday, August 13th. Finally, Scotiabank downgraded Apple to a “market perform” rating in a report on Friday, May 2nd. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $237.98.

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.