REDW Wealth LLC Sells 2,514 Shares of Apple Inc. $AAPL

REDW Wealth LLC reduced its holdings in Apple Inc. (NASDAQ:AAPL) by 15.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,918 shares of the iPhone maker’s stock after selling 2,514 shares during the quarter. Apple comprises 1.2% of REDW Wealth LLC’s holdings, making the stock its 19th largest holding. REDW Wealth LLC’s holdings in Apple were worth $3,091,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Apple

In other news, SVP Deirdre O’brien sold 34,821 shares of the stock in a transaction on 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 sale, the senior vice president owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on AAPL shares. Barclays upped their price objective on shares of Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st. Citigroup increased their price objective on Apple from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Bank of America raised their price target on Apple from $240.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Monness Crespi & Hardt raised their price target on Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Apple in a report on Friday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $237.98.

Apple Trading Up 1.3%

Apple stock opened at $227.76 on Friday. The company has a market cap of $3.38 trillion, a P/E ratio of 34.56, a P/E/G ratio of 2.35 and a beta of 1.16. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The business has a 50-day simple moving average of $212.52 and a two-hundred day simple moving average of $213.09. 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 (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The firm had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same quarter in the prior year, the company posted $1.40 earnings per share. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. Analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple announced that its board has authorized a share buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple’s payout ratio is currently 15.78%.

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.