Apple Inc. (NASDAQ:AAPL) Position Lessened by Modera Wealth Management LLC

Modera Wealth Management LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 0.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 884,026 shares of the iPhone maker’s stock after selling 6,953 shares during the quarter. Apple comprises 2.7% of Modera Wealth Management LLC’s holdings, making the stock its 7th biggest position. Modera Wealth Management LLC’s holdings in Apple were worth $221,378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of AAPL. Drystone LLC purchased a new position in Apple during the fourth quarter worth approximately $25,000. SPX Gestao de Recursos Ltda purchased a new position in Apple during the third quarter worth approximately $71,000. Teachers Insurance & Annuity Association of America purchased a new position in Apple during the third quarter worth approximately $77,000. Compass Planning Associates Inc purchased a new position in Apple during the fourth quarter worth approximately $96,000. Finally, ARK Investment Management LLC purchased a new position in Apple during the third quarter worth approximately $110,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Transactions at Apple

In other news, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction dated 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 transaction, the chief financial officer now directly owns 4,569 shares of the company’s stock, valued at approximately $941,214. The trade was a 50.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Jeffrey E. Williams sold 35,493 shares of Apple stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total transaction of $7,950,786.93. Following the completion of the transaction, the chief operating officer now directly owns 390,059 shares of the company’s stock, valued at $87,377,116.59. This trade represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 187,021 shares of company stock valued at $41,760,140. Insiders own 0.06% of the company’s stock.

Apple Price Performance

AAPL opened at $198.53 on Monday. The company has a 50-day moving average of $208.09 and a 200-day moving average of $227.33. The company has a market capitalization of $2.97 trillion, a P/E ratio of 31.51, a PEG ratio of 2.44 and a beta of 1.27. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. The company’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.53 EPS. Equities analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its board has approved a stock buyback plan 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 plans are generally a sign that the company’s board believes its stock is undervalued.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 12th will be given a $0.26 dividend. The ex-dividend date is Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.52%. This is an increase from Apple’s previous quarterly dividend of $0.25. Apple’s payout ratio is presently 16.20%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $225.00 price target on shares of Apple in a research note on Friday, May 2nd. Jefferies Financial Group reissued an “underperform” rating and issued a $170.62 price objective (up previously from $167.88) on shares of Apple in a research report on Friday, May 2nd. Loop Capital dropped their price objective on shares of Apple from $230.00 to $215.00 and set a “hold” rating for the company in a research report on Wednesday, April 30th. UBS Group dropped their price objective on shares of Apple from $236.00 to $210.00 and set a “neutral” rating for the company in a research report on Wednesday, April 23rd. Finally, The Goldman Sachs Group dropped their price objective on shares of Apple from $259.00 to $256.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Apple currently has a consensus rating of “Hold” and a consensus target price of $235.80.

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.