Apple Inc. (NASDAQ:AAPL) Stock Holdings Reduced by Hoey Investments Inc.

Hoey Investments Inc. lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 8.8% during the first quarter, Holdings Channel reports. The institutional investor owned 86,709 shares of the iPhone maker’s stock after selling 8,399 shares during the period. Apple comprises about 3.8% of Hoey Investments Inc.’s portfolio, making the stock its 5th biggest position. Hoey Investments Inc.’s holdings in Apple were worth $19,261,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Avaii Wealth Management LLC lifted its holdings in shares of Apple by 4.9% in the first quarter. Avaii Wealth Management LLC now owns 17,214 shares of the iPhone maker’s stock valued at $3,824,000 after purchasing an additional 801 shares in the last quarter. CRA Financial Services LLC raised its position in shares of Apple by 0.5% in the first quarter. CRA Financial Services LLC now owns 202,756 shares of the iPhone maker’s stock valued at $45,038,000 after buying an additional 938 shares during the last quarter. Armbruster Capital Management Inc. raised its position in shares of Apple by 1.2% in the first quarter. Armbruster Capital Management Inc. now owns 9,107 shares of the iPhone maker’s stock valued at $2,023,000 after buying an additional 110 shares during the last quarter. Viewpoint Investment Partners Corp acquired a new position in shares of Apple in the first quarter valued at approximately $1,243,000. Finally, Destiny Capital Corp CO acquired a new position in shares of Apple in the first quarter valued at approximately $229,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer owned 4,569 shares in the company, valued at $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.

Apple Price Performance

Shares of AAPL stock opened at $211.18 on Friday. The company has a market capitalization of $3.15 trillion, a PE ratio of 32.89, a price-to-earnings-growth ratio of 2.35 and a beta of 1.20. The firm has a fifty day simple moving average of $204.57 and a 200-day simple moving average 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. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.03. The business 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 167.24%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.53 earnings per share. Equities research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

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

Apple Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on AAPL shares. China Renaissance started coverage on shares of Apple in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price objective for the company. Tigress Financial boosted their price objective on shares of Apple from $295.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Thursday, April 3rd. Barclays set a $173.00 price objective on shares of Apple and gave the company an “underweight” rating in a research report on Tuesday, June 24th. Scotiabank lowered shares of Apple to a “market perform” rating in a research report on Friday, May 2nd. Finally, Citigroup reaffirmed a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $235.11.

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.