McGuire Investment Group LLC Reduces Stake in Apple Inc. (NASDAQ:AAPL)

McGuire Investment Group LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 114,703 shares of the iPhone maker’s stock after selling 177 shares during the period. Apple comprises approximately 3.8% of McGuire Investment Group LLC’s investment portfolio, making the stock its 4th largest holding. McGuire Investment Group LLC’s holdings in Apple were worth $25,479,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Tallon Kerry Patrick purchased a new stake in shares of Apple during the fourth quarter valued at approximately $1,877,000. First National Bank of Hutchinson boosted its position in shares of Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock valued at $8,845,000 after buying an additional 6,982 shares during the last quarter. Capital & Planning LLC boosted its position in Apple by 10.7% in the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker’s stock worth $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Eagle Capital Management LLC boosted its position in Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after purchasing an additional 272 shares during the last quarter. Finally, Brighton Jones LLC raised its stake in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after buying an additional 69,207 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AAPL. Needham & Company LLC reaffirmed a “hold” rating on shares of Apple in a research note on Friday, July 25th. China Renaissance started coverage on Apple in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 target price on the stock. Monness Crespi & Hardt increased their target price on Apple from $245.00 to $270.00 and gave the company a “buy” rating in a report on Friday, August 1st. Barclays increased their price objective on Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st. Finally, Loop Capital decreased their target price on Apple from $230.00 to $215.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $237.60.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.

Apple Trading Up 1.1%

Shares of Apple stock opened at $229.65 on Wednesday. The firm has a market capitalization of $3.41 trillion, a PE ratio of 34.85, a price-to-earnings-growth ratio of 2.38 and a beta of 1.16. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm’s 50 day moving average is $207.88 and its 200 day moving average is $213.21. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter in the previous year, the company earned $1.40 EPS. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. Equities research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be given a dividend of $0.26 per share. The ex-dividend date is Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple’s dividend payout ratio is presently 15.78%.

Apple announced that its board has authorized a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Apple 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.