Lederer & Associates Investment Counsel CA Cuts Position in Apple Inc. (NASDAQ:AAPL)

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Lederer & Associates Investment Counsel CA trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 14.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,810 shares of the iPhone maker’s stock after selling 3,876 shares during the quarter. Apple accounts for about 4.3% of Lederer & Associates Investment Counsel CA’s portfolio, making the stock its biggest holding. Lederer & Associates Investment Counsel CA’s holdings in Apple were worth $4,712,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kiley Juergens Wealth Management LLC increased its holdings in Apple by 1.1% in the fourth quarter. Kiley Juergens Wealth Management LLC now owns 44,530 shares of the iPhone maker’s stock worth $7,024,000 after buying an additional 494 shares during the last quarter. Rockland Trust Co. increased its holdings in Apple by 4.8% in the second quarter. Rockland Trust Co. now owns 20,618 shares of the iPhone maker’s stock worth $4,081,000 after buying an additional 948 shares during the last quarter. CKW Financial Group increased its holdings in Apple by 15.0% in the fourth quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock worth $127,000 after buying an additional 105 shares during the last quarter. Pecaut & CO. increased its holdings in Apple by 3.0% in the first quarter. Pecaut & CO. now owns 59,894 shares of the iPhone maker’s stock worth $11,377,000 after buying an additional 1,725 shares during the last quarter. Finally, Founders Capital Management LLC increased its holdings in Apple by 164.2% in the fourth quarter. Founders Capital Management LLC now owns 15,120 shares of the iPhone maker’s stock worth $2,385,000 after buying an additional 9,396 shares during the last quarter. 59.67% of the stock is owned by institutional investors.

A number of research firms recently commented on AAPL. Morgan Stanley set a $247.00 price objective on Apple and gave the stock a “buy” rating in a report on Wednesday, July 31st. Cowen increased their price objective on Apple from $220.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. UBS Group increased their price objective on Apple from $225.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Bank of America increased their price objective on Apple from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Piper Jaffray Companies increased their price target on Apple from $230.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $216.11.

In other Apple news, Director Arthur D. Levinson sold 17,500 shares of Apple stock in a transaction on Monday, August 12th. The stock was sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the completion of the transaction, the director now directly owns 1,150,783 shares of the company’s stock, valued at $232,101,423.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chris Kondo sold 4,376 shares of Apple stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $217.47, for a total value of $951,648.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,376 shares of company stock valued at $8,226,574. 0.05% of the stock is owned by company insiders.

AAPL stock traded up $4.76 during midday trading on Friday, hitting $206.50. The stock had a trading volume of 27,620,400 shares, compared to its average volume of 31,310,480. The firm has a market capitalization of $933.21 billion, a price-to-earnings ratio of 17.34, a P/E/G ratio of 1.70 and a beta of 1.25. Apple Inc. has a 52 week low of $142.00 and a 52 week high of $233.47. The stock has a 50-day simple moving average of $203.83 and a 200 day simple moving average of $191.72. The company has a current ratio of 1.50, a quick ratio of 1.47 and a debt-to-equity ratio of 0.88.

Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 EPS for the quarter, topping the consensus estimate of $2.10 by $0.08. The firm had revenue of $53.81 billion during the quarter, compared to analysts’ expectations of $53.39 billion. Apple had a return on equity of 52.13% and a net margin of 21.50%. Apple’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the business earned $2.34 earnings per share. On average, equities analysts forecast that Apple Inc. will post 11.58 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were given a $0.77 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $3.08 annualized dividend and a yield of 1.49%. Apple’s dividend payout ratio (DPR) is currently 25.86%.

Apple declared that its Board of Directors has initiated a share buyback plan on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

Further Reading: How to calculate the intrinsic value of a stock

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)



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