Pacific Center for Financial Services sells 478 shares of Apple Inc. (NASDAQ:AAPL)

Pacific Center for Financial Services reduced its position in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 1.6% during the first quarter, Holdings Channel.com reports. The firm owned 29,872 shares of the iPhone maker’s stock after selling 478 shares during the quarter. Apple comprises about 1.5% of Pacific Center for Financial Services’ investment portfolio, making the stock its 13th largest position. Pacific Center for Financial Services’ holdings in Apple were worth $5,123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Flagstone Financial Management boosted its holdings in shares of Apple by 0.9% during the fourth quarter. Flagstone Financial Management now owns 6,092 shares of the iPhone maker’s stock valued at $1,173,000 after acquiring an additional 56 shares during the last quarter. Stableford Capital II LLC grew its position in Apple by 0.3% in the first quarter. Stableford Capital II LLC now owns 17,156 shares of the iPhone maker’s stock worth $2,942,000 after purchasing an additional 59 shares during the last quarter. Kwmg LLC boosted its stake in Apple by 0.6% in the first quarter. Kwmg LLC now owns 10,640 shares of the iPhone maker’s stock valued at $1,825,000 after purchasing an additional 60 shares during the last quarter. Greylin Investment Management Inc boosted its holdings in shares of Apple by 0.4% in the first quarter. Greylin Investment Management Inc now owns 16,711 shares of the iPhone maker’s stock worth $2,866,000 after purchasing an additional 61 shares during the last quarter. Finally, Ruedi Wealth Management Inc. raised its stake in Apple by 0.3% in the first quarter. Ruedi Wealth Management Inc. now owns 20,036 shares of the iPhone maker’s stock worth $3,436,000 after purchasing an additional 62 shares during the period. 60.41% of the shares are held by hedge funds and other institutional investors.

Apple trading down 0.8%

Shares of AAPL opened at $224.53 on Friday. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.23. The company’s 50-day moving average is $220.03 and its 200-day moving average is $194.13. The company has a current ratio of 1.04, a quick ratio of 0.99, and a debt-to-equity ratio of 1.24. The stock has a market cap of $3.44 trillion, a price-to-earnings ratio of 34.92, a PEG ratio of 2.60 and a beta of 1.24.

Apple (NASDAQ:AAPL – Get Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 145.35% and a net margin of 26.44%. The firm had revenue of $85.78 billion during the quarter, compared to analysts’ expectations of $84.43 billion. In the same period last year, the company earned $1.26 per share. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts anticipate that Apple Inc. will post 6.61 EPS for the current fiscal year.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12. This represents a dividend of $1.00 on an annualized basis and a yield of 0.45%. Apple’s payout ratio is 15.55%.

Apple declared that its Board of Directors has authorized a stock buyback program on Thursday, May 2nd that permits the company to repurchase $110.00 billion in shares. This buyback authorization allows the iPhone maker to buy back up to 3.9% of its shares through open market purchases. Share buyback programs are usually a sign that a company’s board of directors believes its stock is undervalued.

The Wall Street analyst weighs in

AAPL has been the subject of several research reports. Oppenheimer boosted their price target on Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, June 28th. Rosenblatt Securities boosted their price objective on Apple from $260.00 to $261.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. UBS Group reiterated a “neutral” rating and issued a $190.00 target price on shares of Apple in a research report on Monday, July 1st. Itau BBA Securities raised shares of Apple from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $162.00 to $188.00 in a research report on Friday , May 3. Finally, Cfra boosted their price objective on shares of Apple from $240.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $233.63.

See the latest stock report on Apple

Insiders place their bets

In other news, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares in the company, valued at $3,469,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The disclosure for this sale can be found here. Insiders have sold 188,884 shares of company stock worth $38,092,387 over the last ninety days. 0.06% of shares are currently held by corporate insiders.

Apple profile

(Free report)

Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearable devices and accessories worldwide. The company offers the iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multifunction tablets; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products and HomePod.

See Also

Want to see what other hedge funds own AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Apple Inc. (NASDAQ:AAPL – Free Report).

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