Destiny Wealth Partners LLC Has $12.51 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

Destiny Wealth Partners LLC cut its holdings in Apple Inc. (NASDAQ:AAPL) by 4.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,952 shares of the iPhone maker’s stock after selling 3,662 shares during the period. Apple comprises approximately 2.2% of Destiny Wealth Partners LLC’s portfolio, making the stock its 9th biggest holding. Destiny Wealth Partners LLC’s holdings in Apple were worth $12,510,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Wyrmwood Management LLC grew its holdings in shares of Apple by 69.0% in the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after acquiring an additional 69 shares in the last quarter. A.P. Gilfoyle & Co. L.P. bought a new position in Apple during the fourth quarter valued at $39,000. Gilfoyle & Co LLC grew its holdings in Apple by 118.0% during the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 118 shares during the period. University of Texas Texas AM Investment Managment Co. grew its holdings in Apple by 657.1% during the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock valued at $82,000 after purchasing an additional 368 shares during the period. Finally, Clarity Asset Management Inc. bought a new position in Apple during the fourth quarter valued at $85,000. 60.41% of the stock is owned by institutional investors.

Apple Stock Down 1.0 %

NASDAQ AAPL opened at $207.49 on Friday. The business’s 50-day moving average is $187.87 and its 200 day moving average is $184.87. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $220.20. The stock has a market capitalization of $3.18 trillion, a PE ratio of 32.27, a PEG ratio of 2.61 and a beta of 1.25. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The company had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. During the same period in the previous year, the business earned $1.52 EPS. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. Sell-side analysts forecast that Apple Inc. will post 6.58 earnings per share for the current year.

Apple announced that its board has approved a stock repurchase program on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were issued a $0.25 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is presently 15.55%.

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total value of $16,864,085.49. Following the completion of the transaction, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Apple news, SVP Deirdre O’brien sold 54,732 shares of Apple stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the sale, the senior vice president now owns 136,572 shares of the company’s stock, valued at approximately $23,068,376.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Timothy D. Cook sold 99,183 shares of Apple stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the sale, the chief executive officer now directly owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. Insiders sold a total of 346,270 shares of company stock worth $60,880,196 in the last three months. Insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several research reports. Erste Group Bank raised Apple from a “hold” rating to a “buy” rating in a report on Friday, June 14th. Tigress Financial increased their target price on Apple from $240.00 to $245.00 and gave the stock a “strong-buy” rating in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and set a $220.00 target price on shares of Apple in a research report on Tuesday, June 11th. DA Davidson upgraded Apple from a “neutral” rating to a “buy” rating and increased their target price for the stock from $200.00 to $230.00 in a research report on Tuesday, June 11th. Finally, DZ Bank restated a “hold” rating and set a $180.00 target price on shares of Apple in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.38.

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.