McLean Asset Management Corp Reduces Stake in Apple Inc. (NASDAQ:AAPL)

McLean Asset Management Corp cut its holdings in Apple Inc. (NASDAQ:AAPL) by 0.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,262 shares of the iPhone maker’s stock after selling 459 shares during the quarter. Apple comprises about 3.2% of McLean Asset Management Corp’s investment portfolio, making the stock its 8th biggest holding. McLean Asset Management Corp’s holdings in Apple were worth $9,207,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AAPL. Wyrmwood Management LLC raised its holdings in Apple by 69.0% during the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after buying an additional 69 shares during the period. A.P. Gilfoyle & Co. L.P. acquired a new stake in Apple during the 4th quarter worth about $39,000. Gilfoyle & Co LLC raised its holdings in Apple by 118.0% during the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after buying an additional 118 shares during the period. University of Texas Texas AM Investment Managment Co. raised its holdings in Apple by 657.1% during the 4th quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after buying an additional 368 shares during the period. Finally, Clarity Asset Management Inc. acquired a new stake in Apple during the 4th quarter worth about $85,000. 60.41% of the stock is currently owned by institutional investors.

Apple Trading Down 1.0 %

Shares of Apple stock opened at $207.49 on Monday. The company’s fifty day simple moving average is $187.87 and its 200-day simple moving average is $184.75. The company has a market cap of $3.18 trillion, a price-to-earnings ratio of 32.27, a PEG ratio of 2.55 and a beta of 1.25. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $220.20.

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

Apple declared that its board has initiated a share buyback plan on Thursday, May 2nd that allows the company to repurchase $110.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were paid a $0.25 dividend. This is an increase from Apple’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.00 annualized dividend and a dividend yield of 0.48%. Apple’s dividend payout ratio (DPR) is presently 15.55%.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 4,999 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the transaction, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the transaction, the director now directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Chris Kondo sold 4,999 shares of Apple stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the transaction, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 346,270 shares of company stock worth $60,880,196. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. UBS Group restated a “neutral” rating and set a $190.00 price objective on shares of Apple in a report on Tuesday, June 11th. Monness Crespi & Hardt reissued a “buy” rating and issued a $205.00 price target on shares of Apple in a research report on Thursday, June 6th. JPMorgan Chase & Co. increased their price target on shares of Apple from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Wedbush increased their price target on shares of Apple from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, May 24th. Finally, Barclays reissued an “underweight” rating and issued a $164.00 price target on shares of Apple in a research report on Tuesday, June 11th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $209.38.

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.