Apple Inc. (NASDAQ:AAPL) Position Lowered by Overbrook Management Corp

Overbrook Management Corp reduced its position in Apple Inc. (NASDAQ:AAPL) by 63.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,663 shares of the iPhone maker’s stock after selling 88,548 shares during the quarter. Apple makes up about 2.4% of Overbrook Management Corp’s investment portfolio, making the stock its 19th biggest holding. Overbrook Management Corp’s holdings in Apple were worth $8,859,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wyrmwood Management LLC lifted its holdings in Apple by 69.0% in the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after acquiring an additional 69 shares during the last quarter. Gilfoyle & Co LLC lifted its holdings in shares of Apple by 118.0% in the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares during the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new position in Apple during the 4th quarter valued at approximately $39,000. University of Texas Texas AM Investment Managment Co. grew its stake 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 last quarter. Finally, Clarity Asset Management Inc. acquired a new stake in Apple in the fourth quarter worth $85,000. Institutional investors and hedge funds own 60.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AAPL. Melius Research upped their price target on shares of Apple from $227.00 to $260.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Wedbush upped their target price 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. Tigress Financial lifted their price target on Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a report on Thursday, May 30th. Maxim Group increased their price objective on Apple from $178.00 to $195.00 and gave the stock a “hold” rating in a report on Tuesday, June 25th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating and set a $205.00 target price on shares of Apple in a research note on Thursday, June 6th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $215.71.

Apple Trading Up 2.2 %

NASDAQ:AAPL opened at $226.34 on Friday. The stock has a market cap of $3.47 trillion, a PE ratio of 35.20, a price-to-earnings-growth ratio of 2.69 and a beta of 1.24. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $226.45. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The stock’s 50-day moving average is $197.44 and its two-hundred day moving average is $186.31.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, beating 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 firm had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same period in the previous year, the firm posted $1.52 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. As a group, equities research analysts forecast that Apple Inc. will post 6.59 earnings per share for the current fiscal year.

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 given a dividend of $0.25 per share. This is a boost 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 dividend on an annualized basis and a yield of 0.44%. Apple’s dividend payout ratio (DPR) is presently 15.55%.

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

Insider Buying and Selling at Apple

In other news, COO Jeffrey E. Williams sold 59,162 shares of the firm’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares of the company’s stock, valued at approximately $84,378,155.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following 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 available at this link. Also, COO Jeffrey E. Williams sold 59,162 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $172.22, for a total value of $10,188,879.64. Following the transaction, the chief operating officer now owns 489,944 shares in the company, valued at $84,378,155.68. The disclosure for this sale can be found here. Insiders have sold 192,355 shares of company stock worth $34,771,329 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Apple Company 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.