Apple Inc. (NASDAQ:AAPL) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 8.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 479,018 shares of the iPhone maker’s stock after selling 41,817 shares during the quarter. Apple comprises 5.6% of Kentucky Retirement Systems Insurance Trust Fund’s portfolio, making the stock its 2nd biggest holding. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Apple were worth $82,142,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Christopher J. Hasenberg Inc purchased a new stake in shares of Apple in the 1st quarter worth about $35,000. Gilfoyle & Co LLC grew its position in shares of Apple by 118.0% in 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 last quarter. A.P. Gilfoyle & Co. L.P. purchased a new position in shares of Apple during the 4th quarter worth approximately $39,000. University of Texas Texas AM Investment Managment Co. increased its stake in shares of 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 purchasing an additional 368 shares in the last quarter. Finally, Clarity Asset Management Inc. acquired a new position in shares of Apple during the 4th quarter worth approximately $85,000. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Up 0.6 %

NASDAQ AAPL opened at $226.05 on Monday. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.23. The business has a 50 day moving average price of $218.52 and a two-hundred day moving average price of $193.13. The stock has a market cap of $3.47 trillion, a PE ratio of 35.16, a P/E/G ratio of 2.60 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 145.35%. The business had revenue of $85.78 billion during the quarter, compared to analyst estimates of $84.43 billion. During the same period last year, the business earned $1.26 EPS. The business’s revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts predict that Apple Inc. will post 6.61 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Monday, August 12th. Apple’s dividend payout ratio (DPR) is 15.55%.

Apple announced that its Board of Directors has authorized a share buyback plan on Thursday, May 2nd that permits the company to repurchase $110.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on AAPL shares. Loop Capital raised Apple from a “hold” rating to a “buy” rating and raised their price target for the stock from $170.00 to $300.00 in a research report on Monday, July 15th. Raymond James lifted their price objective on Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. UBS Group reaffirmed a “neutral” rating and set a $190.00 price target on shares of Apple in a research note on Monday, July 1st. Itau BBA Securities raised shares of Apple from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $162.00 to $188.00 in a research report on Friday, May 3rd. Finally, Cfra upped their price objective on shares of Apple from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $234.29.

Insider Activity at Apple

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the sale, the director now directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Chris Kondo sold 5,178 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the transaction, the insider now owns 24,125 shares of the company’s stock, valued at $5,223,062.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 180,178 shares of company stock valued at $36,133,537. Insiders own 0.06% of the company’s stock.

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.