Apple Inc. (NASDAQ:AAPL) Shares Sold by Scharf Investments LLC

Scharf Investments LLC lowered its holdings in Apple Inc. (NASDAQ:AAPL) by 24.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,132 shares of the iPhone maker’s stock after selling 4,164 shares during the period. Scharf Investments LLC’s holdings in Apple were worth $2,917,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Conquis Financial LLC acquired a new position in Apple during the 4th quarter worth approximately $63,000. LSV Asset Management acquired a new position in Apple during the 4th quarter worth approximately $65,000. Pillar Financial Advisors LLC acquired a new position in Apple during the 4th quarter worth approximately $82,000. Compass Planning Associates Inc acquired a new position in Apple during the 4th quarter worth approximately $96,000. Finally, Collier Financial acquired a new position in Apple during the 4th quarter worth approximately $140,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on AAPL shares. The Goldman Sachs Group reiterated a “buy” rating on shares of Apple in a report on Wednesday, May 21st. Needham & Company LLC restated a “hold” rating on shares of Apple in a research report on Friday, July 25th. DA Davidson restated a “buy” rating and set a $250.00 price objective on shares of Apple in a research report on Friday. Scotiabank downgraded shares of Apple to a “market perform” rating in a research report on Friday, May 2nd. Finally, Loop Capital reduced their price objective on shares of Apple from $230.00 to $215.00 and set a “hold” rating for the company in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $237.25.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 4,486 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of NASDAQ AAPL opened at $202.38 on Monday. The stock has a market cap of $3.02 trillion, a price-to-earnings ratio of 30.71, a PEG ratio of 2.20 and a beta of 1.16. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company’s 50-day moving average price is $205.37 and its 200 day moving average price is $213.50. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.40 EPS. As a group, research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple’s dividend payout ratio is presently 15.78%.

Apple declared that its board has initiated a share buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.