FSC Wealth Advisors LLC Trims Position in Apple Inc. (NASDAQ:AAPL)

FSC Wealth Advisors LLC trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 2.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 12,911 shares of the iPhone maker’s stock after selling 311 shares during the quarter. Apple comprises 1.9% of FSC Wealth Advisors LLC’s investment portfolio, making the stock its 14th largest holding. FSC Wealth Advisors LLC’s holdings in Apple were worth $2,868,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in AAPL. Life Planning Partners Inc purchased a new position in Apple during the fourth quarter worth about $47,000. Conquis Financial LLC purchased a new position in Apple during the fourth quarter worth about $63,000. LSV Asset Management purchased a new position in Apple during the fourth quarter worth about $65,000. Pillar Financial Advisors LLC purchased a new position in Apple during the fourth quarter worth about $82,000. Finally, Compass Planning Associates Inc purchased a new position in Apple during the fourth quarter worth about $96,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Apple

In other news, insider Chris Kondo sold 4,486 shares of the firm’s stock in a transaction on 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 owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Down 1.1%

Shares of AAPL opened at $209.05 on Thursday. The firm has a market cap of $3.12 trillion, a PE ratio of 32.56, a price-to-earnings-growth ratio of 2.32 and a beta of 1.20. The company’s fifty day moving average is $205.10 and its two-hundred day moving average is $214.16. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same quarter last year, the business earned $1.53 EPS. Apple’s revenue for the quarter was up 5.1% on a year-over-year basis. Analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its Board of Directors has approved a share buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts recently issued reports on AAPL shares. Bank of America reissued a “buy” rating and set a $235.00 price target on shares of Apple in a report on Tuesday, June 10th. Citigroup restated a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. Scotiabank lowered shares of Apple to a “market perform” rating in a research report on Friday, May 2nd. TD Cowen lowered their target price on shares of Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Finally, KeyCorp upgraded shares of Apple from an “underweight” rating to a “sector weight” rating in a research report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.94.

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.