Apple Inc. (NASDAQ:AAPL) is Synergy Asset Management LLC’s 4th Largest Position

Synergy Asset Management LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 4.2% in the 1st quarter, HoldingsChannel reports. The fund owned 175,777 shares of the iPhone maker’s stock after selling 7,621 shares during the quarter. Apple accounts for 4.9% of Synergy Asset Management LLC’s portfolio, making the stock its 4th biggest position. Synergy Asset Management LLC’s holdings in Apple were worth $39,045,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AAPL. Advanced Portfolio Management LLC lifted its position in Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock valued at $3,260,000 after purchasing an additional 47 shares in the last quarter. Family Capital Management Inc. lifted its position in Apple by 0.3% during the fourth quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker’s stock valued at $4,235,000 after purchasing an additional 48 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA lifted its position in Apple by 0.3% during the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker’s stock valued at $4,178,000 after purchasing an additional 48 shares in the last quarter. Scarborough Advisors LLC lifted its position in Apple by 0.3% during the fourth quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker’s stock valued at $3,992,000 after purchasing an additional 51 shares in the last quarter. Finally, Disciplined Investments LLC lifted its position in Apple by 0.7% during the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker’s stock valued at $1,794,000 after purchasing an additional 51 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Down 1.1%

AAPL opened at $209.05 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The stock has a market cap of $3.12 trillion, a price-to-earnings ratio of 32.56, a P/E/G ratio of 2.32 and a beta of 1.20. The stock’s 50 day moving average price is $205.10 and its 200-day moving average price is $214.16. Apple Inc. has a one year low of $169.21 and a one year high of $260.10.

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

Apple announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AAPL. China Renaissance initiated coverage on Apple in a research report on Tuesday, April 22nd. They set a “buy” rating and a $241.00 target price on the stock. Morgan Stanley reissued an “overweight” rating on shares of Apple in a report on Friday, June 13th. Loop Capital decreased their price target on Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. DA Davidson raised their price target on Apple from $230.00 to $250.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Finally, Monness Crespi & Hardt raised their price target on Apple to $245.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.94.

Insider Activity

In related news, insider Chris Kondo sold 4,486 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.

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.