Harvey Investment Co. LLC Has $2.96 Million Stake in Apple Inc. (NASDAQ:AAPL)

Harvey Investment Co. LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 1.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,327 shares of the iPhone maker’s stock after selling 221 shares during the period. Harvey Investment Co. LLC’s holdings in Apple were worth $2,961,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of AAPL. Tallon Kerry Patrick acquired a new stake in Apple in the 4th quarter valued at $1,877,000. First National Bank of Hutchinson grew its holdings in shares of Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock valued at $8,845,000 after acquiring an additional 6,982 shares in the last quarter. Capital & Planning LLC grew its holdings in shares of Apple by 10.7% in the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker’s stock valued at $6,836,000 after acquiring an additional 2,647 shares in the last quarter. Eagle Capital Management LLC increased its position in shares of Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock valued at $13,544,000 after acquiring an additional 272 shares during the last quarter. Finally, Brighton Jones LLC raised its holdings in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after acquiring an additional 69,207 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the sale, the insider directly owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.06% of the company’s stock.

Apple Stock Down 0.7%

Shares of AAPL opened at $207.57 on Friday. The firm has a 50 day simple moving average of $205.22 and a two-hundred day simple moving average of $213.98. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a market cap of $3.10 trillion, a P/E ratio of 32.33, a P/E/G ratio of 2.30 and a beta of 1.20.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Apple had a return on equity of 167.24% and a net margin of 24.30%. The company had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter in the previous year, the firm earned $1.40 EPS. Apple’s revenue was up 9.6% on a year-over-year basis. Research analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes 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 of directors believes its stock is undervalued.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. Apple’s dividend payout ratio (DPR) is currently 16.20%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Citigroup reaffirmed a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. Evercore ISI boosted their target price on shares of Apple to $250.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Morgan Stanley reaffirmed an “overweight” rating on shares of Apple in a research report on Friday, June 13th. JPMorgan Chase & Co. lifted their price objective on shares of Apple from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Apple in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $234.94.

About Apple

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.