Almanack Investment Partners LLC. Lowers Position in Apple Inc. (AAPL)

Almanack Investment Partners LLC. trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 6.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,743 shares of the iPhone maker’s stock after selling 638 shares during the period. Almanack Investment Partners LLC.’s holdings in Apple were worth $1,537,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Contravisory Investment Management Inc. boosted its stake in shares of Apple by 30.6% during the 4th quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after purchasing an additional 144 shares during the last quarter. CKW Financial Group boosted its stake in shares of Apple by 15.0% during the 4th quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock worth $127,000 after purchasing an additional 105 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. acquired a new stake in shares of Apple during the 3rd quarter worth about $201,000. Moller Financial Services acquired a new stake in shares of Apple during the 3rd quarter worth about $226,000. Finally, Stratford Consulting LLC acquired a new stake in shares of Apple during the 3rd quarter worth about $226,000. 57.47% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have issued reports on AAPL shares. JPMorgan Chase & Co. set a $228.00 price target on shares of Apple and gave the stock a “buy” rating in a research note on Wednesday, January 30th. Goldman Sachs Group set a $140.00 price target on shares of Apple and gave the stock a “neutral” rating in a research note on Tuesday, February 12th. Bank of America raised shares of Apple from a “neutral” rating to a “buy” rating and raised their price target for the stock from $180.00 to $210.00 in a research note on Monday, March 11th. They noted that the move was a valuation call. Morgan Stanley raised their price target on shares of Apple from $220.00 to $234.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Finally, UBS Group reaffirmed a “buy” rating and set a $180.00 price target on shares of Apple in a research note on Monday, January 14th. Three investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Apple has a consensus rating of “Hold” and a consensus target price of $211.43.

In other news, COO Jeffrey E. Williams sold 56,411 shares of Apple stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the sale, the chief operating officer now owns 151,187 shares in the company, valued at $31,803,697.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Luca Maestri sold 51,138 shares of Apple stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $196.61, for a total transaction of $10,054,242.18. Following the sale, the insider now owns 27,448 shares in the company, valued at approximately $5,396,551.28. The disclosure for this sale can be found here. Insiders have sold 142,549 shares of company stock worth $29,300,960 in the last quarter. Insiders own 0.05% of the company’s stock.

NASDAQ AAPL opened at $197.18 on Friday. Apple Inc. has a one year low of $142.00 and a one year high of $233.47. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.26 and a current ratio of 1.32. The company has a market capitalization of $986.57 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 1.70 and a beta of 1.14.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.37 by $0.09. The firm had revenue of $58.02 billion for the quarter, compared to analyst estimates of $57.40 billion. Apple had a net margin of 22.12% and a return on equity of 51.29%. Apple’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.73 earnings per share. Equities research analysts predict that Apple Inc. will post 11.48 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be paid a dividend of $0.77 per share. The ex-dividend date is Friday, May 10th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.56%. This is a positive change from Apple’s previous quarterly dividend of $0.73. Apple’s dividend payout ratio (DPR) is currently 24.52%.

Apple announced that its board has initiated a share repurchase plan on Tuesday, April 30th that permits the company to buyback $75.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

Further Reading: What Does a Sell-Side Analyst Rating Mean?

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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