REDW Wealth LLC Reduces Position in Apple Inc. (NASDAQ:AAPL)

REDW Wealth LLC lessened its stake in Apple Inc. (NASDAQ:AAPL) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,338 shares of the iPhone maker’s stock after selling 1,775 shares during the quarter. Apple accounts for approximately 3.1% of REDW Wealth LLC’s holdings, making the stock its 8th biggest position. REDW Wealth LLC’s holdings in Apple were worth $10,654,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Wyrmwood Management LLC increased its holdings in Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after buying an additional 69 shares in the last quarter. Gilfoyle & Co LLC raised its position in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after acquiring an additional 118 shares during the period. PayPay Securities Corp lifted its position in Apple by 70.2% during the third quarter. PayPay Securities Corp now owns 509 shares of the iPhone maker’s stock valued at $87,000 after purchasing an additional 210 shares in the last quarter. Cordant Inc. grew its stake in shares of Apple by 27.7% during the 3rd quarter. Cordant Inc. now owns 645 shares of the iPhone maker’s stock valued at $110,000 after acquiring an additional 140 shares during the period. Finally, Life Planning Partners Inc bought a new position in shares of Apple in the fourth quarter worth approximately $132,000. Institutional investors own 60.41% of the company’s stock.

Apple Trading Up 6.0 %

Apple stock opened at $183.38 on Friday. The stock has a market cap of $2.83 trillion, a PE ratio of 28.56, a price-to-earnings-growth ratio of 2.05 and a beta of 1.26. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a 50-day moving average of $172.15 and a two-hundred day moving average of $181.57. Apple Inc. has a one year low of $164.07 and a one year high of $199.62.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The company had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. Apple had a return on equity of 156.04% and a net margin of 26.16%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the business posted $1.52 EPS. On average, research analysts anticipate that Apple Inc. will post 6.53 EPS for the current fiscal year.

Apple announced that its Board of Directors has initiated a share buyback program on Thursday, May 2nd that permits the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 0.55%. Apple’s payout ratio is currently 14.95%.

Insider Transactions at Apple

In related news, Director Arthur D. Levinson sold 100,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the sale, the director now owns 4,434,576 shares in the company, valued at $802,392,181.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Arthur D. Levinson sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $180.94, for a total value of $18,094,000.00. Following the completion of the sale, the director now directly owns 4,434,576 shares in the company, valued at $802,392,181.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Luca Maestri sold 53,194 shares of the company’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the transaction, the chief financial officer now owns 107,788 shares of the company’s stock, valued at $18,768,046.56. The disclosure for this sale can be found here. Insiders have sold 366,271 shares of company stock worth $63,653,887 over the last quarter. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on AAPL shares. Itau BBA Securities upgraded Apple from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $162.00 to $188.00 in a research report on Friday. Morgan Stanley upped their price objective on Apple from $210.00 to $216.00 and gave the company an “overweight” rating in a research report on Friday. Oppenheimer reaffirmed an “outperform” rating and set a $200.00 price target on shares of Apple in a research note on Friday, February 2nd. Piper Sandler cut their price objective on Apple from $205.00 to $190.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 target price on shares of Apple in a research report on Friday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.72.

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.