McLean Asset Management Corp Sells 459 Shares of Apple Inc. (NASDAQ:AAPL)

McLean Asset Management Corp cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,262 shares of the iPhone maker’s stock after selling 459 shares during the quarter. Apple comprises 3.2% of McLean Asset Management Corp’s investment portfolio, making the stock its 8th biggest position. McLean Asset Management Corp’s holdings in Apple were worth $9,207,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AAPL. Wyrmwood Management LLC boosted its position in Apple by 69.0% during the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after acquiring an additional 69 shares during the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new position in Apple during the fourth quarter worth about $39,000. Gilfoyle & Co LLC boosted its position in Apple by 118.0% during 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 last quarter. University of Texas Texas AM Investment Managment Co. boosted its position in Apple by 657.1% during the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after acquiring an additional 368 shares during the last quarter. Finally, Clarity Asset Management Inc. acquired a new position in Apple during the fourth quarter worth about $85,000. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,999 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, the insider now directly owns 29,278 shares of the company’s stock, valued at approximately $5,574,531.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Chris Kondo sold 4,999 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the transaction, the insider now owns 29,278 shares in the company, valued at approximately $5,574,531.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the transaction, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 346,270 shares of company stock valued at $60,880,196. Insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of AAPL opened at $207.49 on Monday. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $220.20. The firm’s 50 day moving average price is $187.87 and its 200 day moving average price is $184.75. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. The company has a market cap of $3.18 trillion, a P/E ratio of 32.27, a PEG ratio of 2.55 and a beta of 1.25.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The company had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same period in the prior year, the firm posted $1.52 EPS. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, research analysts forecast that Apple Inc. will post 6.58 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were given a $0.25 dividend. The ex-dividend date was 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 dividend yield of 0.48%. Apple’s dividend payout ratio is currently 15.55%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. DZ Bank reiterated a “hold” rating and issued a $180.00 target price on shares of Apple in a report on Thursday, March 28th. UBS Group reiterated a “neutral” rating and issued a $190.00 target price on shares of Apple in a report on Tuesday, June 11th. Bank of America reiterated a “buy” rating and issued a $230.00 target price on shares of Apple in a report on Wednesday, June 12th. Sanford C. Bernstein boosted their target price on shares of Apple from $195.00 to $240.00 and gave the company an “outperform” rating in a report on Friday. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $196.00 target price on shares of Apple in a report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.38.

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.