Selway Asset Management Sells 750 Shares of Apple Inc. (NASDAQ:AAPL)

Selway Asset Management reduced its stake in Apple Inc. (NASDAQ:AAPL) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 129,449 shares of the iPhone maker’s stock after selling 750 shares during the period. Apple accounts for approximately 8.9% of Selway Asset Management’s investment portfolio, making the stock its biggest position. Selway Asset Management’s holdings in Apple were worth $22,198,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Yeomans Consulting Group Inc. bought a new stake in shares of Apple in the fourth quarter valued at about $1,713,000. Raleigh Capital Management Inc. boosted its position in shares of Apple by 11.8% in the fourth quarter. Raleigh Capital Management Inc. now owns 15,511 shares of the iPhone maker’s stock valued at $2,986,000 after acquiring an additional 1,643 shares during the period. Headinvest LLC boosted its position in shares of Apple by 1.7% in the third quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock valued at $9,236,000 after acquiring an additional 872 shares during the period. GLOBALT Investments LLC GA bought a new stake in shares of Apple in the fourth quarter valued at about $38,406,000. Finally, Barden Capital Management Inc. boosted its position in shares of Apple by 132.8% in the fourth quarter. Barden Capital Management Inc. now owns 32,636 shares of the iPhone maker’s stock valued at $6,283,000 after acquiring an additional 18,615 shares during the period. Institutional investors own 60.41% of the company’s stock.

Insider Buying and Selling at Apple

In other news, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Deirdre O’brien sold 54,732 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the sale, the senior vice president now directly owns 136,572 shares of the company’s stock, valued at approximately $23,068,376.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 346,270 shares of company stock valued at $60,880,196. 0.06% of the stock is currently owned by company insiders.

Apple Stock Performance

NASDAQ:AAPL opened at $207.49 on Monday. The company has a market capitalization of $3.18 trillion, a PE ratio of 32.27, a P/E/G ratio of 2.55 and a beta of 1.25. The company has a 50 day simple moving average of $187.87 and a two-hundred day simple moving average of $184.75. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $220.20.

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

Apple declared that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio is currently 15.55%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $216.00 price objective on shares of Apple in a research report on Tuesday, June 11th. Erste Group Bank raised shares of Apple from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. Canaccord Genuity Group upped their price objective on shares of Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Saturday, May 4th. Barclays reaffirmed an “underweight” rating and set a $164.00 price objective on shares of Apple in a research report on Tuesday, June 11th. Finally, Sanford C. Bernstein upped their price objective on shares of Apple from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.38.

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.