Levin Capital Strategies L.P. Reduces Stake in Apple Inc. (NASDAQ:AAPL)

Levin Capital Strategies L.P. cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 17.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,935 shares of the iPhone maker’s stock after selling 21,647 shares during the period. Apple accounts for about 1.7% of Levin Capital Strategies L.P.’s portfolio, making the stock its 19th biggest position. Levin Capital Strategies L.P.’s holdings in Apple were worth $17,480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. FSA Wealth Management LLC increased its position in shares of Apple by 1.6% during the 1st quarter. FSA Wealth Management LLC now owns 20,435 shares of the iPhone maker’s stock valued at $3,504,000 after purchasing an additional 312 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Apple by 3.1% during the first quarter. B. Riley Wealth Advisors Inc. now owns 777,973 shares of the iPhone maker’s stock worth $133,197,000 after buying an additional 23,587 shares during the period. Vancity Investment Management Ltd increased its position in Apple by 19.1% during the first quarter. Vancity Investment Management Ltd now owns 234,190 shares of the iPhone maker’s stock valued at $40,158,000 after acquiring an additional 37,586 shares during the last quarter. Dynasty Wealth Management LLC purchased a new stake in shares of Apple in the first quarter valued at $6,118,000. Finally, Virtus Investment Advisers Inc. lifted its holdings in shares of Apple by 25.6% in the 1st quarter. Virtus Investment Advisers Inc. now owns 13,392 shares of the iPhone maker’s stock worth $2,296,000 after acquiring an additional 2,733 shares during the last quarter. 60.41% of the stock is owned by institutional investors.

Apple Stock Performance

Shares of AAPL stock opened at $226.51 on Wednesday. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.23. The business’s fifty day simple moving average is $219.56 and its 200-day simple moving average is $193.69. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The company has a market cap of $3.47 trillion, a PE ratio of 35.23, a PEG ratio of 2.60 and a beta of 1.24.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 145.35% and a net margin of 26.44%. The business had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. During the same quarter last year, the company earned $1.26 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. Analysts expect that Apple Inc. will post 6.61 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Monday, August 12th. Apple’s dividend payout ratio (DPR) is 15.55%.

Apple declared that its board has approved a stock buyback plan on Thursday, May 2nd that permits the company to repurchase $110.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AAPL. StockNews.com raised shares of Apple from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Moffett Nathanson began coverage on Apple in a report on Monday. They issued a “neutral” rating and a $211.00 price target on the stock. Canaccord Genuity Group boosted their price objective on Apple from $200.00 to $215.00 and gave the company a “buy” rating in a report on Saturday, May 4th. Robert W. Baird increased their target price on Apple from $200.00 to $240.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Raymond James boosted their target price on shares of Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and an average target price of $233.63.

Insiders Place Their Bets

In other Apple news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the transaction, the insider now owns 15,419 shares in the company, valued at approximately $3,469,275. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the sale, the insider now owns 15,419 shares in the company, valued at $3,469,275. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the transaction, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 188,884 shares of company stock valued at $38,092,387. 0.06% of the stock is owned by insiders.

Apple Company 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.