Absher Wealth Management LLC Sells 1,725 Shares of Apple Inc. (NASDAQ:AAPL)

Absher Wealth Management LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 1.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,619 shares of the iPhone maker’s stock after selling 1,725 shares during the period. Apple comprises approximately 2.7% of Absher Wealth Management LLC’s investment portfolio, making the stock its 23rd largest holding. Absher Wealth Management LLC’s holdings in Apple were worth $20,573,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of AAPL. Conquis Financial LLC bought a new stake in shares of Apple during the 4th quarter worth $63,000. LSV Asset Management bought a new stake in shares of Apple during the 4th quarter worth $65,000. Pillar Financial Advisors LLC bought a new stake in shares of Apple during the 4th quarter worth $82,000. Compass Planning Associates Inc bought a new stake in shares of Apple during the 4th quarter worth $96,000. Finally, Collier Financial bought a new stake in shares of Apple during the 4th quarter worth $140,000. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Down 1.1%

Shares of AAPL opened at $209.05 on Thursday. The firm has a market cap of $3.12 trillion, a P/E ratio of 32.56, a P/E/G ratio of 2.32 and a beta of 1.20. The stock has a 50 day simple moving average of $205.10 and a two-hundred day simple moving average of $214.16. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. Apple’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.53 earnings per share. On average, analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Barclays set a $173.00 target price on Apple and gave the stock an “underweight” rating in a research note on Tuesday, June 24th. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating in a research note on Friday, July 18th. The Goldman Sachs Group reiterated a “buy” rating on shares of Apple in a research note on Wednesday, May 21st. KeyCorp raised Apple from an “underweight” rating to a “sector weight” rating in a report on Monday, April 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Apple in a report on Friday, July 25th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average price target of $234.94.

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.