Cullinan Associates Inc. Has $102.34 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Cullinan Associates Inc. reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 29.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 460,720 shares of the iPhone maker’s stock after selling 196,092 shares during the period. Apple makes up 7.2% of Cullinan Associates Inc.’s investment portfolio, making the stock its biggest position. Cullinan Associates Inc.’s holdings in Apple were worth $102,340,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new position in Apple in the 4th quarter worth $1,877,000. First National Bank of Hutchinson raised its position in Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after purchasing an additional 6,982 shares during the period. Capital & Planning LLC raised its position in Apple by 10.7% in the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker’s stock worth $6,836,000 after purchasing an additional 2,647 shares during the period. Eagle Capital Management LLC raised its position in Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after purchasing an additional 272 shares during the period. Finally, Brighton Jones LLC increased its position in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock valued at $134,554,000 after acquiring an additional 69,207 shares during the period. 67.73% of the stock is owned by institutional investors.

Apple Stock Down 1.1%

Shares of AAPL stock opened at $209.05 on Thursday. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The stock 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 company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company has a 50 day simple moving average of $205.10 and a two-hundred day simple moving average of $214.16.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.53 earnings per share. On average, research analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple declared that its Board of Directors has authorized a share buyback program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AAPL shares. Monness Crespi & Hardt boosted their price objective on shares of Apple to $245.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. China Renaissance started coverage on shares of Apple in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price objective on the stock. Morgan Stanley restated an “overweight” rating on shares of Apple in a research report on Friday, June 13th. TD Cowen decreased their price objective on shares of Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Finally, Raymond James Financial decreased their price objective on shares of Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $234.94.

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.