Fortune Financial Advisors LLC Sells 327 Shares of Apple Inc. (NASDAQ:AAPL)

Fortune Financial Advisors LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,693 shares of the iPhone maker’s stock after selling 327 shares during the period. Apple comprises 3.4% of Fortune Financial Advisors LLC’s holdings, making the stock its 4th largest position. Fortune Financial Advisors LLC’s holdings in Apple were worth $4,754,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Wyrmwood Management LLC increased its holdings 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 buying an additional 69 shares during the last quarter. Gilfoyle & Co LLC increased its stake in shares of Apple by 118.0% during the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares during the last quarter. PayPay Securities Corp increased its stake in shares of Apple by 70.2% during the 3rd quarter. PayPay Securities Corp now owns 509 shares of the iPhone maker’s stock worth $87,000 after purchasing an additional 210 shares during the last quarter. Cordant Inc. raised its holdings in shares of Apple by 27.7% in the 3rd quarter. Cordant Inc. now owns 645 shares of the iPhone maker’s stock valued at $110,000 after purchasing an additional 140 shares during the period. Finally, Life Planning Partners Inc acquired a new stake in Apple in the 4th quarter valued at about $132,000. Institutional investors own 60.41% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Oppenheimer restated an “outperform” rating and issued a $200.00 price objective on shares of Apple in a research note on Friday, February 2nd. Loop Capital cut their price target on Apple from $185.00 to $170.00 and set a “hold” rating for the company in a report on Monday, April 1st. UBS Group reissued a “hold” rating and issued a $190.00 price objective on shares of Apple in a research report on Monday, March 25th. Bank of America raised their target price on shares of Apple from $225.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Monness Crespi & Hardt upped their price target on shares of Apple from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.72.

Apple Trading Up 6.0 %

Shares of Apple stock opened at $183.38 on Friday. The firm has a market capitalization of $2.83 trillion, a PE ratio of 28.56, a price-to-earnings-growth ratio of 2.05 and a beta of 1.26. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 1.28. The firm’s 50 day moving average is $172.15 and its 200 day moving average is $181.57. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $199.62.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. The company had revenue of $90.75 billion during the quarter, compared to the consensus estimate of $90.37 billion. Apple had a net margin of 26.16% and a return on equity of 156.04%. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.52 earnings per share. Equities research analysts forecast that Apple Inc. will post 6.53 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be issued a dividend of $0.25 per share. This is a boost from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Friday, May 10th. Apple’s payout ratio is 14.95%.

Apple announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 2nd that allows the company to buyback $110.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, SVP Deirdre O’brien sold 54,732 shares of Apple stock in a transaction that occurred on Tuesday, April 2nd. The shares were 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 in the company, valued at approximately $23,068,376.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Deirdre O’brien sold 54,732 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the sale, the senior vice president now owns 136,572 shares of the company’s stock, valued at $23,068,376.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $180.94, for a total value of $18,094,000.00. Following the completion of the sale, the director now owns 4,434,576 shares in the company, valued at $802,392,181.44. The disclosure for this sale can be found here. Insiders sold 366,271 shares of company stock valued at $63,653,887 over the last quarter. 0.06% of the stock is owned by company insiders.

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.