Regent Investment Management LLC Trims Stake in Apple Inc. (NASDAQ:AAPL)

Regent Investment Management LLC cut its stake in Apple Inc. (NASDAQ:AAPL) by 0.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,150 shares of the iPhone maker’s stock after selling 463 shares during the period. Apple accounts for 3.9% of Regent Investment Management LLC’s investment portfolio, making the stock its largest holding. Regent Investment Management LLC’s holdings in Apple were worth $11,905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in AAPL. Semmax Financial Advisors Inc. acquired a new position in Apple in the fourth quarter valued at approximately $50,000. INR Advisory Services LLC acquired a new position in Apple in the fourth quarter valued at approximately $124,000. CKW Financial Group lifted its stake in Apple by 15.0% in the fourth quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock valued at $127,000 after buying an additional 105 shares during the period. Denali Advisors LLC lifted its stake in Apple by 12.5% in the second quarter. Denali Advisors LLC now owns 900 shares of the iPhone maker’s stock valued at $178,000 after buying an additional 100 shares during the period. Finally, Quantamental Technologies LLC acquired a new position in Apple in the fourth quarter valued at approximately $181,000. Institutional investors and hedge funds own 58.66% of the company’s stock.

Several brokerages have issued reports on AAPL. Cascend Securities reissued a “buy” rating and issued a $240.00 price target (up from $210.00) on shares of Apple in a research note on Thursday, June 20th. Nomura boosted their price target on Apple from $180.00 to $185.00 and gave the company a “neutral” rating in a research note on Wednesday. Monness Crespi & Hardt reissued a “buy” rating and issued a $265.00 price target (up from $245.00) on shares of Apple in a research note on Wednesday. Citigroup boosted their price target on Apple from $205.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Rosenblatt Securities reissued a “sell” rating and issued a $150.00 price target on shares of Apple in a research note on Monday, July 8th. Four research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $217.49.

Apple stock traded down $4.41 during trading on Friday, hitting $204.02. 40,831,241 shares of the company were exchanged, compared to its average volume of 23,617,756. The firm has a 50 day simple moving average of $202.58. Apple Inc. has a 52 week low of $142.00 and a 52 week high of $233.47. The company has a market capitalization of $941.93 billion, a P/E ratio of 17.13, a P/E/G ratio of 1.75 and a beta of 1.25. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.50 and a quick ratio of 1.26.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.10 by $0.08. Apple had a return on equity of 52.13% and a net margin of 21.50%. The business had revenue of $53.81 billion during the quarter, compared to the consensus estimate of $53.39 billion. During the same quarter in the prior year, the company posted $2.34 earnings per share. Apple’s revenue was up 1.0% compared to the same quarter last year. Equities analysts expect that Apple Inc. will post 11.58 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 12th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.08 annualized dividend and a yield of 1.51%. Apple’s dividend payout ratio (DPR) is currently 25.86%.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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