Brickley Wealth Management Has $40.06 Million Stake in Apple Inc. (NASDAQ:AAPL)

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Brickley Wealth Management cut its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 0.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 229,438 shares of the iPhone maker’s stock after selling 535 shares during the period. Apple accounts for 10.7% of Brickley Wealth Management’s investment portfolio, making the stock its 3rd largest holding. Brickley Wealth Management’s holdings in Apple were worth $40,062,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Joseph Group Capital Management bought a new position in Apple in the 4th quarter valued at $1,631,000. Cardinal Capital Management Inc. raised its position in shares of Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after buying an additional 221 shares in the last quarter. Shore Point Advisors LLC purchased a new stake in shares of Apple during the 4th quarter valued at $41,000. St. James Investment Advisors LLC purchased a new stake in shares of Apple during the 4th quarter valued at $57,000. Finally, Econ Financial Services Corp purchased a new stake in shares of Apple during the 4th quarter valued at $58,000. 57.98% of the stock is owned by institutional investors.

Apple Stock Down 0.9 %

Shares of NASDAQ:AAPL opened at $151.60 on Wednesday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The firm has a market capitalization of $2.45 trillion, a P/E ratio of 24.61, a P/E/G ratio of 2.00 and a beta of 1.19. The stock has a 50 day moving average price of $143.09 and a 200-day moving average price of $157.63. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.09. The company had revenue of $97.28 billion for the quarter, compared to the consensus estimate of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.40 EPS. As a group, equities research analysts anticipate that Apple Inc. will post 6.09 EPS for the current fiscal year.

Apple announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were paid a $0.23 dividend. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.92 annualized dividend and a dividend yield of 0.61%. This is an increase from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio is presently 14.94%.

Insider Buying and Selling

In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the sale, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AAPL. Credit Suisse Group set a $169.00 price objective on shares of Apple in a research report on Friday, April 29th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Fundamental Research lowered their price objective on shares of Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research report on Friday, May 6th. Morgan Stanley lowered their price objective on shares of Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $190.00 target price on shares of Apple in a research report on Wednesday, June 8th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $179.64.

About Apple

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Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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