Westbourne Investment Advisors Inc. cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,867 shares of the iPhone maker’s stock after selling 1,364 shares during the period. Apple comprises 6.4% of Westbourne Investment Advisors Inc.’s holdings, making the stock its largest position. Westbourne Investment Advisors Inc.’s holdings in Apple were worth $7,902,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Stonehearth Capital Management LLC raised its position in Apple by 0.8% in the first quarter. Stonehearth Capital Management LLC now owns 2,378 shares of the iPhone maker’s stock worth $342,000 after buying an additional 20 shares during the last quarter. Lenox Wealth Advisors Inc. raised its position in Apple by 0.4% in the second quarter. Lenox Wealth Advisors Inc. now owns 4,971 shares of the iPhone maker’s stock worth $716,000 after buying an additional 20 shares during the last quarter. Noven Financial Group Inc. raised its position in Apple by 0.3% in the fourth quarter. Noven Financial Group Inc. now owns 7,396 shares of the iPhone maker’s stock worth $857,000 after buying an additional 22 shares during the last quarter. Sippican Capital Advisors raised its position in Apple by 0.5% in the first quarter. Sippican Capital Advisors now owns 4,912 shares of the iPhone maker’s stock worth $706,000 after buying an additional 26 shares during the last quarter. Finally, Cordasco Financial Network raised its position in Apple by 1.0% in the first quarter. Cordasco Financial Network now owns 3,184 shares of the iPhone maker’s stock worth $457,000 after buying an additional 31 shares during the last quarter. 61.21% of the stock is owned by institutional investors.

Shares of Apple Inc. (NASDAQ:AAPL) opened at 150.08 on Wednesday. The company has a 50-day moving average of $147.60 and a 200 day moving average of $140.37. Apple Inc. has a 12-month low of $96.42 and a 12-month high of $156.65. The firm has a market capitalization of $782.49 billion, a PE ratio of 17.61 and a beta of 1.31.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.08. The business had revenue of $52.90 billion for the quarter, compared to the consensus estimate of $52.61 billion. Apple had a net margin of 20.74% and a return on equity of 35.09%. On average, analysts predict that Apple Inc. will post $8.91 EPS for the current year.

Apple announced that its board has authorized a share buyback program on Tuesday, May 2nd that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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A number of research analysts have commented on the company. UBS AG reaffirmed a “buy” rating and set a $175.00 price target (down previously from $200.00) on shares of Apple in a research report on Tuesday, March 28th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and set a $159.00 price target (up previously from $152.00) on shares of Apple in a research report on Monday, April 3rd. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and set a $150.00 price target on shares of Apple in a research report on Wednesday, April 12th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $120.00 price target on shares of Apple in a research report on Monday, April 17th. Finally, FBN Securities upped their price target on Apple from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday, May 4th. Eleven research analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has given a strong buy rating to the company’s stock. Apple has a consensus rating of “Buy” and an average target price of $160.38.

In other Apple news, insider Luca Maestri sold 4,757 shares of Apple stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $154.70, for a total transaction of $735,907.90. Following the sale, the insider now owns 3,414 shares in the company, valued at $528,145.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Angela J. Ahrendts sold 75,000 shares of Apple stock in a transaction on Monday, May 8th. The stock was sold at an average price of $147.98, for a total transaction of $11,098,500.00. Following the sale, the insider now owns 154,116 shares in the company, valued at approximately $22,806,085.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 379,308 shares of company stock worth $57,391,709. 0.08% of the stock is currently owned by corporate insiders.

About Apple

Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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