BetterWealth LLC trimmed its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 171,444 shares of the iPhone maker’s stock after selling 7,410 shares during the period. Apple comprises about 40.1% of BetterWealth LLC’s investment portfolio, making the stock its biggest position. BetterWealth LLC’s holdings in Apple were worth $29,936,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Elk River Wealth Management LLC boosted its holdings in shares of Apple by 49.0% during the 1st quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock valued at $29,181,000 after purchasing an additional 54,989 shares during the last quarter. Piscataqua Savings Bank boosted its stake in Apple by 1.5% during the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after buying an additional 684 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Apple during the 1st quarter valued at approximately $171,000. Fountainhead AM LLC increased its stake in Apple by 11.6% in the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after acquiring an additional 4,738 shares during the last quarter. Finally, Primoris Wealth Advisors LLC purchased a new stake in shares of Apple during the 4th quarter worth approximately $4,282,000. Institutional investors own 57.98% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on AAPL shares. JPMorgan Chase & Co. set a $200.00 price target on shares of Apple in a research note on Monday, July 25th. Deutsche Bank Aktiengesellschaft set a $175.00 price target on shares of Apple in a report on Monday, August 1st. Credit Suisse Group set a $166.00 price objective on Apple in a research note on Friday, July 29th. Barclays lowered their price objective on Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 13th. Finally, Itaú Unibanco began coverage on Apple in a research report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $179.27.
In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the transaction, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.06% of the company’s stock.
Apple Trading Up 2.1 %
Shares of NASDAQ AAPL opened at $172.10 on Friday. The business has a fifty day moving average price of $147.72 and a 200 day moving average price of $157.21. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The stock has a market capitalization of $2.77 trillion, a P/E ratio of 28.40, a price-to-earnings-growth ratio of 2.19 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. The business had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business earned $1.30 EPS. Equities research analysts expect that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Friday, August 5th. Apple’s payout ratio is presently 15.18%.
Apple announced that its board has approved a share repurchase program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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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