DAVENPORT & Co LLC lowered its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 9.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,442,205 shares of the iPhone maker’s stock after selling 156,349 shares during the period. Apple comprises 1.7% of DAVENPORT & Co LLC’s portfolio, making the stock its 6th largest position. DAVENPORT & Co LLC’s holdings in Apple were worth $252,298,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of AAPL. Norges Bank bought a new stake in shares of Apple in the 4th quarter worth about $25,228,507,000. State Street Corp increased its holdings in Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after buying an additional 10,951,705 shares during the last quarter. Capital Research Global Investors raised its stake in Apple by 38.1% during the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock valued at $5,247,094,000 after buying an additional 8,154,171 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Apple by 114.9% during the 1st quarter. SG Americas Securities LLC now owns 959,506 shares of the iPhone maker’s stock worth $167,539,000 after buying an additional 7,386,473 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Apple by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock worth $3,705,275,000 after acquiring an additional 6,154,422 shares in the last quarter. 57.98% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on AAPL. Citigroup raised their price objective on Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. set a $175.00 price target on shares of Apple in a report on Friday, July 29th. Deutsche Bank Aktiengesellschaft set a $175.00 price objective on shares of Apple in a research note on Monday, August 1st. Credit Suisse Group set a $166.00 target price on Apple in a report on Friday, July 29th. Finally, Barclays cut their price target on Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.27.
Insider Transactions at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares in the company, valued at approximately $70,411,823.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.06% of the stock is currently owned by corporate insiders.
Apple Price Performance
AAPL opened at $172.10 on Friday. The stock has a fifty day moving average price of $148.26 and a 200 day moving average price of $157.30. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94. The stock has a market cap of $2.77 trillion, a price-to-earnings ratio of 28.40, a PEG ratio of 2.18 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. During the same quarter in the prior year, the business posted $1.30 EPS. Apple’s quarterly revenue was up 1.9% on a year-over-year basis. Analysts forecast that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.53%. Apple’s dividend payout ratio (DPR) is presently 15.18%.
Apple announced that its board has initiated a share buyback plan on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Apple Company Profile
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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