Security Asset Management decreased its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 8.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 110,153 shares of the iPhone maker’s stock after selling 9,937 shares during the period. Apple accounts for 8.3% of Security Asset Management’s investment portfolio, making the stock its largest position. Security Asset Management’s holdings in Apple were worth $19,234,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently made changes to their positions in the company. Cardinal Capital Management Inc. boosted its position in shares of Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares in the last quarter. Shore Point Advisors LLC bought a new stake in Apple during the fourth quarter valued at approximately $41,000. St. James Investment Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at about $57,000. Emerson Wealth LLC lifted its stake in shares of Apple by 363.6% during the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after buying an additional 320 shares in the last quarter. Finally, Econ Financial Services Corp raised its stake in Apple by 29.1% during the 1st quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock valued at $74,000 after purchasing an additional 95 shares during the period. Institutional investors own 57.98% of the company’s stock.
Analysts Set New Price Targets
AAPL has been the topic of several recent research reports. Barclays decreased their price objective on Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 13th. Oppenheimer reiterated an “outperform” rating and issued a $190.00 price target on shares of Apple in a report on Wednesday, June 8th. Rosenblatt Securities dropped their target price on shares of Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. The Goldman Sachs Group set a $139.00 price objective on Apple in a research note on Friday, July 29th. Finally, Wells Fargo & Company lowered their price target on shares of Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $179.27.
Insider Buying and Selling at Apple
In other news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value 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 $70,411,823.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.
Apple Stock Performance
AAPL opened at $172.10 on Friday. The business has a 50 day moving average price of $147.72 and a two-hundred day moving average price of $157.21. 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 company has a market capitalization of $2.77 trillion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.19 and a beta of 1.23. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. The company 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 business’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.30 EPS. Research analysts predict 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. Investors of record on Monday, August 8th were paid a $0.23 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 0.53%. Apple’s dividend payout ratio is currently 15.18%.
Apple declared that its Board of Directors has authorized a share 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 buy up to 3.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is 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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