Convergence Investment Partners LLC cut its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 35,093 shares of the iPhone maker’s stock after selling 682 shares during the quarter. Apple makes up approximately 3.2% of Convergence Investment Partners LLC’s investment portfolio, making the stock its largest holding. Convergence Investment Partners LLC’s holdings in Apple were worth $6,128,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of AAPL. Elk River Wealth Management LLC boosted its position in shares of Apple by 49.0% in the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock valued at $29,181,000 after acquiring an additional 54,989 shares during the period. Piscataqua Savings Bank boosted its holdings in Apple by 1.5% in the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after purchasing an additional 684 shares during the period. Fountainhead AM LLC grew its position 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 purchasing an additional 4,738 shares during the last quarter. Primoris Wealth Advisors LLC bought a new position in shares of Apple during the 4th quarter worth about $4,282,000. Finally, Red Door Wealth Management LLC raised its position in shares of Apple by 3.3% during the first quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock valued at $16,934,000 after buying an additional 3,087 shares during the last quarter. Institutional investors own 57.98% of the company’s stock.
Insider Transactions at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. Following the transaction, the senior vice president now directly owns 452,334 shares in the company, valued at $73,151,454.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by corporate insiders.
Apple Trading Up 3.4 %
AAPL stock opened at $156.79 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94. The company has a market cap of $2.54 trillion, a P/E ratio of 25.45, a PEG ratio of 1.98 and a beta of 1.19. The business has a fifty day moving average of $143.41 and a 200-day moving average of $157.62.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data 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 firm had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.40 EPS. As a group, equities research analysts expect that Apple Inc. will post 6.09 EPS for the current year.
Apple declared that its board has initiated a stock buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in outstanding 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.
Wall Street Analyst Weigh In
AAPL has been the topic of several research reports. UBS Group set a $185.00 price target on Apple in a research note on Thursday, July 21st. Itaú Unibanco began coverage on Apple in a research note on Tuesday. They issued an “underperform” rating and a $136.00 target price for the company. KeyCorp decreased their price target on shares of Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 12th. The Goldman Sachs Group set a $130.00 price objective on shares of Apple in a research note on Tuesday, July 19th. Finally, Piper Sandler decreased their target price on shares of Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.
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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