Rowland & Co. Investment Counsel ADV trimmed its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 8.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 154,610 shares of the iPhone maker’s stock after selling 13,561 shares during the period. Apple comprises approximately 6.3% of Rowland & Co. Investment Counsel ADV’s portfolio, making the stock its biggest holding. Rowland & Co. Investment Counsel ADV’s holdings in Apple were worth $26,996,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also modified their holdings of AAPL. Cardinal Capital Management Inc. boosted its position in Apple by 5,525.0% during the first 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 purchased a new position in Apple during the fourth quarter valued at $41,000. St. James Investment Advisors LLC acquired a new stake in shares of Apple in the fourth quarter valued at about $57,000. Econ Financial Services Corp purchased a new stake in shares of Apple during the fourth quarter worth about $58,000. Finally, Emerson Wealth LLC lifted its stake in Apple by 363.6% in 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. Institutional investors and hedge funds own 57.98% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. Oppenheimer reiterated an “outperform” rating and set a $190.00 price target on shares of Apple in a research report on Wednesday, June 8th. Morgan Stanley reduced their target price on shares of Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. Barclays decreased their price target on shares of Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 13th. Rosenblatt Securities dropped their price objective on shares of Apple from $184.00 to $168.00 and set a “neutral” rating for the company in a research note on Monday, May 2nd. Finally, KeyCorp lowered their target price on Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a report on Tuesday, July 12th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and an average price target of $178.82.
In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the sale, the senior vice president now owns 452,334 shares in the company, valued at $73,151,454.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.06% of the company’s stock.
Apple Stock Up 0.4 %
AAPL stock opened at $157.35 on Friday. The company’s 50 day moving average price is $143.81 and its 200 day moving average price is $157.52. The firm has a market capitalization of $2.55 trillion, a price-to-earnings ratio of 25.54, a PEG ratio of 1.97 and a beta of 1.19. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. The company had revenue of $97.28 billion for the quarter, compared to the consensus estimate of $93.99 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.40 EPS. On average, equities research analysts anticipate that Apple Inc. will post 6.09 EPS for the current fiscal year.
Apple Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.58%. Apple’s dividend payout ratio is presently 14.94%.
Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically an indication 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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