Hunter Associates Investment Management LLC trimmed its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.5% in the first quarter, HoldingsChannel.com reports. The firm owned 181,859 shares of the iPhone maker’s stock after selling 6,646 shares during the quarter. Apple comprises approximately 10.2% of Hunter Associates Investment Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Hunter Associates Investment Management LLC’s holdings in Apple were worth $31,754,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in AAPL. Cardinal Capital Management Inc. increased its holdings in shares of Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after buying an additional 221 shares in the last quarter. Shore Point Advisors LLC bought a new position in shares of Apple in the fourth quarter valued at $41,000. St. James Investment Advisors LLC bought a new position in shares of Apple in the fourth quarter valued at $57,000. Econ Financial Services Corp bought a new position in shares of Apple in the fourth quarter valued at $58,000. Finally, Emerson Wealth LLC increased its holdings in shares of Apple by 363.6% in the first 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. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on AAPL shares. StockNews.com started coverage on Apple in a report on Thursday, March 31st. They issued a “hold” rating on the stock. JPMorgan Chase & Co. set a $200.00 target price on shares of Apple in a research note on Monday. Piper Sandler cut their target price on shares of Apple from $200.00 to $195.00 in a research note on Friday, April 29th. The Goldman Sachs Group set a $130.00 target price on shares of Apple in a research note on Tuesday, July 19th. Finally, Itau BBA Securities started coverage on shares of Apple in a research note on Tuesday. They set an “underperform” rating and a $136.00 target price on the stock. Two 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.82.
Apple Stock Up 0.4 %
AAPL stock opened at $157.35 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The company has a 50-day moving average of $143.81 and a two-hundred day moving average of $157.52. The stock has a market capitalization of $2.55 trillion, a price-to-earnings ratio of 25.54, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. During the same period in the prior year, the company earned $1.40 earnings per share. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Apple Inc. will post 6.09 EPS for the current year.
Apple Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.58%. Apple’s dividend payout ratio (DPR) is 14.94%.
Apple declared that its Board of Directors has approved a share buyback plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
Insider Buying and Selling at Apple
In other news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the transaction, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.06% of the company’s stock.
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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