Suncoast Equity Management decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 304,732 shares of the iPhone maker’s stock after selling 15,739 shares during the quarter. Apple accounts for approximately 7.9% of Suncoast Equity Management’s portfolio, making the stock its 3rd largest position. Suncoast Equity Management’s holdings in Apple were worth $53,209,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Cardinal Capital Management Inc. boosted its stake in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares in the last quarter. Shore Point Advisors LLC purchased a new stake in Apple in the fourth quarter worth approximately $41,000. St. James Investment Advisors LLC purchased a new stake in Apple in the fourth quarter worth approximately $57,000. Econ Financial Services Corp purchased a new stake in Apple in the fourth quarter worth approximately $58,000. Finally, Emerson Wealth LLC boosted its stake in Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after buying an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Insider Activity at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, May 4th. The stock was 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 owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by insiders.
Apple Trading Up 3.3 %
Apple stock opened at $162.51 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 one year low of $129.04 and a one year high of $182.94. The stock has a market capitalization of $2.63 trillion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. The business’s fifty day moving average is $144.31 and its 200 day moving average is $157.43.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. During the same period last year, the firm posted $1.30 earnings per share. Apple’s revenue was up 1.9% compared to the same quarter last year. On average, sell-side analysts predict that Apple Inc. will post 6.09 EPS for the current year.
Apple declared that its board has authorized a share repurchase plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Apple Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. Apple’s dividend payout ratio (DPR) is presently 14.94%.
Wall Street Analyst Weigh In
Several brokerages have issued reports on AAPL. Itaú Unibanco assumed coverage on Apple in a research note on Tuesday. They issued an “underperform” rating and a $136.00 target price for the company. Credit Suisse Group set a $166.00 price objective on Apple in a research report on Friday. Itau BBA Securities assumed coverage on Apple in a research report on Tuesday. They issued an “underperform” rating and a $136.00 price objective for the company. Sanford C. Bernstein set a $170.00 price objective on Apple in a research report on Monday, May 2nd. Finally, Piper Sandler lowered their price objective on 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, eight have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $179.04.
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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