MinichMacGregor Wealth Management LLC raised its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 11,964 shares of the iPhone maker’s stock after acquiring an additional 296 shares during the period. MinichMacGregor Wealth Management LLC’s holdings in Apple were worth $2,089,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of AAPL. State Street Corp increased its holdings in shares of Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after purchasing an additional 10,951,705 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Apple by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock valued at $46,812,958,000 after purchasing an additional 4,456,954 shares in the last quarter. Norges Bank acquired a new stake in shares of Apple in the fourth quarter valued at approximately $25,228,507,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Apple by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock valued at $14,131,710,000 after purchasing an additional 1,273,148 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Apple by 5.1% in the fourth quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock valued at $11,361,302,000 after purchasing an additional 3,096,696 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Insider Buying and Selling
In related news, SVP Katherine L. Adams sold 25,000 shares of the 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 transaction, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.06% of the stock is owned by corporate insiders.
Apple Stock Up 0.4 %
NASDAQ:AAPL opened at $157.35 on Friday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The company has a market cap of $2.55 trillion, a PE ratio of 25.54, a PEG ratio of 1.97 and a beta of 1.19. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The stock has a 50-day simple moving average of $143.81 and a 200 day simple moving average of $157.52.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. The business had revenue of $97.28 billion during the quarter, compared to the consensus estimate of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. Apple’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the company earned $1.40 earnings per share. On average, sell-side analysts expect that Apple Inc. will post 6.09 EPS for the current fiscal year.
Apple declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
Apple Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Investors 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 dividend yield of 0.58%. Apple’s payout ratio is presently 14.94%.
Analysts Set New Price Targets
A number of analysts recently weighed in on AAPL shares. Fundamental Research lowered their price target on shares of Apple from $179.32 to $175.24 and set an “average” rating for the company in a report on Friday, May 6th. Citigroup lowered their price target on shares of Apple from $200.00 to $175.00 and set a “buy” rating for the company in a report on Wednesday, July 13th. Piper Sandler reduced their price objective on shares of Apple from $200.00 to $195.00 in a research note on Friday, April 29th. Sanford C. Bernstein set a $170.00 price objective on shares of Apple in a research note on Monday, May 2nd. Finally, Itaú Unibanco began coverage on shares of Apple in a research note on Tuesday. They issued an “underperform” rating and a $136.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $178.82.
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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