Avantax Advisory Services Inc. boosted its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.8% in the first quarter, HoldingsChannel reports. The firm owned 845,047 shares of the iPhone maker’s stock after purchasing an additional 22,730 shares during the quarter. Apple makes up approximately 2.0% of Avantax Advisory Services Inc.’s holdings, making the stock its 9th largest holding. Avantax Advisory Services Inc.’s holdings in Apple were worth $147,552,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AAPL. Elk River Wealth Management LLC raised its stake in Apple by 49.0% during the 1st 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 in the last quarter. Piscataqua Savings Bank raised its stake in Apple by 1.5% during the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after acquiring an additional 684 shares in the last quarter. Fountainhead AM LLC raised its stake in Apple by 11.6% during the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after acquiring an additional 4,738 shares in the last quarter. Primoris Wealth Advisors LLC bought a new stake in Apple during the 4th quarter valued at $4,282,000. Finally, Red Door Wealth Management LLC raised its stake in Apple by 3.3% during the 1st quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock valued at $16,934,000 after acquiring an additional 3,087 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Insiders Place Their Bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the business’s 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 completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.06% of the company’s stock.
Apple Stock Performance
Shares of NASDAQ AAPL opened at $162.51 on Friday. Apple Inc. has a one year low of $129.04 and a one year high of $182.94. The business’s 50-day moving average price is $144.31 and its two-hundred day moving average price is $157.31. The company has a market capitalization of $2.63 trillion, a P/E ratio of 26.38, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. 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 (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $82.97 billion. During the same quarter in the previous year, the firm earned $1.30 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. Analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple declared that its board has authorized a stock repurchase program on Thursday, April 28th that allows the company to buyback $90.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
Apple Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be given a $0.23 dividend. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.57%. Apple’s dividend payout ratio is currently 14.94%.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on AAPL. Morgan Stanley cut their target price on Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. Fundamental Research dropped their price objective on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research note on Friday, May 6th. Barclays boosted their price objective on Apple from $166.00 to $169.00 and gave the stock a “maintains” rating in a research note on Friday. Itau BBA Securities initiated coverage on Apple in a research note on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price objective on the stock. Finally, Piper Sandler dropped their price objective on Apple from $200.00 to $195.00 in a research note 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 issued a strong buy rating to the company. According to data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus price target 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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