Arbor Capital Management Inc. ADV lessened its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 19.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,865 shares of the iPhone maker’s stock after selling 4,131 shares during the quarter. Apple accounts for about 2.2% of Arbor Capital Management Inc. ADV’s investment portfolio, making the stock its 3rd largest position. Arbor Capital Management Inc. ADV’s holdings in Apple were worth $2,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp lifted its position in shares of Apple by 1.8% during the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after buying an additional 10,951,705 shares during the period. Geode Capital Management LLC lifted its position in shares of Apple by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after buying an additional 4,456,954 shares during the period. Norges Bank bought a new position in shares of Apple during the 4th quarter worth approximately $25,228,507,000. Charles Schwab Investment Management Inc. lifted its position in shares of Apple by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock worth $14,131,710,000 after buying an additional 1,273,148 shares during the period. Finally, Fisher Asset Management LLC lifted its position in shares of Apple by 5.1% during the 4th quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock worth $11,361,302,000 after buying an additional 3,096,696 shares during the period. Institutional investors own 57.98% of the company’s stock.
In other 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 sale, the senior vice president now directly owns 452,334 shares in the company, valued at $73,151,454.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.06% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have issued reports on the company. Evercore ISI lifted their price objective on Apple from $180.00 to $185.00 in a research report on Friday. Itaú Unibanco assumed coverage on Apple in a research report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price objective for the company. Loop Capital cut their price objective on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, May 25th. The Goldman Sachs Group set a $139.00 price objective on Apple in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $179.04.
Apple Stock Up 3.3 %
NASDAQ:AAPL opened at $162.51 on Monday. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The stock has a market cap of $2.63 trillion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.97 and a beta of 1.19. The stock has a 50-day moving average price of $144.31 and a two-hundred day moving average price of $157.20.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. The company had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.30 earnings per share. As a group, equities analysts expect that Apple Inc. will post 6.09 earnings per share for the current year.
Apple announced that its Board of Directors has approved 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 repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Apple Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be issued a $0.23 dividend. The ex-dividend date 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 (DPR) is 14.94%.
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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