Perennial Advisors LLC increased its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 123,644 shares of the iPhone maker’s stock after purchasing an additional 3,962 shares during the period. Apple makes up 5.7% of Perennial Advisors LLC’s investment portfolio, making the stock its largest holding. Perennial Advisors LLC’s holdings in Apple were worth $21,589,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently made changes to their positions in AAPL. Cardinal Capital Management Inc. increased its holdings in Apple by 5,525.0% during 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 during the last quarter. Shore Point Advisors LLC purchased a new stake in Apple during the fourth quarter valued at approximately $41,000. St. James Investment Advisors LLC purchased a new stake in Apple during the fourth quarter valued at approximately $57,000. Econ Financial Services Corp purchased a new stake in Apple during the fourth quarter valued at approximately $58,000. Finally, Emerson Wealth LLC increased its holdings in Apple by 363.6% during 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 during the last quarter. 57.98% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
AAPL has been the subject of a number of recent analyst reports. Itaú Unibanco initiated coverage on shares of Apple in a research report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price target for the company. Fundamental Research dropped their price target on shares of Apple from $179.32 to $175.24 and set an “average” rating for the company in a research report on Friday, May 6th. KeyCorp dropped their price target on shares of Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a research report on Tuesday, July 12th. UBS Group set a $185.00 price target on shares of Apple in a research report on Thursday, July 21st. Finally, Sanford C. Bernstein set a $170.00 price target on shares of Apple in a research report on Monday, May 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $179.04.
Insider Buying and Selling
In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The shares were 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 approximately $73,151,454.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by insiders.
Apple Trading Down 0.6 %
Shares of AAPL opened at $161.51 on Tuesday. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94. The company has a market cap of $2.61 trillion, a P/E ratio of 26.65, a P/E/G ratio of 2.11 and a beta of 1.23. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. The company’s fifty day simple moving average is $144.68 and its 200-day simple moving average is $157.12.
Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The business had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. During the same quarter in the prior year, the firm posted $1.30 earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, analysts expect that Apple Inc. will post 6.08 EPS for the current year.
Apple Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s dividend payout ratio is presently 15.18%.
Apple declared that its board has approved a stock buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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