Cannon Wealth Management Services LLC increased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 10.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,706 shares of the iPhone maker's stock after purchasing an additional 1,473 shares during the period. Apple makes up 3.1% of Cannon Wealth Management Services LLC's portfolio, making the stock its 12th biggest position. Cannon Wealth Management Services LLC's holdings in Apple were worth $3,581,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AAPL. AMF Tjanstepension AB raised its stake in shares of Apple by 21.1% in the third quarter. AMF Tjanstepension AB now owns 3,380,064 shares of the iPhone maker's stock valued at $787,631,000 after acquiring an additional 588,427 shares during the last quarter. Latitude Advisors LLC raised its position in Apple by 0.3% in the 3rd quarter. Latitude Advisors LLC now owns 17,236 shares of the iPhone maker's stock valued at $4,016,000 after purchasing an additional 50 shares during the last quarter. Reston Wealth Management LLC raised its position in Apple by 2.5% in the 3rd quarter. Reston Wealth Management LLC now owns 4,457 shares of the iPhone maker's stock valued at $1,039,000 after purchasing an additional 109 shares during the last quarter. Oak Ridge Investments LLC boosted its stake in Apple by 7.4% in the third quarter. Oak Ridge Investments LLC now owns 482,411 shares of the iPhone maker's stock worth $112,402,000 after purchasing an additional 33,187 shares in the last quarter. Finally, Pacific Wealth Strategies Group Inc. grew its holdings in shares of Apple by 1.7% during the third quarter. Pacific Wealth Strategies Group Inc. now owns 28,082 shares of the iPhone maker's stock worth $6,543,000 after purchasing an additional 475 shares during the last quarter. Institutional investors own 67.73% of the company's stock.
Apple Stock Down 3.7 %
AAPL stock traded down $7.97 during mid-day trading on Friday, hitting $205.35. 100,891,435 shares of the company were exchanged, compared to its average volume of 56,620,753. The firm's 50 day simple moving average is $212.15 and its 200 day simple moving average is $228.63. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The firm has a market cap of $3.08 trillion, a P/E ratio of 32.60, a P/E/G ratio of 2.44 and a beta of 1.26.
Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 160.83%. The firm had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. During the same period in the prior year, the business earned $1.53 EPS. The company's revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.
Apple declared that its board has authorized a stock repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.
Apple Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 12th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is currently 15.87%.
Insider Buying and Selling at Apple
In related news, CFO Kevan Parekh sold 4,570 shares of the firm's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer now owns 4,569 shares of the company's stock, valued at approximately $941,214. This trade represents a 50.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 108,136 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares in the company, valued at $733,637,976.75. This trade represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 187,021 shares of company stock worth $41,760,140. Corporate insiders own 0.06% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on AAPL. KeyCorp upgraded shares of Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. Loop Capital reduced their target price on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday. Evercore ISI raised their price target on shares of Apple from $260.00 to $275.00 and gave the company an "outperform" rating in a report on Tuesday, March 18th. DA Davidson boosted their price objective on shares of Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Scotiabank lowered Apple to a "market perform" rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and an average target price of $233.25.
Read Our Latest Stock Analysis on Apple
About Apple
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Free Report)
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.
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