Alta Advisers Ltd Grows Position in Apple Inc. $AAPL

Key Points

• Alta Advisers Ltd increased its stake in Apple Inc. by 52.8% to 77,080 shares, making it the firm's largest holding, valued at approximately $17.12 million.
• Analysts have diverse opinions on Apple, with ratings varying from two sell ratings to sixteen buy ratings; the average target price is $237.60.
• Recently, Apple reported a quarterly earnings per share (EPS) of $1.57, surpassing estimates, with revenue reaching $94.04 billion, reflecting a 9.6% year-over-year increase.

Alta Advisers Ltd increased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 52.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,080 shares of the iPhone maker's stock after buying an additional 26,630 shares during the quarter. Apple accounts for approximately 7.3% of Alta Advisers Ltd's investment portfolio, making the stock its largest position. Alta Advisers Ltd's holdings in Apple were worth $17,122,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Conquis Financial LLC bought a new position in shares of Apple during the 4th quarter worth approximately $63,000. LSV Asset Management bought a new position in shares of Apple during the 4th quarter worth approximately $65,000. Pillar Financial Advisors LLC bought a new position in shares of Apple during the 4th quarter worth approximately $82,000. Compass Planning Associates Inc bought a new position in shares of Apple during the 4th quarter worth approximately $96,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Apple during the 4th quarter worth approximately $147,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Performance

Shares of AAPL stock traded down $0.9810 on Tuesday, hitting $229.9090. 20,787,359 shares of the stock were exchanged, compared to its average volume of 57,647,684. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $3.41 trillion, a PE ratio of 34.93, a P/E/G ratio of 2.42 and a beta of 1.16. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The firm's 50 day moving average is $210.28 and its two-hundred day moving average is $212.94.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter last year, the company earned $1.40 EPS. The firm's revenue was up 9.6% compared to the same quarter last year. Sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its board has authorized a stock buyback plan on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, August 11th. Apple's dividend payout ratio (DPR) is currently 15.78%.

Insider Buying and Selling at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on AAPL shares. Bank of America upped their target price on Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Monness Crespi & Hardt increased their price target on Apple from $245.00 to $270.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Evercore ISI reaffirmed an "outperform" rating and set a $250.00 target price on shares of Apple in a research report on Wednesday, August 13th. Finally, Citigroup raised their target price on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $237.60.

Apple Company Profile

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.