Anchor Pointe Wealth Management LLC Invests $3.27 Million in Apple Inc. (NASDAQ:AAPL)

Anchor Pointe Wealth Management LLC acquired a new position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 12,961 shares of the iPhone maker's stock, valued at approximately $3,269,000. Apple accounts for about 4.3% of Anchor Pointe Wealth Management LLC's holdings, making the stock its 4th largest holding.

Several other institutional investors and hedge funds have also made changes to their positions in AAPL. Drystone LLC acquired a new stake in shares of Apple during the fourth quarter worth $25,000. Life Planning Partners Inc acquired a new position in shares of Apple in the fourth quarter worth about $47,000. Conquis Financial LLC acquired a new position in shares of Apple in the fourth quarter worth about $63,000. LSV Asset Management acquired a new position in shares of Apple in the fourth quarter worth about $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in shares of Apple in the fourth quarter worth about $82,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was 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 directly owns 4,569 shares in the company, valued at approximately $941,214. This represents a 50.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Timothy D. Cook sold 108,136 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the transaction, the chief executive officer now owns 3,280,295 shares of the company's stock, valued at $733,637,976.75. The trade was a 3.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 191,507 shares of company stock worth $42,694,080. Company insiders own 0.06% of the company's stock.

Analyst Ratings Changes

AAPL has been the subject of a number of analyst reports. Citigroup reiterated a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Bank of America reissued a "buy" rating and set a $235.00 target price on shares of Apple in a research note on Tuesday, June 10th. Rosenblatt Securities cut shares of Apple from a "buy" rating to a "neutral" rating and set a $217.00 target price for the company. in a research note on Friday, May 2nd. Loop Capital cut their target price on shares of Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Finally, Raymond James Financial cut their target price on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $234.39.

Apple Trading Down 0.3%

Shares of AAPL stock traded down $0.56 during trading on Thursday, hitting $201.00. 50,634,151 shares of the stock traded hands, compared to its average volume of 53,383,626. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The firm has a market capitalization of $3.00 trillion, a P/E ratio of 31.31, a price-to-earnings-growth ratio of 2.25 and a beta of 1.22. The firm's fifty day moving average price is $202.44 and its 200-day moving average price is $220.85. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The firm's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.53 earnings per share. As a group, research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple declared that its board has approved a stock repurchase program on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.52%. This is a positive change from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio is presently 16.20%.

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.