Okabena Investment Services Inc. Buys 7,199 Shares of Apple Inc. $AAPL

Key Points

• Okabena Investment Services Inc. has increased its stake in Apple Inc. by 31.7%, acquiring an additional 7,199 shares and bringing its total ownership to 29,924 shares, valued at approximately $6.65 million.
• In the latest earnings report, Apple exceeded analysts' expectations with $1.57 earnings per share, significantly higher than the anticipated $1.43 and a revenue of $94.04 billion.
• Apple has declared a quarterly dividend of $0.26 per share, producing an annualized payout of $1.04 and a dividend yield of 0.4%, with a payout ratio of 15.78%.

Okabena Investment Services Inc. raised its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 31.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,924 shares of the iPhone maker's stock after purchasing an additional 7,199 shares during the period. Apple accounts for 1.7% of Okabena Investment Services Inc.'s holdings, making the stock its 16th biggest holding. Okabena Investment Services Inc.'s holdings in Apple were worth $6,647,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AAPL. Life Planning Partners Inc bought a new stake in Apple in the fourth quarter valued at $47,000. Elite Financial Inc. bought a new stake in shares of Apple during the first quarter worth about $58,000. Conquis Financial LLC bought a new stake in shares of Apple during the fourth quarter worth about $63,000. LSV Asset Management bought a new stake in shares of Apple during the fourth quarter worth about $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in shares of Apple during the fourth quarter worth about $82,000. 67.73% of the stock is owned by institutional investors.

Insider Activity at Apple

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

Apple Stock Performance

AAPL traded up $4.04 during midday trading on Friday, reaching $234.07. The company had a trading volume of 55,768,555 shares, compared to its average volume of 45,223,864. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The stock has a market cap of $3.47 trillion, a PE ratio of 35.52, a P/E/G ratio of 2.39 and a beta of 1.11. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The business has a 50-day moving average price of $221.08 and a two-hundred day moving average price of $212.48.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company's quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.40 earnings per share. On average, sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio is presently 15.78%.

Analyst Ratings Changes

AAPL has been the subject of several recent research reports. Needham & Company LLC reissued a "hold" rating on shares of Apple in a research report on Friday, July 25th. Loop Capital reduced their price objective on shares of Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research report on Thursday, August 21st. Barclays upped their price objective on shares of Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. BMO Capital Markets reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, August 13th. Finally, UBS Group reaffirmed a "neutral" rating on shares of Apple in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and an average price target of $240.80.

Apple 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.