Apple Inc. $AAPL Stake Lifted by Savvy Advisors Inc.

Key Points

• Savvy Advisors Inc. increased its position in Apple Inc. by 24.9%, acquiring an additional 28,186 shares in the 1st quarter, bringing its total to 141,322 shares valued at approximately $31.4 million.
• Apple's quarterly earnings report exceeded estimates, with earnings per share at $1.57 compared to the consensus of $1.43, and a revenue of $94.04 billion beating forecasts of $88.64 billion.
• The company recently declared a quarterly dividend of $0.26, representing an annual yield of 0.4% with a payout ratio of 15.78%.

Savvy Advisors Inc. grew its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 24.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 141,322 shares of the iPhone maker's stock after purchasing an additional 28,186 shares during the quarter. Apple makes up 3.2% of Savvy Advisors Inc.'s investment portfolio, making the stock its 5th largest holding. Savvy Advisors Inc.'s holdings in Apple were worth $31,392,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in AAPL. Flagship Wealth Advisors LLC increased its position in Apple by 10.8% in the first quarter. Flagship Wealth Advisors LLC now owns 15,681 shares of the iPhone maker's stock worth $3,483,000 after buying an additional 1,523 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Apple by 11.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,447,338 shares of the iPhone maker's stock worth $6,096,892,000 after acquiring an additional 2,794,827 shares during the last quarter. One Degree Advisors Inc raised its stake in Apple by 6.9% in the 1st quarter. One Degree Advisors Inc now owns 14,127 shares of the iPhone maker's stock valued at $3,138,000 after acquiring an additional 914 shares during the period. Northern Capital Management Inc. boosted its position in Apple by 1.1% during the first quarter. Northern Capital Management Inc. now owns 13,341 shares of the iPhone maker's stock worth $2,963,000 after purchasing an additional 143 shares during the period. Finally, Waycross Partners LLC increased its stake in shares of Apple by 19.7% in the first quarter. Waycross Partners LLC now owns 244,161 shares of the iPhone maker's stock worth $54,235,000 after purchasing an additional 40,230 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Price Performance

NASDAQ AAPL traded down $0.09 during trading hours on Friday, reaching $239.69. 54,829,143 shares of the stock traded hands, compared to its average volume of 47,688,568. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The stock has a 50 day simple moving average of $219.28 and a two-hundred day simple moving average of $212.64. The company has a market cap of $3.56 trillion, a price-to-earnings ratio of 36.37, a price-to-earnings-growth ratio of 2.50 and a beta of 1.11.

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

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. Apple's dividend payout ratio (DPR) is currently 15.78%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on AAPL shares. BMO Capital Markets reaffirmed a "buy" rating on shares of Apple in a report on Wednesday, August 13th. Morgan Stanley set a $240.00 price objective on Apple and gave the company an "overweight" rating in a research note on Wednesday. Evercore ISI reiterated an "outperform" rating and set a $250.00 price objective on shares of Apple in a research note on Wednesday, August 13th. UBS Group increased their price target on shares of Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Finally, Needham & Company LLC restated a "hold" rating on shares of Apple in a research report on Friday, July 25th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Apple has an average rating of "Moderate Buy" and an average target price of $239.05.

Insider Activity

In other news, SVP Deirdre O'brien sold 34,821 shares of the firm'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 value of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.06% of the company's stock.

About Apple

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.