Adell Harriman & Carpenter Inc. Has $91.50 Million Position in Apple Inc. $AAPL

Key Points

• Adell Harriman & Carpenter Inc. increased its stake in Apple Inc. by 4.2% in Q1, owning 411,925 shares valued at approximately $91.50 million, making Apple its largest position.
• Analysts have mixed ratings for Apple, with a consensus rating of "Moderate Buy" and an average price target of $237.98, highlighting varying investor sentiments.
• Apple's recent quarterly earnings exceeded expectations, reporting $1.57 EPS and $94.04 billion in revenue, marking a year-over-year revenue growth of 9.6%.

Adell Harriman & Carpenter Inc. boosted its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 4.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 411,925 shares of the iPhone maker's stock after buying an additional 16,763 shares during the quarter. Apple makes up about 6.9% of Adell Harriman & Carpenter Inc.'s holdings, making the stock its biggest position. Adell Harriman & Carpenter Inc.'s holdings in Apple were worth $91,501,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Advanced Portfolio Management LLC raised its stake in Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after acquiring an additional 47 shares during the period. Salus Financial Advisors LLC raised its stake in Apple by 3.9% during the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock worth $291,000 after acquiring an additional 49 shares during the period. Disciplined Investments LLC raised its stake in Apple by 0.7% during the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock worth $1,794,000 after acquiring an additional 51 shares during the period. Redwood Financial Network Corp raised its stake in Apple by 0.6% during the fourth quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock worth $2,184,000 after acquiring an additional 53 shares during the period. Finally, Mission Hills Financial Advisory LLC increased its holdings in shares of Apple by 1.3% in the 1st quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker's stock worth $892,000 after acquiring an additional 53 shares during the period. Hedge funds and other institutional investors own 67.73% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Rosenblatt Securities reissued a "neutral" rating and set a $217.00 target price on shares of Apple in a research note on Tuesday, July 29th. Monness Crespi & Hardt lifted their price target on Apple from $245.00 to $270.00 and gave the company a "buy" rating in a report on Friday, August 1st. Loop Capital reduced their price objective on Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research report on Thursday. The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a report on Wednesday, May 21st. Finally, JPMorgan Chase & Co. lifted their target price on Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and an average price target of $237.98.

Insiders Place Their Bets

In other news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated 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 completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.06% of the company's stock.

Apple Price Performance

AAPL traded up $2.86 during trading on Friday, reaching $227.76. The stock had a trading volume of 42,431,176 shares, compared to its average volume of 61,854,304. The firm has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 34.56, a price-to-earnings-growth ratio of 2.35 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The stock has a 50 day moving average of $212.52 and a two-hundred day moving average of $213.09.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating 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 company had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same period last year, the firm earned $1.40 EPS. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. As a group, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple's payout ratio is 15.78%.

Apple announced that its board has approved a share repurchase program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

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.