Farmers & Merchants Investments Inc. reduced its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 451,282 shares of the iPhone maker's stock after selling 5,687 shares during the quarter. Apple accounts for 3.2% of Farmers & Merchants Investments Inc.'s holdings, making the stock its 6th largest position. Farmers & Merchants Investments Inc.'s holdings in Apple were worth $100,243,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Burkett Financial Services LLC lifted its stake in shares of Apple by 0.6% in the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock valued at $3,199,000 after purchasing an additional 93 shares during the last quarter. OneAscent Wealth Management LLC boosted its position in shares of Apple by 4.6% in the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after purchasing an additional 409 shares during the period. TruWealth Advisors LLC lifted its position in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after acquiring an additional 5,120 shares during the period. Allstate Corp lifted its holdings in shares of Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after buying an additional 438,471 shares during the period. Finally, Vinva Investment Management Ltd raised its holdings in Apple by 12.4% during the fourth quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker's stock worth $192,700,000 after purchasing an additional 83,997 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on AAPL shares. Evercore ISI upped their target price on Apple to $250.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Monness Crespi & Hardt raised their price objective on Apple to $245.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. China Renaissance started coverage on Apple in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 target price for the company. Barclays set a $173.00 price target on Apple and gave the stock an "underweight" rating in a research report on Tuesday, June 24th. Finally, Bank of America reiterated a "buy" rating and issued a $235.00 price objective on shares of Apple in a research note on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $235.11.
Get Our Latest Stock Analysis on AAPL
Insiders Place Their Bets
In other news, insider Chris Kondo sold 4,486 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at approximately $941,214. This represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by corporate insiders.
Apple Trading Down 0.1%
NASDAQ AAPL opened at $210.02 on Friday. The company has a market capitalization of $3.14 trillion, a price-to-earnings ratio of 32.71, a price-to-earnings-growth ratio of 2.35 and a beta of 1.20. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The firm's fifty day moving average price is $204.32 and its 200 day moving average price is $216.12. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10.
Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same quarter last year, the company earned $1.53 earnings per share. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.50%. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple's payout ratio is 16.20%.
Apple declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.
Apple Company Profile
(
Free Report)
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.
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