Grassi Investment Management lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 331,370 shares of the iPhone maker's stock after selling 2,088 shares during the period. Apple comprises about 6.8% of Grassi Investment Management's portfolio, making the stock its 2nd largest holding. Grassi Investment Management's holdings in Apple were worth $73,607,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Better Money Decisions LLC grew its stake in Apple by 20.9% in the 1st quarter. Better Money Decisions LLC now owns 19,999 shares of the iPhone maker's stock valued at $4,442,000 after acquiring an additional 3,458 shares during the period. Beacon Financial Group lifted its holdings in Apple by 3.0% during the first quarter. Beacon Financial Group now owns 44,357 shares of the iPhone maker's stock valued at $9,853,000 after purchasing an additional 1,280 shares in the last quarter. McGrath & Associates Inc. grew its position in shares of Apple by 10.2% in the first quarter. McGrath & Associates Inc. now owns 5,629 shares of the iPhone maker's stock valued at $1,250,000 after purchasing an additional 523 shares during the period. Warren Street Wealth Advisors LLC increased its stake in shares of Apple by 7.8% during the first quarter. Warren Street Wealth Advisors LLC now owns 20,889 shares of the iPhone maker's stock worth $4,640,000 after purchasing an additional 1,513 shares in the last quarter. Finally, Matrix Trust Co lifted its stake in Apple by 3.2% in the 1st quarter. Matrix Trust Co now owns 12,977 shares of the iPhone maker's stock valued at $2,883,000 after buying an additional 404 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.
Insider Buying and Selling at Apple
In other Apple news, CFO Kevan Parekh sold 4,570 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer owned 4,569 shares of the company's stock, valued at approximately $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the sale, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Apple from $245.00 to $230.00 and set an "overweight" rating on the stock in a report on Thursday, June 26th. Monness Crespi & Hardt raised their target price on Apple to $245.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Wedbush reiterated an "outperform" rating and set a $270.00 price target on shares of Apple in a research report on Tuesday, June 10th. Raymond James Financial decreased their price objective on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Citigroup reaffirmed a "buy" rating on shares of Apple in a research note on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $234.95.
Get Our Latest Analysis on Apple
Apple Trading Up 0.4%
NASDAQ AAPL traded up $0.92 during trading hours on Friday, reaching $213.36. The company had a trading volume of 34,955,836 shares, compared to its average volume of 53,618,682. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $3.19 trillion, a P/E ratio of 33.23, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. The stock has a 50-day moving average of $203.35 and a 200 day moving average of $218.86. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.
Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business'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 firm earned $1.53 earnings per share. As a group, research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple announced that its Board of Directors has approved a stock buyback program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.
Apple Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were issued a $0.26 dividend. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 annualized dividend and a yield of 0.49%. Apple's dividend payout ratio (DPR) is 16.20%.
Apple Company Profile
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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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