Apple Inc. (NASDAQ:AAPL) Shares Acquired by Abound Wealth Management

Abound Wealth Management grew its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 14.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,642 shares of the iPhone maker's stock after buying an additional 5,115 shares during the quarter. Apple comprises 2.9% of Abound Wealth Management's investment portfolio, making the stock its 10th biggest holding. Abound Wealth Management's holdings in Apple were worth $8,806,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. Drystone LLC purchased a new position in Apple during the fourth quarter worth $25,000. Conquis Financial LLC purchased a new position in Apple during the fourth quarter worth $63,000. LSV Asset Management purchased a new position in Apple during the fourth quarter worth $65,000. Pillar Financial Advisors LLC purchased a new position in Apple during the fourth quarter worth $82,000. Finally, Compass Planning Associates Inc purchased a new position in Apple during the fourth quarter worth $96,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AAPL has been the subject of a number of recent analyst reports. Raymond James Financial lowered their price objective on Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Wedbush reaffirmed an "outperform" rating and issued a $270.00 price objective on shares of Apple in a research report on Wednesday, July 9th. Evercore ISI lifted their price objective on Apple to $250.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Bank of America reaffirmed a "buy" rating and issued a $235.00 price objective on shares of Apple in a research report on Tuesday, June 10th. Finally, KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $235.11.

Apple Stock Up 0.6%

NASDAQ:AAPL opened at $211.18 on Monday. The firm has a market capitalization of $3.15 trillion, a PE ratio of 32.89, a price-to-earnings-growth ratio of 2.36 and a beta of 1.20. The stock has a 50 day moving average of $204.57 and a 200-day moving average of $215.41. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping 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 firm had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same period in the prior year, the firm posted $1.53 earnings per share. The firm's revenue for the quarter was up 5.1% compared to the same quarter last year. Analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. Apple's dividend payout ratio is 16.20%.

Apple announced that its board has authorized a stock buyback program on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, 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 completion of the sale, the chief financial officer directly owned 4,569 shares in the company, valued at approximately $941,214. This represents a 50.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were 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 trade represents a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

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.

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